As we welcome a new year, here are some 2022 housing market predictions.
“Zillow’s forecast calls for 11% home value growth in 2022. That’s down from the projected 19.5% in 2021, a record year-end pace of home value appreciation, but would still rank among the strongest years Zillow has tracked.
Existing home sales are predicted to total $6.35 million, compared to an estimated $6.12 million this year. That would be the highest number of home sales in any year since 2006.”
“Right now, we forecast mortgage rates to average 3.3 percent in 2022, which, though slightly higher than 2020 and 2021, by historical standards, remains extremely low.” – Doug Duncan, Senior VP & Chief Economist at Fannie Mae
“The market is likely to cool compared to 2021, but it will still be active… It may still be a seller’s market in many areas, but there’s likely to be more opportunities and wiggle room for homebuyers. A ‘priced out’ buyer should be able to find many more options.
Experts also reinforce that 2022’s housing market is not at all likely to crash — the conditions we’re seeing are nothing like those that led up to the crisis of 2008.”
Source: Andrina Valdes (Yahoo Finance)
“Nationwide, rent growth went from minimal to double-digit pace in 2021 as the U.S. made substantial progress against the pandemic. With the rental vacancy rate continuing near historic lows during the pandemic, renters are also contending with limited supply and excess demand that leads to upward pressure on rents.
In 2022, we expect this trend will continue and fuel rent growth.
At a national level, we forecast rent growth of 7.1% in the next 12 months, somewhat ahead of home price growth as rents continue to rebound from slower growth earlier in the pandemic.”
Good news for buyers: Increased inventory, mortgage rates still remain low overall
Good news for sellers: Still a seller’s market with home values continuing to increase
Good news for all: No market crash expected and an overall “cooling” from the 2021 extremes
Curious what your home would sell for in the current market? Give us a call or an email for a free home value estimate.
@2021 HARMON HOME TEAM
1610 West End Ave., Ste 115, Nashville TN 37203 | 615.522.5100
1610 West End Ave., Ste 115, Nashville TN 37203
@2020 HARMON HOME TEAM