Current Market Data
Despite the declines, median prices continued to grow and set records.
“The market is roaring along, with only half the seasonal slowdown we typically see from October to November.” — RE/MAX LLC President Nick Bailey
The pandemic and work-from-home orders have changed where, when and why people buy homes. As a result, housing prices hit the highest median of all time in 2021, as the number of homes for sale fell to an all-time low and the demand for second homes surged, according to a new Redfin report.
The median sales price of a home in Massachusetts grew slightly in November, as housing inventory remained tight, according to the Massachusetts Association of Realtors November housing statistics report.
“November’s housing starts report signals strength for the housing market.” — First American deputy chief economist Odeta Kushi
In unveiling its predictions, the National Association of Realtors also released its top 10 housing-market “hidden gems” for 2022.
“While 2021 single-family starts are expected to end the year 24% higher than the pre-Covid 2019 level, we expect higher interest rates in 2022 will put a damper on housing affordability.” — NAHB chief economist Robert Dietz
Millennials are at the greatest risk of becoming house-rich and cash-poor as the generation is spending the highest percentage of their monthly income on homeownership costs compared to other generations, according to a new Hometap report.
Despite those challenges, there are signs the market continues to shift toward more seasonable norms.
While the real estate market is finally showing signs of cooling after a year of skyrocketing home prices and bidding wars, desirable metros across the U.S., including in Florida, Washington and Massachusetts, can expect a big year in 2022.