Home prices were at a record high in the first quarter of 2022 with the median price for existing single-family homes reaching $368,200. This is only one of the reasons why real estate is in such an interesting place right now. If you’ve been following the United States real estate market, you know that things have never been quite like they are now. Partly due to the COVID-19 pandemic, people are looking at real estate in new ways and making different decisions regarding where to live. If you want to keep up with the 2022 real estate housing market, read on. Here are some of the main US real estate market trends that you should know about.
Inventory Is Low
In 2022, real estate inventory is low and there are many reasons for this. One of the reasons that inventory is low is because more people are looking to buy and fewer people are interested in selling their houses. Buyers who are serious about finding the right house for their needs will have to make some sacrifices in order to find a good fit. They may also need to look a bit further out from their desired location or neighborhood.
Home Prices Are Continuing to Rise
Going along with a decrease in inventory, prices have also risen significantly. Buyers who are serious about getting a new home can expect to pay more than they would in other market conditions. The rate that home prices are increasing is slowing down, but the prices are still going up. Buyers will need to shop carefully to ensure that they can get a good deal.
Suburbs Are More Popular Than Ever
Currently, many more homeowners are choosing to live where there’s more space available. People are trading in their city homes for homes in the suburbs or in residential neighborhoods instead. Partially due to COVID-19 and the rise of remote work, suburban home listings are more popular than ever. This is likely to continue throughout 2022 and throughout 2023 as well.
Rental Preferences Are Changing
These days, there are many other alternatives that people are making use of instead of renting in a major city. Many people are moving to the suburbs while others are moving to smaller cities and mid-sized cities. If you’re thinking about buying a rental property or making real estate investments, it can still be a great time to do so. However, be sure to think carefully about where you’ll buy a property and understand the demand in the area where you’ll be investing.
Real Estate Is Going Online
As with all things, real estate is also moving further into the digital space these days. In addition to listing sites such as Zillow and Trulia, many more types of online real estate services are rising in popularity. Many people are using virtual online agents and making real estate closings virtually with the help of electronic signatures and other tools. You can expect more online real estate service offerings to take hold in 2022 and beyond.
Keeping Up With the Latest Real Estate Market Trends
If you want to understand the current US real estate market, be sure that you pay attention to real estate market trends. It can be a tough time to buy a home, but it can be done as long as you have plenty of determination and know the challenges that you’ll face. Are you looking for fix and flip loans or rental loans? Contact us today to learn more about the real estate loans we offer.