Now that we’re more than halfway through 2022, the team at Long & Foster has put together a real estate market update for agents and clients. Here’s how the first half of 2022 compared to last year across Long & Foster’s footprint, from New Jersey to North Carolina.
Fewer homes were sold. The number of properties sold this year was down 10% more than the same period last year.
But those properties were more expensive. While fewer homes sold, those that did had an average sale price that was 9.5% higher than last year.
And they sold faster. On average, homes were on the market 24 days before they sold—that’s six days less than last year’s average days on market.
We’re shifting to a more balanced real estate market, but it remains a great time to buy or sell a property.
Active inventory increased by double-digits in June 2022 compared to June 2021, and there are fewer buyers shopping and fewer homes going under contract. This means that buyers now have more options and less competition for homes. Conversely, sellers may see fewer offers, rather than the frenzied competition we’ve experienced in the past couple of years, but those offers remain strong and demand still outpaces supply at most price points.
It’s important to remember that real estate is hyperlocal, and if you have any questions about the market in your neighborhood, please contact your Long & Foster sales agent. Likewise, if you or anyone you know is planning to buy or sell a home, your Long & Foster agent is always available to help.