It’s hard to believe that we’re more than three quarters into 2022 and will soon ring in a new year. After a few years of a hot real estate market, you may wonder what’s happening now – especially if you’re planning to buy or sell a home in the next few months.
In 2020 and 2021, low-interest rates, remote working opportunities facilitated by the pandemic, and low housing inventory created the perfect storm of buyers flooding to the market to purchase a home. Homes were selling quickly and for more than asking price. Recently, though, interest rates have started to rise and that has caused the market to shift to a more normalized pace—like what we experienced in the years before the pandemic.
To give you more insights, our team at Long & Foster has prepared a short market update comparing the third quarter of 2022 with the same period in the last few years across our footprint.
Fewer homes were sold in the third quarter of 2022 than prior years. The number of properties sold this year was down 17% compared to the same period last year, but it was close to the number of properties sold in 2019.
Those properties that did sell this past quarter were more expensive. While fewer homes sold, those that did had an average sale price that was 7% higher than during the same time in 2021.
And they sold in about the same amount of time. On average, homes were on the market 22 days before they went under contract—that’s one day more than last year’s average days on market, but many days fewer than before the pandemic.
We’re shifting to a more balanced real estate market, and it remains a great time to buy or sell a property. At Long & Foster, we’ve been through many market cycles and are here to help you achieve success no matter the market conditions.
It’s important to remember that real estate is hyperlocal and if you have any questions about the market in your neighborhood, contact your Long & Foster real estate agent. Likewise, if you or anyone you know is planning to buy or sell a home, your agent can help with all of their real estate needs.