The 2021 housing market was one for the history books. After three consecutive months of increases recently, existing home sales are on pace to hit their highest level in 15 years, with an estimated 6 million homes sold in 2021 according to the National Association of REALTORS®. Sales prices reached new heights, inventory hit rock bottom, and homes sold in record time, often for well above asking price. Mortgage rates, which began the year at historic lows, remain attractive, and homeowners who choose to sell in the coming months can expect to see plenty of buyer activity due to pent-up demand during the pandemic.
Looking ahead, experts anticipate many of the housing market trends of 2021 will continue in 2022, albeit at a more moderate level. Strong buyer demand and inventory shortages are likely to persist over the next year. Home sales are projected to remain strong but will be tempered by the limited supply of homes, higher sales prices, and rising interest rates, with the Federal Reserve planning multiple rate hikes in the new year. Price growth is expected to slow somewhat as a result, but affordability will likely remain a top constraint for some homebuyers.
The Bottom line:
Experts anticipate a more moderate continuation of the 2021 market trends in 2022. Limited supply of homes, higher sales prices, and rising interest rates may temper home sales. Sales Price may not increase as fast but affordability will continue to be the top issue for buyers.
Let’s take a look at some of the numbers from the December 2021 data released by the
Great Plains Regional MLS:
December 2021 Omaha Area Real Estate Statistics
Average Sold Price: $288,644 (Up 7.5% from December 2020)
Homes Sold: 1,253 (Down 1.8% from December 2020)
New Listings: 785 (Down 19.7% from December 2020)
Pending Listings: 758 (Down 12.9% from December 2020)
Days on the Market: 13 Days (Down 23.5% from December 2020)
All data from Great Plains Regional MLS. Report © 2021 ShowingTime.
This report covers residential real estate activity in the Omaha area, which includes the counties of Dodge, Douglas, Sarpy, Saunders and Washington in Nebraska; the counties of Harrison, Mills and Pottawattamie in Iowa. Sources: Freddie Mac, Great Plains Regional MLS, and ShowingTime
