Published January 3, 2022
What Will Our Market Look Like This Year?
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Here’s what you can expect from the real estate market in 2022.
Today we want to wish you a happy 2022 and talk about what we can expect in the real estate market this upcoming year. 2021 was memorable; Home prices increased 19.5%, which is one of the largest year-over-year increases on record. What does 2022 have in store?
Most real estate experts agree that the current pace of appreciation isn’t sustainable, but they are split on how much prices will rise in 2022. Zillow’s model is the most bullish, predicting prices will rise another 13.6%. For perspective, Fortune calculates that prices have appreciated 4.6% on average every year since 1980.
Other 12-month forecasts include Goldman Sachs at 13.5% increase, Fannie Mae at 7.9%, and Freddie Mac at 7%. All expect strong growth next year.
As you know, we service clients in the greater Charlotte area, North and South Carolina, and the Greenville/Spartanburg market. Several major publications expect strong growth in these markets as millennials move out and buy houses in greater numbers.
"Our local markets will be some of the strongest in the country in 2022."
The COVID era trends continue as people move to mid-sized metropolitan areas for more affordability, living space, and greater access to the outdoors. According to Realtor.com, the Greenville/Anderson/Mauldin area will be the seventh hottest market in 2022. In July of 2021, U.S. News and World Report named Spartanburg and Greenville as two of the best places to live in the United States. They earned ranks 24 and 38 respectively out of 150 metro cities.
Meanwhile, Charlotte remains one of the top destinations in the country, thanks to having the largest financial services market in the U.S. after New York City. The city also has the sixth largest airport in the country, great weather, and competitive tax structures. National Mortgage News projects that Charlotte will be the sixth fastest-growing real estate market in 2022.
The areas surrounding Charlotte are also benefiting from national migration patterns and new projects, including the $1 billion construction of the Carolina Panthers’ new headquarters. As a result, The New York Times rated Rock Hills No. 12 on its list of booming towns in the United States.
Time for Mike’s dad joke: How do you know you’ve found the New Year’s Eve party? Look for the Auld Lang Syne.
If you have any questions about buying or selling a home or anything real estate-related, please call or email us. We would love to hear from you.
