[Guest Post] March 2022 Monthly Housing Trends that can Influence Your Purchase Decision

March 2022 Monthly Housing Trends that can Influence Your Purchase Decision

Guest Author: Sana Ahmad (Click here for Real Estate Listings) 

As a realtor, it's prudent that I understand the trends shaping the real estate market. Many of my clients are first time home buyers and in this competitive market, I have to be able to guide them based on factual data. One of my sources to analyze the real estate industry, is to use Realtor.com monthly Hosing Market trends. As first quarter of 2022 is closing, I wanted to share key facts on what's happening in real estate market landscape.

Good to point out that this is a snapshot in time and will therefore potentially change. So, please book mark this page and read my updated reports for future changes, as they get published.

Two main factors that are impacting Supply and Demand in the Housing Market are:

1. Rising Interest Rates (which can always be bought down)
2. High Listing Prices (but there are still deals to be found)

These factors has led to the following:

• Inventory of homes actively for sale on a typical day in March decreased by 18.9%, which means there are 89,000 less homes for sale on a typical day in March, as compared to the previous year.

• The number of listings that are in process of selling, but not sold yet, has declined by 7.4%, compared to March 2021, implying a steadiness in demand. This is a combination of interest rates rising as as well higher listing prices. Good news for buyers, as this points to lower competition, avoiding a bidding war.

• A typical home is spending approximately 38 days on the market, with a median prices of about $405,000 in March, representing a 13.5% growth in value. On the other hand, price reduction is also on the increase to about 6%, which again is good news for buyers.

All in all, it's fair to say that while some trends point to normalization, the housing market remains quite hot. An experienced realtor can help both navigate and ensure the best value, both as sellers and/or buyers agents. I'm here to help, so please connect and I can help you with our real estate needs.