The 2022 real estate market outlook experienced many ups and downs during 2022. Higher mortgage rates, lower house sales, and dropping lumber prices has created a unique environment where homebuyers are moving away from making that first home purchase. Inflation and higher prices across the product market, from food to gas, forced people to have deep concerns on how to manage their monthly budgets. These factors have caused the build-to-rent market to surge this year.
The good news in early 2022 was an apparent slowdown in the runaway home sales prices that had characterized the previous year. Homes that consistently sold for over the asking price seemed to be on the market longer, and there were fewer bidding wars.
Contractors, real estate agents, and homeowners have been hyper focused regarding what the selling market will look like within the last few months of 2022 and into 2023. Will mortgage rates be favorable for people looking to purchase a home? How much housing inventory is available to meet rising demand? What will average home prices be as we start to ease away from pandemic fears?