2021 was another hot year for Connecticut’s housing market with housing prices continuing to rise. As we head into 2022 it is important to evaluate how the 2021 housing market will dictate 2022.
A brief overview of 2021
The Connecticut housing market made remarkable gains in 2021. There was roughly a 4% gain in closed sales from the beginning of the year, when compared to last year.
This number has been steadily increasing over the past couple of years. This might be in relation to the pandemic. Now at the beginning of the pandemic people were at home, and they might have reevaluated what their space should look like.
For example, some might have discovered they need more space, or less space, or a more secluded environment. Especially with more and more people continuing to work from home.
What to expect of housing prices in 2022
Housing prices have started to stabilize, and this is likely due to the time of year. Home buying and selling is seasonal so you might start to see it leveling off during the winter, but by next spring, expect the prices to potentially rise again.
The most important factors impacting the housing market in 2022
Inventory is the most important issue. Hopefully more sellers are ready to list their homes. This means that the more homes on the market then the more options for buyers. This could help level off prices.
Interest rates impacting the market in 2022
Interest rates have remained at historic lows for so long, so in order for our clients to achieve the dream of homeownership, it’s so important that interest rates continue to remain low.
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