Will Home Prices Keep Rising?

You may be wanting more space for home offices, play areas for kids, and more.  You may not have to be close to work, which is one reason why there’s a current exodus out of expensive cities like New York City and San Francisco to suburbs like Long Island or smaller towns. Another reason is cost.

According to HomebuyingInstitute.com, home prices continued to rise through 2021, primarily due to limited supply and strong demand. Interestingly, the pandemic appeared to fuel the housing market. Realtor.com reported that median home listing prices rose 15.4 percent between January 2020 and January 2021. And, in the 50 largest U.S. metros homes sold 12 days faster in 2021.

At the same time, the number of homes for sale in 2021 was down 42.6% year over year. That means 443,000 fewer homes for sale which only exacerbates demand. 

Mortgage interest rates hit record lows in 2021, with nowhere to go but stay the same or go up. You may want to take advantage of that to keep monthly payments low before housing prices rise further.   

Meanwhile, some home markets may level off, while others like Austin, Seattle, and Long Island are still going strong with high demand and low inventory.

Should you continue to rent or go ahead and take the plunge to buy? This all depends on your current situation, let me know how I can help you with your next big decision. Reach out whichever way is best for you, I answer every call, every text, every email, every social media message - go ahead, try me! Here’s how…

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