Percent changes calculated using year-over-year comparisons
New Listings were down 11.8 percent for single family homes and 10.9 percent for townhouse-condo properties. Under Contracts decreased 2.1 percent for single family homes and 7.9 percent for townhouse-condo properties. The Median Sales Price was up 18.5 percent to $575,000 for single family homes and 16.1 percent to $389,000 for townhouse-condo properties. Days on Market decreased 16.0 percent for single family homes and 48.5 percent for townhouse-condo properties.
Looking ahead, experts anticipate many of the housing market trends of 2021 will continue in 2022, albeit at a more moderate level. Strong buyer demand and inventory shortages are likely to persist over the next year. Home sales are projected to remain strong but will be tempered by the limited supply of homes, higher sales prices, and rising interest rates, with the Federal Reserve planning multiple rate hikes in the new year. Price growth is expected to slow somewhat as a result, but affordability will likely remain a top constraint for some homebuyers.
Source: https://www.dmarealtors.com
