In The Know: This Year’s Housing Market Trends

October 2, 2022

In The Know: This Year’s Housing Market Trends
The arrival of the COVID-19 pandemic led to unexpected sky-high property prices and unprecedented growth, based on data from the National Association of REALTORS® (NAR) and second home specialist Pacaso. Here are five of their top housing market observations for the remainder of 2022:

Home financing is more flexible.

NAR found that 96% of homebuyers had their mortgage applications approved in 2021 because, in part, home financing guidelines were approving more potential buyers.

First-time homebuyers are trending.

Homebuyers purchasing for the first time made up 31% of all buyers in 2021 who traded in their rental for homeownership.

Buyers see real estate as the best investment.

About 42% of homebuyers believe that real estate is a better investment than stocks.

Home prices grew astronomically.

Pacaso found that the cost of primary homes grew by 134% between January 2020 and January 2022 alone.

Demand for second homes took off.

NAR findings revealed that demand for second homes nationwide grew by an astounding 99% between 2015 and 2020.

Let's Talk

You’ve got questions and we can’t wait to answer them.