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Bold 2022 Predictions!

Click above to read an article from realtor.com on their 2022 outlook. Spoiler alert... Their predictions aren't that bold... I tricked you! Basically home price growth will continue to slow but will still grow overall mainly due to homebuilders dealing with supply chain issues resulting in still low inventory levels. Mortgage rates will tick up which is absolutely inevitable as we've been on a magic carpet ride with mortgage rates so low for so long. Buyers will find an easier market but it still won't be a buyer's market. I tend to be more pessimistic than this article (and keep in mind it's realtor.com so they have an interest in keeping up the happy talk as much as they can) but it's an interesting read.

Virginia October Infographic

Click above to see a quick snapshot of VA as a whole. The number of home sales are down which seems to make sense given how much lower inventory levels are and prices increasing also makes sense as there's little product on the market and buyers have to compete. I do think a trend that will also contribute to declining home sales is potential buyers leaving the market out of frustration. Worth keeping an eye on...
Open House in Faber, VA!
Saturday, December 11th 1-3pm

Click on the image to learn more about this wonderful custom built home!
County / City Data in Virginia

Locally the data is conforming to expectations. In Albemarle County homes sales are up quite a bit for the year (up 16.4%)  but declined slightly in October (down .6%). The same holds true for median sales price as it declined in October (down 4.8%) but is up a fair amount overall for the year (up 6.3%). Sales in the city were flat in October (literally 0%)  but have large gains overall for the year (up 17.2%). The median home price did increase in October in the city (up 3.1%) but not as much as the increase for the year (up 7.8%). The market clearly seems to be slowing down...
Michael Ball
REALTOR
PO Box 462, Crozet, VA 22932
434-242-2007
www.michaelball.realtor






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Michael Ball · PO Box 462 · Crozet, VA 22932-0462 · USA