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With mortgage rates predicated to stay below 4% for the next year it is likely that the trend of homes selling quickly will continue as homes nationally on average sold in under 25 days or less per Forbes.com. It isn’t likely that the market will drastically shift and become a buyers’ market, Sellers still will likely achieve close to asking price if not over.

The Washington Post predicts that home values will continue to rise another 11% throughout the year of 2022. The average home in 2021 gained 11% in equity and it is likely homeowners will see another 6% in this up coming year.

New construction prices continue to rise due to the cost of lumber as well as other building materials from steel to cooper. The one item taking the high price increase is lumber. Per Forbes.com, the price hit an all time high of $1,670 per thousand board feet in May, it did drop significant at the end of the summer to $454 per thousand but as of Dec 20 rose back to $1,044. The cost isn’t expected to drop significantly anytime soon due to recent tariffs increased on softwood lumber imported from Canada on average from 8.99% to 17.99%. The average price of a new home in Oct 2021 was $407,000 as compared to April 2020 it was $310,000.

It likely will be another year of lower inventory, shorter marketing times and quick closings as compared to pre-pandemic times.