2021 was a year — especially for real estate. It was a record year nationwide, and Western NC was no exception.
Take a look back (and ahead) with us as we review what we saw in 2021 and what we can expect in 2022, according to the experts at CB King.
Low inventory combined with high demand (fueled partially by low interest rates + the rise of remote work) led to overwhelming amounts of multiple offer situations and historically high prices.
By the numbers:
- In 2021, there were 4,066 homes sold in Buncombe County.
- The average sales price was $510,962.
- The average days from list to sale was 32.
- The average closed to list price ratio was 99.6% (Jan.-Mar. averaged 98.5%, while Apr.-Dec. averaged 100% or more).
While there’s not exactly a crystal ball that we can reference for what 2022 will look like in real estate, predictions are that we are looking at another strong year with high demand and low inventory through at least the second or third quarter, with some cooling off in the later months of the year.
Coldwell Banker King’s lending partner, Donna King with Union Home Mortgage, predicts that interest rates will continue to climb through 2022, but will still remain historically low (ending at approximately 4%).
She also stated that national loan origination is predicted to fall to 2.6 trillion in 2022, compared to the 3.9 trillion predicted for 2021.
With high home prices holding strong for a while, King says loan limits have increased, giving more buying power, including FHA buyers.
Whether you are buying, selling, or investing, 2022 will be another strong year for real estate. Learn more about making your next move in the real estate market from a Coldwell Banker King real estate professional.*