2021 was a rip roaring ride to higher home prices fueled by the pandemic pandemonium since the summer of 2020. And it was one for the record books!
To finish out the year, our Month’s Supply has dropped to 0.68 in contrast to 0.94 months of inventory this same time last year. That means we have 28% lower inventory than a year ago! And we were already in a Super Seller’s Market back then. (That means if we had no more homes enter the market, we’d sell through all the available homes in about 20 days!)
And this continually dwindling supply has brought about record pricing levels. Prices will likely even rise from this level, trending upward through 2022. There are a few factors that could slow the price growth, like potentially higher interest rates. But all indicators are still pointing toward prices continuing to climb.
In 2021, we sold through more homes than ever, besting the 12,049 Homes Sold in 2020 with a new high of 12,269, even while inventory levels dropped lower and lower. So the buyer demand is very strong. This resulted in record price appreciation for our area.
For the last several months, we seemed to have found a significant price level with a $340,000 Avg. and $280,000 Median. We bounced around those levels for about 6 months with quite a bit of resistance. Prices hadn’t broken through those levels, even with half a year of mounting pressure with high demand, and lower supply. The chart had tested those levels 3 times over the last 6 months and hadn’t broken through.
However, in December, we blasted right through all the resistance to find new highs never before seen in our region. Our average soared all the way up to $355,178, and the Median rocketed to $296,882. We’re now knocking on the door of $300,000 as a Median Price in NWA!
What it all Means for You
There is an overwhelming amount of evidence pointing toward prices maintaining this level or rising from here. The longer you wait, the more you will likely pay in the future.
If you’ve been thinking of selling your home, right now is a historically good time to do so. These market forces continue to push prices higher and higher across our region.
And even though the prices are already high, my clients have been using my Preparation Plans and Top-Notch Marketing, and have been getting offers at $10,000, $20,000, even $30,000 over the average sales prices for their neighborhoods.
To see the strategies we’ve been implementing, Watch my “Pre-Listing Price Accelerator” Guide Here and see How To Maximize Your Home Sale. It will walk you through everything I’ve been doing to get these amazing results for my home sellers.
But then you run into the problem of finding your next place. Understandably, many potential home sellers have decided to stay put because they don’t think they’ll be able to find their next home with so few on the market. And that’s the big issue, the main problem to solve this year.
For this reason, I’ve put together a program to find “Hidden Inventory, Off Market Homes” for my clients.
This is my #1 Strategy to get you and your family out of your current home and into your dream home. Let’s see what we can find together!
Just click here to learn all about the “Dream Home Finder” Program!