Princeton Town Topics – Let’s Talk Real Estate – February 23, 2022
WHAT’S IN STORE FOR THE SPRING REAL ESTATE MARKET
Now that the winter months are winding down, the spring real estate market is now just around the corner. Typically, the spring market begins in early March. Will we be seeing the same frenzied market activity that was experienced in 2021?
Nationally, real estate inventories remain extremely low compared with previous years, while demand from first time home buyers will continue to be a factor. According to recent market data from Realtor.com, in January 2022, there were only 408,922 homes for sale nationwide, which is close to historical lows.
In the local tri-state area, it’s mostly the same story. While inventories are varying depending on specific towns and locations, houses up for sale are still extremely limited in many areas. Buyer demand is also gaining steadily as the weather starts to clear. Instances of multiple offers above asking price are still the norm in some markets, and for some locations, this is not expected to change anytime soon.
Inventories remain low for a number of reasons, including uncertainty involving the pandemic. New construction is also experiencing delays in many places, which is also affecting housing inventories.
