January Housing Market 2022 | The Good And Bad
The first good news is that 2021 is over and lot of home sellers made some serious money cashing in on the current market conditions. A few figures below in the local area illustrate how much equity home owners made in a short time. Right now I’m covering these local neighborhood numbers in more detail on my Youtube chanel in 60 second shorts. Come check that out!
As you can see above. Many of our neighborhoods saw some serious average price appreciation in 2021. Many of the averages well over 20%. This is multiyear level appreciation rates achieved in one year can be described as price acceleration. Across the US average home owner equity soared over 50 thousand dollars.
Home Price Forecast For 2022
With such a giant year of appreciation numbers staring at people in the face. The next logical question is: What’s next in housing in 2022? Will home prices sore to new heights? Has acceleration peaked?
Right now it at least appears that we have hit a plateau on average accross the nation. But this does not mean that homes will be less expensive. This only means the rate at which they go up in price will not be as fast.
So good news if you’re a home seller looking to make money in 2022. And not good news if you are a buyer waiting for prices to come down.
The seven different sources below all concur there will be more price appreciation. And with San Antonio remaining a top destination primed for more population growth in 2022 prices are bound to push higher.
What About Foreclosures?
The good news for home owners coming out of forbearance is that the vast majority have worked out arrangements with banks to stay. And others that have exited without a plan are sitting on vast amounts of equity.
The bad news for home buyers is that it appears there will not be large levels of cheap homes to put a big dent in inventory constraints.
What Are Mortgage Rates Up To This Year?
The good news on mortgage rates in 2022 is that we are still affordable. Yes going up a little sooner than expected due to efforts to cool inflation. Bad news if you were already struggling to buy at lower rates.
Will rising mortgage rates slow the housing market?
One analyst weighs in on this question below.
What does housing inventory look like for 2022?
Bexar County Housing Market Supply
Bottom Line
At least for the first part of 2022 we are looking at a strong sellers market much like we saw in 2021. Prices may not increase as fast this year but they are expected to climb at a slower rate.
There currently does not appear to be an event that will reverse this housing market course locally. No it can not go on forever but in the short term all sign point to continued upward momentum in the market.
Are you planing on making a move in 2022? Let’s Connect!
The first step in a successful purchase or sell is planing. Let’s build one together. Call me at 210-260-6617