The 2022 real estate market surprised many people by defying predictions.
Was the market better or worse in 2022? As we face the new year, it’s critical that we look back on how the market fared during the previous year to determine the changes that happened.
There were a lot of predictions for 2022. Many people said it would be very similar to the previous year, but that was not the case overall. Sales dropped by over a million nationally. We went from 6.1 million sales to somewhere around 5.1 million sales across the US.
However, there’s no need to panic. In the Dallas market, our home sales are down by 11% based on the latest numbers from November. What does that mean? We usually sell about 100,000 homes here in DFW, but it looks like we may end up with just around 90,000. Despite this, it’s still a very strong year for Dallas. It’s just not as good as it was in the previous year. Think of it as if you were driving the tollway at 130 miles an hour but changed to 90 miles an hour. That’s still a good pace.
Here’s an interesting point worth noting: sales were down, but volume was up. This means home prices continue to increase. Last year, homes went up by almost 13% in value, putting the average DFW sales price around $423,000.
“Sales were down, but volume was up.”
Also, days on the market have increased a little bit. However, multiple offers haven’t come as quickly as they did in 2022 due to numerous variables, including interest rates. If you want to know if rates will continue to go up or down in the future, watch out for my next blog. I will talk about all these variables and what will happen in 2023.
As always, if you want to know more about the market trends of 2022 or have any real estate questions, call or email me. I’d love to be your real estate resource.