The strong seller’s market of 2020 continued and even strengthened in 2021, with inventory levels remaining low and multiple offer situations common across much of the housing market both locally and nationally. Multiple offers again drove prices significantly higher for the year.
This year looks to continue the trends seen in the last 18 months, pushing home prices higher still. As mortgage rates are likely to continue to rise over the year as well, housing affordability will remain an important factor to watch.
Sales: Pending sales decreased 11.4 percent, ending 2021 at 5,792. Closed sales were down 6.3 percent to a total of 5,991 for 2021. Sales were down overall as inventory struggled to keep up with demand.
Listings: Year over year, the number of homes available for sale was lower by 1.2 percent. New listings decreased by 3.4 percent to finish the year at 6,827.
New Construction: New Construction home starts were not able to keep up with demand in 2021. Months Supply of Inventory for New Construction ended the year at 1.1 months.
Prices: Home prices were up compared to last year. The overall median sales price increased 34.7 percent to $489,900 for the year. Detached home prices were up 33.3 percent compared to last year, and Attached home prices were up 40.3 percent.
List Price Received: Sellers received, on average, 100.3 percent of their original list price at sale, a year-over-year improvement of 1.0 percent
