Here’s what we’re likely to see in our 2022 real estate market.
2021 was a wild ride for the real estate market in Northern Virginia. What does 2022 have in store for us? Most experts agree that prices will continue to increase this year but at a more modest pace than last year.
The main reason why is that mortgage interest rates are beginning to rise and are expected to slowly increase throughout the year. Realtor.com forecasts that the median sales price appreciation across the country will be 2.9%, as opposed to the 12.9% we saw in 2021. Lawrence Yun, Chief Economist of the National Association of Realtors, predicts the same. That means buyers should purchase as soon as possible while interest rates are lower so that they have more buying power. 2022 will be another great year for sellers.
If you have any questions about the market or real estate in general, please don’t hesitate to reach out to me via phone or email. I would love to help you.
