Tuesday, February 22, 2022 / by Vyral Marketing
What can you expect from the Phoenix real estate market in 2022? Before we get to that, let’s quickly recap the 2021 market.
Last year’s market was defined by low inventory, strong demand, low-interest rates, and a strong economy to create a very hot seller’s market. It was a frenzied situation where multiple offers were common, and prices soared at astronomical rates.
So far in 2022, we have even lower inventory than we had last year. It’s down by 5%. In Gilbert, there are about 150 homes for sale out of over 80,000 single-family homes. Two out of every thousand homes are for sale in Gilbert.
"The economy remains strong so far in 2022."
Demand is just about as strong as it was last year as well. That’s good news for home prices. Although interest rates are up from last year, they’re still close to historic lows. Unless rates jump 2% or 3%, we should continue to have a strong home-buying market. The economy also remains strong in 2022. Everyone is hiring, and wages will likely increase.
What does this all mean? Hold on for the ride. If you don’t own and are looking to buy, I recommend doing so sooner than later before prices and interest rates rise again. If you’re thinking about selling, we can help you get the best price and best terms in this hot seller’s market.
If you have any questions about the market or real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.