Concerns over inflation and rising lending rates likely created more urgency with buyers over the past few months. However, as is the case in many other cities, the supply has not kept pace with the demand, causing strong price growth
As of December, the unadjusted benchmark price rose by nearly one percent over last month and was sitting over 10 percent higher than last year’s figures. Overall, the 2021 benchmark price rose by more than eight percent compared to the previous year for a total of $451,567, just shy of the annual record high set back in 2015. 2022 may see a slight slowdown. Homes will still increase in value, but the rate at which they appreciate may pull back.
Rates are still low… for now. There are talks of increasing borrowing rules and rates.. This may cause even more buyers to enter the market now to try and secure a home like yours before higher rates make it less affordable.