Chimney Sweep

A glance again at 2021 and forward to 2022

For many potential homebuyers, 2021 was a difficult year in the real estate market. Finding a home you love at the right price and getting an offer at or around the asking price in some markets seemed almost impossible. On the other side of the coin, 2021 was a year for sellers that for many meant multiple offers above the asking price, record sales prices and the chance of significant profits. According to a recent Forbes article, cities across the country were seeing skyrocketing sales prices – leaving some exhausted home buyers – and some very happy sellers.

An overview of housing trends in some of the country’s larger and popular LGBTQ-friendly cities proves this to be true.

• In New York City, the average home sale price in 2020 was $ 429,288, while the average list price in 2021 was $ 579,667, indicating an increase in the average sale price of approximately 3.3%.

• The Los Angeles area recorded an average sale price of $ 674,395 in 2020 and an average list price of $ 864,998 in 2021, an increase in the average sale price of 5.49%.

• In Seattle, the average home sale price in 2020 was $ 512,046, while the average list price in 2021 was $ 651,648, indicating an increase in the average sale price of approximately 6.7%.

• Denver reported an average home sale price of $ 433,268 in 2020 and an average list price of $ 526,633 in 2021, reflecting an increase in the average sale price of approximately 4.40%.

• San Francisco saw prices rise as well, with the average home sale price in 2020 around $ 811,787 and the average list price in 2021 at $ 872,296, up 2.31% in the average sale price over the year.

From a statewide perspective, real estate statistics collected over the past year show that the average home sale price between February 2020 and February 2021 in the 97 most populous metropolitan areas of the United States was $ 264,300 and that the average list price during the same period was $ 301,389 . Additionally, cities across the country saw home sales prices increase 5.43 percent year over year from 2019-2020 through 2020-2021.

Without a doubt, there were skyrocketing prices and fierce competition for available apartments in most major cities in 2021. Mortgage rates are low and supply has been somewhat low, which further increases demand in most of the country’s cities. While the market is certainly still a sellers’ market, there are signs here and there that it is starting to cool down a bit and the playing field may become more even in 2022. Indeed, recent reports have shown that the housing stock is starting to increase, which means more options for buyers, and thus less competition per apartment and more choice of apartments to choose from.

While this seems likely, many experts believe it is unlikely that the market will turn completely. It is therefore not expected that 2022 will be a buyer’s market per se, but that the market will be a little more balanced overall. Mortgage rates and financing will generally remain cheap, which will also increase the purchasing power of those looking to purchase a home. While home prices can be expected to rise, financial experts generally believe that they will rise more slowly and more appropriately for buyers than this year. So ultimately, 2022 looks like a promising year, whether you’re a buyer or a seller.

Without question, 2021 was an excellent time to sell a home for much of the country, and perhaps a tougher time to buy what you loved at the price you wanted to pay. While this is currently the case, it is important to remember that the truth is that the real estate market is constantly changing. Trends can change from year to year or even month to month. For this reason, whether you are a buyer or a seller, it is important to connect with a real estate agent who understands these trends and can help you determine the best strategies for achieving your real estate goals.

We come into play at www.GayRealEstate.com. We’re passionate about connecting LGBTQ buyers and sellers across the country with talented, experienced, LGBTQ-friendly agents who know and love their communities and who are committed to helping their customers achieve their dreams. The right broker can make the difference between a smooth and successful real estate experience and a stressful one – and you deserve the best. We’re here to help you find it. Please contact us at any time – we look forward to helping you soon.

Jeff Hammerberg is the founding CEO of Hammerberg & Associates, Inc. He can be reached at 303-378-5526 or [email protected].

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