The Philadelphia region’s housing market remained robust during the pandemic – and the trend is expected to continue into 2022, according to Michelle Bond, writing for the Philadelphia Inquirer.
According to Bond, a continuing low supply of housing will continue to push prices higher in 2022, although those increases will happen more gradually compared to 2021. Affordability will continue to be a factor, especially for first-time buyers. However, workplace flexibility will allow those buyers to choose to live in less expensive areas. Interest rates are beginning to inch up, and there is the potential for additional increases throughout 2022. While the availability of existing homes remains problematic, new construction is showing signs of life with single-family housing starts beginning to rise. Read about all of the trends here.
If you’re hoping to sell or buy in 2022, let the Vanguard Realty Associate team help you reach your goals!