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2022 Housing Market Predictions and Forecast

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Americans will have a better chance to find a home in 2022, but will face a competitive seller’s market as first-time buyer demand outmatches the inventory recovery.

Additionally, with listing prices, rents and mortgage rates all expected to climb while incomes rise, 2022 will present a mixed bag of housing affordability challenges and opportunities. Whether the pandemic delayed plans or created new opportunities to make a move, Americans are poised for a whirlwind year of home buying in 2022. With more sellers expected to enter the market as buyer competition remains fierce, we anticipate strong home sales growth. Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. Below you’ll find our forecast and housing market predictions on key trends that will shape the year ahead.

Realtor.com® 2022 Forecast for Key Housing Indicators

Housing Indicator2022 Realtor.com® Forecast2021 Realtor.com® Housing Data Expectations  
Existing Home Median Sales Price AppreciationUp 2.9%Up 12%  
Existing Home SalesUp 6.6%6.0 million  
Existing Home For-Sale InventoryUp 0.3%Down 18%  
Mortgage RatesAverage 3.3% throughout the year, 3.6% by end of yearAverage 3.0%, 3.2% by end of year  
Single-Family Home Housing StartsUp 5%Up 15%  
Homeownership Rate65.8%65.5%  
2022 Realtor.com (R) Housing Forecast Infographic

Home Sales: Hit 16-year Highs

At a national level, this means we expect to see continued home sales growth in 2022 of 6.6% which will mean 16-year highs for sales nationwide and in many metro areas. With more than 45 million millennials in the prime first-time home buying ages of 26 to 35 in 2022, demand for housing is expected to remain strong. A growing economy and declining unemployment, as discussed in our economic outlook, also propels income growth of 3.3% by the end of the year, keeping sales levels high despite climbing mortgage interest rates. In most metro markets, our model suggests that home sales will follow the national trend and increase in 2022. While some markets are expected to see home sales declines, these declines are likely to be modest. In fact, for many areas forecasted to see declines, 2022 is expected to have the 2nd highest sales level in the last 15 years, bested only by 2021.

Home Prices: Advance at a More Moderate Pace, but Continue to Set Records

Home sales prices are set to continue to increase which will mean notching a decade-long streak of year over year increases early in 2022. The rise in home prices, which began in 2012, has proceeded consistently if unevenly. Following the pick-up from post-recession lows, home prices logged more than a year of double-digit growth in 2013, but since that time the pace of increase has been a more modest 4% to 7% per year. This changed in 2020. The pandemic ignited a frenzy in the housing market. A decade’s long shortage which meant the market was already 5.2 million single-family homes short was met with an unprecedented surge in demand just as many were expecting the opposite response to the pandemic uncertainty. While builders worked to adjust, the market balanced high demand and short supply by pushing prices higher. August 2020 kicked off a year-long streak of double-digit home price growth. Looking ahead, with economic growth expected to sustain the purchasing power of eager homebuyers, we expect the median home sales price to continue to increase, rising 2.9% in 2022, a notably more moderate pace. As builders ramp up production to meet demand, home buyers will grapple with higher monthly costs due to rising prices and rising mortgage rates. Affordability challenges will keep prices from advancing at the same pace we saw in 2021 even as ongoing supply-demand dynamics mean prices continue to grow nationwide.

For-Sale Inventory: Begins to Turn Around

With homes selling and continuing to do so quickly, inventory will remain limited, but we expect to see the market rebound from 2021 lows. Inventory is expected to grow 0.3% on average in 2022. While buyers have been eager in the last 2 years, sellers have been on and off. A rising share of homeowners this fall reported planning to sell a home in the next 12 months could signal an improvement in this trend that has been a major challenge for the housing market. With 28% of homeowners choosing not to sell indicating that the reason for doing so is because they can’t find a new home to buy, a pick-up in inventory could be self-reinforcing, drawing out other potential sellers as they find homes to buy. Rising new construction will eventually feed into this positive trend as well, but first, builders’ pipelines catch up to the usual balance of already-completed vs. under construction vs. not yet started homes. Completed new homes have recently made up half their usual share of all new homes for sale while homes not yet started are twice as prevalent as usual. In other words, new homes are in many recent cases only a viable option if you can wait for the construction process to finish

Rents: Expected to Outpace Home Price Growth

Like home prices, rents grew slower than is typical in the early part of the pandemic. In larger metropolitan areas with many jobs that remained remote, below-average growth continued into 2021. At the same time, many secondary markets saw rents surge as remote workers took advantage of their flexibility to relocate and save on monthly housing costs. Nationwide, rent growth went from minimal to double-digit pace in 2021 as the U.S. made substantial progress against the pandemic. With the rental vacancy rate continuing near its historic lows during the pandemic, in which just 5.7% to 6.8% of rental housing units are vacant at any point in time compared to 7% or more, historically, renters are also contending with limited supply and excess demand that leads to upward pressure on rents. In 2022, we expect this trend will continue and fuel rent growth. At a national level, we forecast rent growth of 7.1% in the next 12 months, somewhat ahead of home price growth as rents continue to rebound from slower growth earlier in the pandemic.

Key 2022 Housing Trends & Demographics

Still Preferring the Suburbs

As we highlighted early in the pandemic, the unexpected and unprecedented demands that the pandemic placed on home shifted shopper preferences toward space and versatility and drove a boom in homebuyers and renters shifting to suburban areas and less-dense metros. Our recently updated urbanicity trends data suggest that these trends largely continue. This means that while urban areas continue to be pricier and fast-paced, the advantage of shifting to the suburbs to get a better bang for the buck and face a less competitive market has eroded.  Nevertheless with affordability likely to be even more top of mind for buyers in the face of rising home prices and rising mortgage rates, the suburbs are likely to maintain their recent cachet.

Remote, In-Office, or Hybrid? The Future of Work Brings Flexibility for Workers

In addition to affordability, one of the reasons suburbs are likely to remain popular is increased workplace flexibility. Many companies shifted to remote work during the pandemic out of necessity, and this period has demonstrated that work is possible in a remote environment. Additionally, surveys show that many workers prefer working remotely, at least several days per week. Even as many companies are calling workers back to offices, others have shifted in the opposite direction, granting workers ongoing flexibility to work remotely. This may prove to be a smart recruiting move in a competitive labor market and even possibly a boon to productivity as some studies show that employees who weren’t commuting during the pandemic spent the time saved working. It may also be a retention tool. While a majority of recent homebuyers who didn’t have firm return to work plans report that they would simply return to the office or try to arrange a hybrid schedule in the event they were called back, nearly 1 in 4 report that they’d find a new job if asked to return. This has an impact on home searching and preferences. Previously, many workers focused on a home’s location relative to work as a central consideration. Sorting homes by commute-length is still a filter option available for home searchers to use on sites like Realtor.com. With average commute times growing and nearly 20% of recent homebuyers reporting one-way commute times in excess of an hour, regular remote work enables homebuyers to broaden their search parameters or in some cases pick-up and relocate to a city where homes are more affordable, as many have done in the last year.

Searchers Dream Big, but Budget Realities and For-Sale Availability Might Mean Smaller Homes Prevail

With the suburbs still popular and at least occasional remote work likely an option, homebuyers are likely to continue to prefer larger homes that provide space for working at home from time to time as well as versatility. At the same time, rising affordability challenges may cause some homebuyers to decide to sacrifice space to make a home purchase work with their budget. Notably, newly constructed single-family homes have begun to get larger after declining over the last few years. However, the typical active single-family home for sale has trended smaller in recent months. 

Hispanic Homebuyers Are A Growing Demographic

Hispanic homebuyers are already a sizable share of the housing market, comprising  more than 1 in 10 recent homebuyers, yet still under-represented relative to their roughly 1 in 5 share of the U.S. population. Despite gains in the most recent quarter of data, the Hispanic homeownership rate remains just shy of a majority. With a growing share of the population and the potential for a rising homeownership rate, this demographic group is expected to play a growing role in the homebuying market. Notably, recently successful Hispanic homebuyers were younger than the population of recent homebuyers at large and a majority were first-time homebuyers.

First-time Homebuyers Face an Uphill Journey

First-time homebuyers will need to be successful in the 2022 housing market if we are going to see the homeownership rate begin to climb again. In many respects it will be an uphill journey given the slightly better but still-limited for-sale inventory environment, high and rising prices, and rising mortgage rates all pushing monthly costs higher. A competitive labor market, however, should help offset some of these higher costs in the form of higher paychecks. Additionally, extended work-place flexibility may enable first-time buyers to explore more affordable housing markets that wouldn’t be an option if a daily commute was expected. The sheer size of the population at or near typical first-time home buyer age will mean plenty of potential from this group to impact the market in 2022

Housing Market Perspectives

What will 2022 be like for homebuyers, especially first-time homebuyers?

Homebuyers have much to look forward to in 2022. After years of declining, the inventory of homes for sale is finally expected to rebound from all-time lows. Still, the housing market will remain competitive for buyers, particularly those looking for homes in entry-level price tiers. With more than 45 million millennials in the prime first-time home buying ages of 26 to 35 in 2022, entry level buyers are likely to have a lot of company. Plenty of buyers mean rising home prices and when combined with rising mortgage rates buyers will face higher monthly payments. On top of this, homes are expected to continue to sell quickly, meaning buyers will need to make quick decisions in order to win offers.

How can homebuyers prepare?

To navigate these challenges, buyers will want to carefully consider their budget before embarking on their home search. Buyers can use online tools like the affordability calculator found in home listings on Realtor.com to get a sense of how much they can afford, and once they’ve set a price point, rate-proof that home purchase budget by running the numbers to see how higher mortgage rates could affect the monthly payment. Bottom line for buyers: no matter what the calculator says, make sure it feels comfortable to you! Additionally, honing a list of must-haves vs. nice-to-haves can help shoppers keep their search focused. And buyers can also use personalization tools so that their online search is similarly dialed-in on homes that are the best fit. Here’s a great “how-to” on personalizing-your-home search on Realtor.com.

What will 2022 be like for home sellers?

Homeowners who are ready to sell in 2022 are in a good position. Home prices are likely to notch a decade-long streak of annual gains early in the year, and the value of homes is at a record $34.9 trillion according to Fed data as of mid-2021, and likely to continue higher with next week’s release of new data. Even as for-sale inventory begins to grow, meaning some sellers will face competition, well-priced homes in good condition will continue to sell quickly in many markets. And for sellers who have owned their homes for a while, this will likely mean that they walk away from the transaction with a healthy amount of cash. While surveys show that many sellers recognize the advantage they hold in the current housing market, other data show that it’s the challenge of buying that is holding some back–more than 1 in 4 homeowners choosing not to sell reported this in our recent survey. The sellers most poised to take advantage of this market are those who don’t also need to buy immediately–those ready to sell second or vacation homes, but with some offices opening back up even as other companies shift to indefinite remote work policies, homeowners in vacation markets may find a notably cooler market than prevailed in these areas in 2021 when vacation home sales surged and surfaced unexpected vacation towns.

How Can Sellers Prepare?

The first step for sellers will be to explore their options for selling. Whether it’s a first home sale or you’ve done this before but it’s been a while, you may be surprised to find out that there are more ways to sell your home than you’d imagined. Online tools like the Realtor.com seller’s marketplace, will let you explore your options so that you can choose the one that’s right for you. For many sellers, this is going to be listing their home with a real estate agent who can showcase your home on the market to a wide range of potential buyers, getting you the highest price.

What will 2022 be like for renters?

Renters will see increasing rents in 2022. As home prices will keep rising in 2022, a great proportion of the population who cannot compete for a new home are likely to continue renting. In addition, higher home costs due to mortgage rates, which are expected to rise, could accelerate this pattern, raising demand for rental homes. Already in 2021 rising home prices and mortgage rates pushed housing costs to high-levels relative to incomes nationwide and in several large metros

On top of these trends, given the substantial improvement against the pandemic, those who moved to live with families may plan to move out and live alone again, forming what economists refer to as a new household. These new households will further boost rental demand and speed up rent growth. On the supply side, in addition to materials shortages and higher labor costs, which will hamper construction of new rental homes, the termination of various eviction protection laws may give landlords a chance to recoup losses by raising the rents. Conversely, these landlords could decide to exit the rental business altogether, recouping their losses by selling their rental home. This move could potentially benefit homebuyers, who may be able to snag these former-rentals, but this could reduce the supply of homes for renter households. Whether these houses flip to become owner-occupied or remain rental homes will depend on investor appetite for rental properties.

What will 2022 be like for investors?

In 2022, investors will continue to see solid returns from their investments in the housing market. With home prices expected to rise, existing owners are in a good position, and rising rents are likely to entice investor buyers to continue to purchase homes even as rising mortgage rates challenge potential returns. After an unusual 2020, in which more investors were sellers than buyers, 2021 saw investors buying homes at a greater rate than selling them in the spring, and this investor surge continued into the summer. If these homes are held for rent, 2022 will be an excellent opportunity to receive high yields given the solid demand and projected rising rental prices. Most pandemic-related eviction protections have expired and the few remaining areas with limits in place have expiration dates in 2021 or early 2022. With protections expiring, and many renters still behind on rent payments, an increasing share of landlords report considering eviction. Whether these landlords continue to hold and rent these homes or decide instead to get out of the investment business by selling their investment home remains to be seen. We’re watching New York, Los Angeles, and Chicago metro areas, in particular, where the share of landlords who are missing rent is 15%, 12%, and 18%  according to recent data from our Realtor.com network partner, Avail.


Housing Market Predictions 2022 – Metro Area Breakdown

Metro2022 Sales Growth % y/y2022 Price Growth % y/y  
Akron, Ohio11.4%4.5%  
Albany-Schenectady-Troy, N.Y.-0.9%4.0%  
Albuquerque, N.M.3.9%4.4%  
Allentown-Bethlehem-Easton, Pa.-N.J.4.0%4.3%  
Atlanta-Sandy Springs-Roswell, Ga.10.0%3.5%  
Augusta-Richmond County, Ga.-S.C.3.5%4.1%  
Austin-Round Rock, Texas4.7%3.0%  
Bakersfield, Calif.-4.2%6.1%  
Baltimore-Columbia-Towson, Md.-2.4%3.2%  
Baton Rouge, La.-1.8%1.5%  
Birmingham-Hoover, Ala.8.1%5.6%  
Boise, Idaho12.9%7.9%  
Boston-Cambridge-Newton, Mass.-N.H.3.9%7.5%  
Bridgeport-Stamford-Norwalk, Conn.0.7%2.5%  
Buffalo-Cheektowaga-Niagara Falls, N.Y.4.3%4.5%  
Cape Coral-Fort Myers, Fla.-5.6%2.7%  
Charleston-North Charleston, S.C.2.7%4.6%  
Charlotte-Concord-Gastonia, N.C.-S.C.9.9%5.6%  
Chattanooga, Tenn.-Ga.3.7%6.9%  
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.-2.6%1.9%  
Cincinnati, Ohio-Ky.-Ind.7.9%5.4%  
Cleveland-Elyria, Ohio7.8%4.2%  
Colorado Springs, Colo.10.3%5.2%  
Columbia, S.C.6.4%5.1%  
Columbus, Ohio13.7%6.3%  
Dallas-Fort Worth-Arlington, Texas8.3%4.0%  
Dayton, Ohio10.7%4.3%  
Deltona-Daytona Beach-Ormond Beach, Fla.0.6%6.1%  
Denver-Aurora-Lakewood, Colo.6.0%5.0%  
Des Moines-West Des Moines, Iowa5.9%3.9%  
Detroit-Warren-Dearborn, Mich6.3%5.6%  
Durham-Chapel Hill, N.C.8.9%4.2%  
El Paso, Texas10.6%5.1%  
Fresno, Calif.3.7%5.9%  
Grand Rapids-Wyoming, Mich6.6%7.1%  
Greensboro-High Point, N.C.6.6%5.3%  
Greenville-Anderson-Mauldin, S.C.11.4%5.7%  
Harrisburg-Carlisle, Pa.4.4%3.5%  
Hartford-West Hartford-East Hartford, Conn.-2.9%0.7%  
Houston-The Woodlands-Sugar Land, Texas2.6%2.4%  
Indianapolis-Carmel-Anderson, Ind.14.8%5.5%  
Jackson, Miss.4.7%3.5%  
Jacksonville, Fla.6.2%6.5%  
Kansas City, Mo.-Kan.11.0%4.7%  
Knoxville, Tenn.3.3%5.9%  
Lakeland-Winter Haven, Fla.6.5%7.0%  
Las Vegas-Henderson-Paradise, Nev.0.1%5.9%  
Little Rock-North Little Rock-Conway, Ark.6.7%3.4%  
Los Angeles-Long Beach-Anaheim, Calif.-1.6%4.8%  
Louisville/Jefferson County, Ky.-Ind.7.3%4.5%  
Madison, Wis.6.2%3.9%  
McAllen-Edinburg-Mission, Texas5.9%5.1%  
Memphis, Tenn.-Miss.-Ark.7.4%6.6%  
Miami-Fort Lauderdale-West Palm Beach, Fla.3.6%5.8%  
Milwaukee-Waukesha-West Allis, Wis.10.5%2.4%  
Minneapolis-St. Paul-Bloomington, Minn.-Wis.4.1%6.0%  
Nashville-Davidson–Murfreesboro–Franklin, Tenn.5.5%5.6%  
New Haven-Milford, Conn.-1.8%1.0%  
New Orleans-Metairie, La.0.7%5.0%  
New York-Newark-Jersey City, N.Y.-N.J.-Pa.-3.0%2.3%  
North Port-Sarasota-Bradenton, Fla.0.8%1.7%  
Oklahoma City, Okla.3.7%2.6%  
Omaha-Council Bluffs, Neb.-Iowa8.2%4.9%  
Orlando-Kissimmee-Sanford, Fla.8.8%5.4%  
Oxnard-Thousand Oaks-Ventura, Calif.-2.2%4.4%  
Palm Bay-Melbourne-Titusville, Fla.7.4%7.9%  
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.4.7%2.9%  
Phoenix-Mesa-Scottsdale, Ariz.7.5%6.8%  
Pittsburgh, Pa.8.3%3.5%  
Portland-South Portland, Maine-0.2%10.0%  
Portland-Vancouver-Hillsboro, Ore.-Wash.6.1%4.3%  
Providence-Warwick, R.I.-Mass.8.1%9.5%  
Raleigh, N.C.9.6%4.3%  
Richmond, Va.5.0%4.9%  
Riverside-San Bernardino-Ontario, Calif.-1.4%5.5%  
Rochester, N.Y.8.3%4.0%  
Sacramento–Roseville–Arden-Arcade, Calif.6.0%5.0%  
St. Louis, Mo.-Ill.6.8%1.7%  
Salt Lake City, Utah15.2%8.5%  
San Antonio-New Braunfels, Texas5.1%3.5%  
San Diego-Carlsbad, Calif.0.2%4.8%  
San Francisco-Oakland-Hayward, Calif.-5.2%5.5%  
San Jose-Sunnyvale-Santa Clara, Calif.-4.0%4.2%  
Scranton–Wilkes-Barre–Hazleton, Pa.3.6%1.1%  
Seattle-Tacoma-Bellevue, Wash.9.6%7.5%  
Spokane-Spokane Valley, Wash.12.8%7.7%  
Springfield, Mass.6.1%6.6%  
Stockton-Lodi, Calif.1.0%7.8%  
Syracuse, N.Y.5.7%4.4%  
Tampa-St. Petersburg-Clearwater, Fla.9.6%6.8%  
Toledo, Ohio11.0%2.4%  
Tucson, Ariz.8.0%6.2%  
Tulsa, Okla.0.8%1.8%  
Urban Honolulu, Hawaii-3.9%0.2%  
Virginia Beach-Norfolk-Newport News, Va.-N.C.11.8%2.7%  
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.5.6%3.8%  
Wichita, Kan.7.4%6.3%  
Winston-Salem, N.C.5.9%5.8%  
Worcester, Mass.-Conn.8.4%8.2%  
Youngstown-Warren-Boardman, Ohio-Pa.7.3%6.9%  

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Will Real Estate Ever Be Normal Again?

Are you interested to learn more about the Greater Princeton, New Jersey Market Conditions, feel free to contact me at 609-915-9665.

14mag Austin image cover facebookJumbo v3

Then there was a 35-year-old tech worker in Long Beach, Calif., who bought a house in Round Rock for $300,000 last October. By January 2021, it was worth roughly $400,000; in February, he bought two more. His winning bids were two of dozens that his real estate agent, a former equities trader who now works primarily with individual investors, made sight unseen, all of them for at least $40,000 over the asking price. “I’m part of the problem,” the buyer acknowledged to me, though he was not your stereotypical speculator: Despite earning six figures, he drives a 2005 Honda Civic and, when I spoke to him, was renting a room for $900 a month, preferring to save and invest. (Scarred by graduating into the Great Recession, he aligns with the Financial Independence, Retire Early movement popular on Reddit.) He marveled at how FaceTime, DocuSign and electronic transfers made everything seamless, but because real estate money can now move so easily, it meant what he had liked about real estate investing in the first place — its stability and relative slowness — no longer held true. “We’re gamifying real estate investment to the point that it’s almost like throwing money at the stock market,” he told me.

Some Austin real estate agents have positioned themselves to capitalize on all this out-of-town money. On a steamy 95-degree day in late June, Matt Holm lifted the winged door of his Tesla Model X so that I could hop in the back seat behind his client, Jon, a man who worked in commercial real estate financing in Santa Monica. (Jon asked that I withhold his last name because he hasn’t shared his relocation plans with his friends and family.) During the pandemic, Jon, originally from Madison, Wis., began to rethink what was keeping him in California. “I’m getting a little anxiety about making a longer-term commitment to L.A., just given the political climate, the tax climate, the homelessness problem,” he told me.

Jon had traveled to Austin three times in as many months and was getting a handle on the “resi” market. He was looking for a home where he could declare residency to take advantage of Texas’ lack of income tax — but he also wanted to live elsewhere half the year, and so he was looking for a place he could easily rent out and make money on. And he wanted guaranteed appreciation. “I mean everything’s an investment, right?” he told me. A friend of his who had just relocated to Austin introduced him to Holm, whose dirty-blond hair was pulled into a sleek ponytail. He founded the Tesla Owners Club of Austin in 2013 and proudly referred to himself as the “Tesla realtor” in town. When Jon slipped in to look at a short-term rental, Matt told me that Jon would like to spend $500,000 to $700,000, “but he’s going to spend 1.3 to 1.5 by the time he’s done.”

“There’s nine million square feet of office being built,” Holm said, as we drove through downtown, cranes and glass skyscrapers glinting above stalky yellow-limestone and red-granite buildings. (The Austin Chamber of Commerce gave a lower but still shocking figure, 6.2 million square feet.) “And it’s being built, like, it’s not occupied. So those jobs are coming. People are telling me, like, Oh, you know, we peaked. … As far as the metrics, the Texodus is not slowing down. We’re about to get a tidal wave.”

“People haven’t even factored in the Elon effect,” he continued, “I can’t tell you the number of people that are saying, Oh, Elon’s building a factory. Like, no, Elon’s not building a factory — this is headquarters for everything Elon. He hasn’t officially announced it, and I don’t know anything behind the scenes, but I can see very clearly the people that are moving here, and they’re not factory workers.” (Indeed, in October, Musk made it official.)

Holm and Jon spoke the same language. They analyzed every parcel for how to maximize profits and shared tips for minimizing taxes. Walking through a cavernous tiled-and-carpeted two-story in Travis Heights, Holm suggested that with its many bedrooms, it would make an excellent Airbnb. Although Austin and the state stipulated that owners could rent only their homestead and only for a maximum of six months a year, “that could be every weekend,” Holm said.

“The investor I know that’s killing it right now is a systems guy,” he continued. “And I told him for four years that he had to get into the Airbnb business and he thought I was B.S.ing him on the numbers. And finally, he believed me, and now he has 13 Airbnbs.”

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My name is Rosy and I am a Realtor with Coldwell Banker in Greater Princeton, New Jersey.


Do You Want to Sell your House ?


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Interested in a Rental ?


I can be reached at –
609-915-9665

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October 2021 Housing Market Trends Report

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  • The national inventory of active listings declined by 21.9% over last year, while the total inventory of unsold homes, including pending listings, declined by 14.8%. The inventory of active listings is down 51.9% compared to 2019.
  • Newly listed homes are down 2.3% nationally compared to a year ago, and down 4.8% for large metros over the past year. Sellers are still listing at rates 11.6% lower than typical 2017 to 2019 levels. 
  • The October national median listing price for active listings was $380,000, up 8.6% compared to last year and up 21.8% compared to 2019. In large metros, median listing prices grew by 5.2% compared to last year, on average. 
  • Nationally, the typical home spent 45 days on the market in October, down 8 days from the same time last year and down 21 days from 2019.

Realtor.com®’s October housing data release reveals that the housing market is settling into a pattern of steady, high single-digit price growth, fast-moving inventory, and a consistently shrinking inventory of homes for sale. While almost 3 in 4 consumers- as indicated by Fannie Mae’s National Housing Survey– believe it is a good time to sell, this sentiment has yet to translate to increased selling activity. As many sellers are also homebuyer hopefuls, the low supply of homes for sale to move into also makes the decision to list a home more difficult. It can be challenging for the housing market to lift itself out of this holding pattern, and we look to increased construction to help supply meet demand in the next year. 

New Seller Activity Remains Below Last Year

Nationally, the inventory of homes actively for sale in October decreased by 21.9% over the past year, a similar rate of decline compared to the 22.2% drop in September. Earlier this fall we saw consistent improvements in inventory as the rate of decline compared to last year shrank. In October, this progress stalled as it became increasingly less likely that inventory would catch up to last year’s levels, let alone more typical 2017 to 2019 levels. This rate of decline amounted to 179,000 fewer homes actively for sale on a typical day in October compared to the previous year. The total number of unsold homes nationwide—a metric that includes active listings and listings in various stages of the selling process that are not yet sold—is down 14.8% percent from October 2020. 

Active Listing Count

In October, newly listed homes declined by 2.3% on a year-over-year basis and sellers are still listing at rates 11.6% lower than typical of 2017 to 2019 levels. Last month we noted a change in direction where fewer new sellers were listing homes than the previous year, and this month this trend continued.

Newly Listed Homes

The inventory of homes actively for sale in the 50 largest U.S. metros overall decreased by 20.5% over last year in October, an increase in the rate of decline compared to last month’s 18.5% decrease. Regionally, the inventory of homes in large southern metros is still showing the largest year-over-year decline (-25.8) followed by the West (-22.7%), Northeast (-17.9%) and Midwest (-10.5%).

Markets which are seeing the largest year-over-year growth in newly listed homes include Austin (+15.3%), Memphis (14.8%) and Buffalo (+10.7%). Markets which are still seeing a decline in newly listed homes compared to last year include Hartford (-30.2%),  San Diego (-21.8%), and Boston (-19.0%). 

Homes Continue to Sell 8 Days Faster Than Last Year

The typical home spent 45 days on the market this October, which is 8 days less than last year and two days more than last month as the housing market slows down into the late fall and winter off-season. Despite typical seasonal slowing, homes still sold more quickly than any other October in recent history. 

In the 50 largest U.S. metros, the typical home spent 39 days on the market, and homes spent 6 days less on the market, on average, compared to last October. Among these 50 largest metros, the time a typical property spends on the market has decreased most in large metros in the South (-10 days), followed by the West (-5 days), and Midwest and Northeast (-3 days). 

Among larger metropolitan areas, homes saw the greatest yearly decline in time spent on market in Miami (-31 days), Raleigh (-30 days), Jacksonville (-17 days) and Orlando (-17 days). Four metros saw time on market increase: New Orleans (+11 days), New York (+5 days), Cincinnati (+3 days), and Philadelphia (+1 day). However, time on market in all of these markets was still shorter than more typical levels seen in 2019. 

Days on Market

Listing Price Growth Remains Consistent

The median national home price for active listings remained the same from September through October, at $380,000. The median listing price again grew by 8.6% over last year, the same growth rate as last month. As we noted previously, while median listing price growth is now below double-digits, this trend reflects a change in the mix of inventory available for sale compared to last year, with more small homes available for sale this year. The median listing price for a typical 2,000 square-foot single family home is currently up 16.7% compared to last year. 

Median Listing Price

For the past three months, the share of homes which have had their price reduced has increased compared to the same time period last year. In October, the share of price reductions increased over last year by 0.8 percentage points, catching up to 2016 levels. However, the share of price reductions is still 4.6 percentage points lower than in 2018 and 2019.

Price Reduced Share

Active listing prices in the nation’s largest metros grew by an average of 5.2% compared to last year, slightly higher than last month’s rate of 4.1%. Price growth in the nation’s largest metros has been lower than other areas across the country, but much of this can still be attributed to new inventory bringing relatively smaller homes to the market this year.

Austin (+32.5%), Las Vegas (+27.2%), and Tampa (+21.8%), posted the highest year-over-year median list price growth in October, while Milwaukee (+5.8 percentage points), Hartford (+5.3 percentage points) and Austin (+5.0 percentage points) saw the greatest increase in their share of price reductions compared to last year. 

October 2021 Regional Statistics (50 Largest Metro Combined Average)

RegionActive Listing Count YoYNew Listing Count YoYMedian Listing Price YoYMedian Days on Market Y-YPrice Reduced Share Y-Y
Midwest-10.5%-2.5%-3.9%-3 days0.4%
Northeast-17.9%-8.5%1.0%-3 days1.4%
South-25.8%-2.7%9.4%-10 days-0.2%
West-22.7%-8.0%9.7%-5 days-1.6%
MetroMedian Listing PriceMedian Listing Price YoYActive Listing Count YoYNew Listing Count YoYMedian Days on MarketMedian Days on Market Y-YPrice Reduced SharePrice Reduced Share Y-Y
Atlanta-Sandy Springs-Roswell, Ga.$395,00011.1%-26.6%5.7%37-918.3%-4.2%
Austin-Round Rock, Texas$550,00032.5%-8.1%15.3%32-1418.5%5.0%
Baltimore-Columbia-Towson, Md.$325,000-4.4%-5.0%-2.7%40-320.6%4.1%
Birmingham-Hoover, Ala.$280,0007.7%-28.5%-5.3%48-315.2%-0.1%
Boston-Cambridge-Newton, Mass.-N.H.$689,0003.0%-23.4%-19.0%30-319.2%-1.3%
Buffalo-Cheektowaga-Niagara Falls, N.Y.$225,0004.7%-4.7%10.7%52017.3%-2.1%
Charlotte-Concord-Gastonia, N.C.-S.C.$399,0009.3%-27.9%-5.1%32-1118.0%0.1%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.$330,000-4.4%-20.3%-8.6%41-220.6%0.2%
Cincinnati, Ohio-Ky.-Ind.$310,0000.0%-11.3%-11.0%42319.7%2.1%
Cleveland-Elyria, Ohio$190,000-5.0%-4.7%0.9%44-324.3%-1.5%
Columbus, Ohio$290,000-5.0%-3.7%8.7%30-525.3%-3.4%
Dallas-Fort Worth-Arlington, Texas$398,00011.8%-33.9%-3.5%37-1021.8%-3.9%
Denver-Aurora-Lakewood, Colo.$615,00018.3%-27.8%-8.4%28-822.0%-1.2%
Detroit-Warren-Dearborn, Mich.$245,000-8.9%-7.2%1.0%32-619.6%2.1%
Hartford-West Hartford-East Hartford, Conn.$330,00010.0%-57.1%-30.2%40-113.0%5.3%
Houston-The Woodlands-Sugar Land, Texas$360,0007.9%-20.0%-1.6%45-719.6%0.8%
Indianapolis-Carmel-Anderson, Ind.$275,0000.0%-24.9%5.1%38-530.5%-7.1%
Jacksonville, Fla.$370,00016.3%-27.8%10.3%38-1718.5%3.2%
Kansas City, Mo.-Kan.$325,000-1.5%-6.1%-11.3%46-120.2%-0.6%
Las Vegas-Henderson-Paradise, Nev.$439,00027.2%-31.5%-6.1%31-1019.2%-2.8%
Los Angeles-Long Beach-Anaheim, Calif.$975,000-2.0%-25.3%-17.9%49013.3%-2.5%
Louisville/Jefferson County, Ky.-Ind.$250,000-3.1%-3.7%3.6%31-424.2%-1.2%
Memphis, Tenn.-Miss.-Ark.$275,0004.3%-10.2%14.8%29-1617.9%-2.9%
Miami-Fort Lauderdale-West Palm Beach, Fla.$475,00015.9%-47.9%-16.7%62-3113.2%-2.0%
Milwaukee-Waukesha-West Allis, Wis.$275,000-8.3%-6.3%2.0%39-322.0%5.8%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.$350,0000.6%-10.5%-14.9%36-117.8%2.8%
Nashville-Davidson–Murfreesboro–Franklin, Tenn.$450,00012.5%-37.1%-9.8%22-1017.4%-1.7%
New Orleans-Metairie, La.$340,0003.3%-16.4%-13.3%751120.1%-3.0%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.$619,000-3.1%-14.9%-18.4%63514.2%-2.3%
Oklahoma City, Okla.$271,0000.4%-21.5%-2.7%44-422.0%-3.8%
Orlando-Kissimmee-Sanford, Fla.$390,00020.0%-46.5%-9.4%42-1722.8%-5.2%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.$320,000-8.3%-1.7%-0.5%49120.9%3.0%
Phoenix-Mesa-Scottsdale, Ariz.$485,00016.7%-16.3%0.1%32-423.4%-4.2%
Pittsburgh, Pa.$226,000-7.9%-10.4%1.7%50-723.4%3.3%
Portland-Vancouver-Hillsboro, Ore.-Wash.$550,0007.8%-13.9%8.0%37-1230.7%0.5%
Providence-Warwick, R.I.-Mass.$430,0007.5%-12.7%0.2%35-713.1%2.2%
Raleigh, N.C.$425,0009.0%-50.7%-15.8%19-3014.9%-3.0%
Richmond, Va.$350,000-1.9%-21.6%-3.2%43-214.2%2.0%
Riverside-San Bernardino-Ontario, Calif.$549,00016.8%-6.3%-4.1%36-512.1%2.3%
Rochester, N.Y.$211,000-7.7%-28.5%-11.9%23-814.5%-1.4%
Sacramento–Roseville–Arden-Arcade, Calif.$595,0008.4%-1.6%-2.5%32-315.4%3.1%
San Antonio-New Braunfels, Texas$349,00016.4%-24.4%0.3%44-920.7%0.7%
San Diego-Carlsbad, Calif.$839,0005.6%-26.6%-21.8%47N/A13.5%-2.2%
San Francisco-Oakland-Hayward, Calif.$995,000-5.1%-25.2%-9.4%31-413.7%-2.8%
San Jose-Sunnyvale-Santa Clara, Calif.$1,250,0004.3%-31.9%-13.7%34013.6%-4.4%
Seattle-Tacoma-Bellevue, Wash.$680,0008.8%-43.3%-12.2%34-116.9%-3.8%
St. Louis, Mo.-Ill.$243,000-2.0%-19.3%1.0%50-620.5%-2.4%
Tampa-St. Petersburg-Clearwater, Fla.$375,00021.8%-39.9%-12.5%37-1122.8%-2.9%
Virginia Beach-Norfolk-Newport News, Va.-N.C.$314,000-3.4%-17.9%-2.7%30-910.6%4.4%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.$510,0001.6%8.3%-0.9%35-116.9%4.4%

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Seller Profits Increase Across US In Third Quarter As National Median Home Price Reaches Another Record

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IRVINE, Calif., Nov. 4, 2021 /PRNewswire/ —ATTOM, curator of the nation’s premier property database, today released its third-quarter 2021 U.S. Home Sales Report, which shows that profit margins on median-priced single-family home and condo sales across the United States jumped to 47.6 percent – the highest level since the end of the Great Recession a decade ago.

In yet another sign of how strong the U.S. housing market remains, the report reveals that the typical home sale across the country during the third quarter of 2021 generated a profit of $100,178 as the national median home price hit a record of $310,500. The latest profit level – also a new high – was up from $88,800 in the second quarter of 2021 and from $69,000 in the third quarter of 2020.

Those gains raised the typical return on investment that sellers made on their original purchase price nationwide from 42 percent in the second quarter of this year and 34.5 percent a year earlier. The investment-return increases marked the biggest quarterly jump since 2014 and the biggest annual surge since at least 2008.

Soaring profits in the third quarter came as the national median home price increased 3.5 percent from the second quarter of 2021 and 15.9 percent from the third quarter of 2020. The annual price surge marked the fifth straight quarter with year-over-year increases of at least 10 percent.

So hot was the national market in the third quarter that median home prices rose annually in 93 percent of U.S. metropolitan areas with enough data to analyze, while profit margins increased in 86 percent.

U.S. Historical Median Sales Prices

The latest price and profit improvements reflect a housing market that kept speeding ahead even as the U.S. economy only gradually recovered from widespread damage caused by the Coronavirus pandemic that hit early last year and continues to pose a threat. Amid rock-bottom interest rates and worries about living in congested virus-prone parts of the country, a glut of buyers has been chasing a tight supply of homes for sale over the past year and a half, raising demand and spiking prices.

“The third quarter of this year marked another period in a banner year for a housing market boom that’s steaming ahead through its 10th year. Prices and seller profits again hit new highs since the market started coming back from the Great Recession in 2012,” said Todd Teta, chief product officer at ATTOM. “There have been a couple of small hints of a possible slowdown in recent months, as we head into the normally quiet Fall and Winter seasons. The pandemic also remains a constant presence that could tamp things down. But, for now, the market engine seems to have nothing but high-octane gas in the tank.”

Profit margins rise annually in nearly 90 percent of metro areas around the U.S.
Typical profit margins – the percent change between median purchase and resale prices – rose from the third quarter of 2020 to the third quarter of 2021 in 175 (86 percent) of 204 metro areas around the United States with sufficient data to analyze. Margins also increased from the second to the third quarter of this year in 168 of the 204 metros (82 percent). Metro areas were included if they had at least 1,000 single-family home and condo sales in the third quarter of 2021 and a population of at least 200,000.

The biggest annual increases in profit margins came in the metro areas of Boise City, ID (margin up from 61.4 percent in the third quarter of 2020 to 130.3 percent in the third quarter of 2021); Claremont-Lebanon, NH (up from 41.1 percent to 93.8 percent); Augusta, GA (up from 19.6 percent to 56.6 percent); Raleigh, NC (up from 30.4 percent to 67 percent) and Bellingham, WA (up from 69.5 percent to 105.6 percent).

Aside from Raleigh, the biggest annual profit-margin increases in metro areas with a population of at least 1 million in the third quarter of 2021 were in Detroit, MI (margin up from 43 percent to 68 percent); Rochester, NY (up from 39.4 percent to 63.8 percent); Austin, TX (up from 47.6 percent to 70.9 percent) and Pittsburgh, PA (up from 40.1 percent to 61.9 percent).

Profit margins stayed the same or dropped, year over year, in just 29 of the 204 metro areas analyzed (14 percent) while they declined quarterly in 36 (18 percent). The biggest annual decreases were in Salem, OR (margin down from 75.6 percent in the third quarter of 2020 to 48.3 percent in the third quarter of 2021); Brownsville, TX (down from 37.1 percent to 13 percent); Kansas City, MO (down from 43.6 percent to 25.1 percent); San Jose, CA (down from 86.2 percent to 71 percent) and McAllen, TX (down from 33.4 percent to 19.9 percent).

Aside from Kansas City and San Jose, the largest annual drops in profit margins among metro areas with a population of at least 1 million came in Los Angeles, CA (down from 54.3 percent to 44.5 percent); Cleveland, OH (down from 32.8 percent to 25.7 percent) and Las Vegas, NV (down from 43.8 percent to 37.2 percent).

Largest profit margins again in West; smallest in South
The West continued to have the largest profit margins on typical home sales around the country, with eight of the top 10 returns on investment in the third quarter of 2021 from among the 204 metropolitan areas with enough data to analyze. They were led by Boise City, ID (130.3 percent return); Bellingham, WA (105.6 percent); Claremont-Lebanon, NH (93.8 percent); Spokane, WA (87.7 percent) and Prescott, AZ (84.7 percent).

Eleven of the 15 smallest margins were in the South region of the country. The lowest were in Shreveport, LA (2 percent); Gulfport, MS (7.4 percent); Columbus, GA (9.9 percent); Atlantic City, NJ (12.4 percent) and Brownsville, TX (13 percent).

Prices up at least 10 percent in two-thirds of nation
Median home prices in the third quarter of 2021 exceeded values from a year earlier by at least 10 percent in 136 (67 percent) of the 204 metropolitan statistical areas with enough data to analyze. Nationally, the median price of $310,500 in the third quarter was up from $300,000 in the second quarter of 2021 and $268,000 in the third quarter of last year.

The biggest year-over-year increases in median home prices during the third quarter of 2021 came in Worcester, MA (up 42.9 percent); Barnstable, MA (up 32.5 percent); Boston, MA (up 28.4 percent); Boise, ID (up 28.3 percent) and Lakeland, FL (up 27.8 percent).

Aside from Boston, the largest annual increases in metro areas with a population of at least 1 million in the third quarter of 2021 were in Austin, TX (up 26 percent); Phoenix, AZ (up 25.5 percent); Las Vegas, NV (up 22.8 percent) and Tucson, AZ (up 22.4 percent).

Home prices in the third quarter of 2021 hit or tied all-time highs in 84 percent of the metro areas in the report, including New York, NY; Los Angeles, CA; Chicago, IL; Dallas, TX, and Houston, TX.

The largest year-over-year decreases in median prices during the third quarter of 2021 were in Brownsville, TX (down 11.9 percent); Pittsburgh, PA (down 10.1 percent); Gulfport, MS (down 8.8 percent); Santa Maria, CA (down 7 percent) and Charleston, SC (down 4.9 percent).

Homeownership tenure remains at eight-year low
Homeowners who sold in the third quarter of 2021 had owned their homes an average of 6.31 years, virtually unchanged from 6.29 years in the second quarter of 2021 and down by more than a year from 7.85 years in the third quarter of 2020. The last two quarters marked the shortest times between purchase and resale since the first quarter of 2013.

Among 109 metro areas with sufficient data to analyze, tenure decreased from the third quarter 2020 to the same period this year in 101 (93 percent). They were led by Lakeland, FL (tenure down 74 percent); Tucson, AZ (down 53 percent); Madera, CA (down 44 percent); Springfield, MA (down 43 percent) and Memphis, TN (down 43 percent).

Fifteen of the 20 longest average tenures among sellers in the third quarter of 2021 were in the Northeast or West regions. They were led by Manchester, NH (10.09 years); Bellingham, WA (9.91 years); Lake Havasu City, AZ (9.69 years); Kahului-Wailuku-Lahaina, HI (9.21) and Rockford, IL (8.81 years).

Average U.S. Homeownership Tenure

The smallest average tenures among third-quarter sellers were in Lakeland, FL (1.97 years); Bremerton, WA (2.79 years); Portland, ME (3.39 years); Gulfport, MS (4.05 years) and Tucson, AZ (4.06 years).

Cash sales at six-year high
Nationwide, all-cash purchases accounted for 34 percent of all single-family house and condo sales in the third quarter of 2021, the highest level since the first quarter of 2015. The third-quarter 2021 number was up from 33.2 percent in the second quarter of 2021 and from 21.4 percent in the third quarter of last year.

Among metropolitan statistical areas with a population of at least 200,000 and sufficient cash-sales data, those where cash sales represented the largest share all transactions in the third quarter of 2021 were Columbus, GA (74.6 percent of all sales); Atlanta, GA (69 percent); Macon, GA (59.3 percent); Youngstown, OH (56.6 percent) and Detroit, MI (56.2 percent).

Those where cash sales represented the smallest share of all transactions in the third quarter of 2021 included Lincoln, NE (15.7 percent); Greeley, CO (17 percent); Salem, OR (17.1 percent) and Washington, DC (17.2 percent) and Worcester, MA (18.7 percent).

Historical Home Sales by Type

Institutional investment up to seven-year high
Institutional investors nationwide accounted for 7.3 percent of all single-family house and condo purchases in the third quarter of 2021, the highest level since the first quarter of 2014. The latest figure was up from 5 percent in the second quarter of 2021 and was up three-fold from 2.4 percent in the third quarter of last year.

Among states with enough data to analyze, those with the largest percentages of sales to institutional investors in the third quarter of 2021 were Arizona (17.4 percent of all sales), Georgia (13.9 percent), Mississippi (12.8 percent), Nevada (12.7 percent) and North Carolina (11.3 percent).

States with the smallest levels of sales to institutional investors in the third quarter of 2021 were Hawaii (1.7 percent of all sales), Maine (1.8 percent), Vermont (2.2 percent), New Hampshire (2.5 percent) and Rhode Island (2.5 percent).

FHA-financed purchases remain at nearly 14-year low
Nationwide, buyers using Federal Housing Administration (FHA) loans accounted for only 8.3 percent of all single-family home and condo purchases in the third quarter of 2021, the second-lowest level since the fourth quarter of 2007. The latest figure was up slightly from 8.1 percent in the previous quarter but down from 11.8 percent a year earlier.

Among metropolitan statistical areas with a population of at least 200,000 and sufficient FHA-buyer data, those with the highest levels of FHA buyers in the third quarter of 2021 were Lakeland, FL (21 percent of all sales); Mobile, AL (18.3 percent); Visalia, CA (17.7 percent); Bakersfield, CA (17.3 percent) and Yuma, AZ (16.9 percent).

Lender-owned foreclosures represent just 1 percent of all sales
Home sales following foreclosures by banks and other lenders represented just 1.1 percent of all sales in the third quarter of 2021. That was down from 1.3 percent in the second quarter of 2021 and from 2.9 percent in the third quarter of last year.

Metro areas where so-called REO sales represented the largest portions of all sales in the third quarter of 2021 with a population of 200K or more and with sufficient data to analyze were Macon, GA (4.6 percent of all sales); Lansing, MI (3.1 percent); St. Louis, MO (2.4 percent); South Bend, IN (2.3 percent) and Baltimore, MD (2.3 percent).

Report methodology
The ATTOM Data Solutions U.S. Home Sales Report provides percentages of distressed sales and all sales that are sold to investors, institutional investors and cash buyers, at the state and metropolitan statistical areas. Data is also available at the county and zip code levels upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available.

Definitions
All-cash purchase: sale where no loan is recorded at the time of sale and where ATTOM has coverage of loan data.

Homeownership tenure: for a given market and given quarter, the average time between the most recent sale date and the previous sale date, expressed in years.

Home seller price gains: the difference between the median sales price of homes in a given market in a given quarter and the median sales price of the previous sale of those same homes, expressed both in a dollar amount and as a percentage of the previous median sales price.

Institutional investor purchases: residential property sales to non-lending entities that purchased at least 10 properties in a calendar year.

REO sale: a sale of a property that occurs while the property is actively bank owned (REO).

Third-party foreclosure auction sale: a sale of a property that occurs at the public foreclosure auction (trustee’s sale or sheriff’s sale) in which the property is sold to a third-party buyer and does not transfer back to the foreclosing bank.

SOURCE ATTOM

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https://www.attomdata.com

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I can be reached at –
609-915-9665

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Will the Housing Market Crash in 2022?

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Historically low mortgage rates and droves of people working from home due to the pandemic made the housing market red-hot this year. Demand was high and supply was low, leading to a hyper-competitive market where more than half (54%) of homes sold above list price, according to a report by RedFin.

“The speed of home sales and price appreciation was staggering, almost regardless of location, because the strong housing market fundamentals leading into the pandemic were supercharged by low mortgage rates and big savings rates,” says Skylar Olsen, principal economist at digital homebuying platform Tomo. But will the market stay hot through 2022?

Competition seems to have slowed down a bit—RedFin reported that competition on offers written by their agents hit a record low for the year in August, going from about 74% in April 2021 (a record high), to 58%. “Expect much less competition pressure, but don’t expect prices to come down anytime soon,” says Olsen.

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Staggering Wealth Growth Drives Luxury Real Estate’s New Power Players, Coldwell Banker Global Luxury Report Reveals

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The 2021 “A Look at Wealth” report profiles four Power Player demographics who are reshaping the wealth groups, marking shifts in home buying and lifestyle trends

MADISON, N.J., Oct. 25, 2021 /PRNewswire/ — Today, Coldwell Banker Real Estate LLC, a Realogy (NYSE: RLGY) brand, and the Coldwell Banker Global Luxury® program released the “Real Estate’s New Power Players” report, part of the annual “A Look at Wealth” series. The luxury real estate market is seeing yet another dynamic year. Staggering wealth growth – driven by rebounding stock markets, cryptocurrency gains and higher 401(k)s – combined with soaring home prices and low interest rates meant buyers borrowed and saved more while reinvesting cash, leading to the emergence of a new set of Power Players redefining the meaning of luxury.

(PRNewsfoto/Coldwell Banker Global Luxury)
(PRNewsfoto/Coldwell Banker Global Luxury)

The report reflects that luxury real estate’s latest movers and shakers have had tremendous influence on the market over the last 18 months. Nearly three times as many individuals with a net worth of $5 million and up own real estate in the $1 million to $5 million range compared to numbers in 2019, an 180% increase of luxury property ownership in a three-year period.

About 71% of those with a net worth over $5 million now own properties in the $1 million to $5 million range. In fact, luxury homes purchased from January through August 2021 in the $1 million to $5 million range jumped 142% for single-family homes and 129% for attached properties compared to the same period in 2019.

The growth in the volume of wealth has also been extraordinary; between 2019 and 2020, it rose by over 21%, and escalated to 79% when compared to January through August 2021 during the same eight months of 2019. Data from the end of August 2021 already shows that the volume of real estate wealth in the luxury property market is greater than both the full years of 2019 and 2020.

Coldwell Banker Real Estate gathered the latest wealth research and data generated by WealthEngine, Wealth-X, and other third-party sources and combined it with anecdotal evidence from Coldwell Banker Global Luxury® Property Specialists in the field to identify luxury’s affluent Power Players dominating the shifting wealth archetypes in the current market. The four core groups identified are having a major impact on the luxury real estate landscape in 2021:

Story 

  • Baby Boomers: Representing 51% of the Power Players, Baby Boomers, those aged between 57-75, are speeding up their retirement plans and moving into the home of their dreams. Many Boomers have leveraged the equity of their primary residences and sought out dream homes in more remote locales, like the rural countryside or resort towns. There are 2,020,854 Boomers who own more than three properties — the most out of any age group.
  • Golden Millennials: Golden Millennials, those aged 35-40, represent 60% of all millennial-owned luxury properties today. Holding more focus on values and the desire for sustainability and authentic living, this age group has shown a greater propensity for secondary cities and suburban locations that can offer them enough space for work, school and access to amenities. The influence of Golden Millennials will be important to watch as their wealth and real estate portfolios grow.
  • Second Homeowners: Largely attributed to the pandemic, many consumers desired a “get-away” residence, resulting in a rise in second-home purchases. Their influence on the overall luxury property market is one to watch; nearly 70% of those with a net worth of $5 million and up own two or more properties.
  • Urban Repatriates: As COVID-19 restrictions ease, a resurgence of the nation’s cities is prevalent. Luxury attached property values in 2021 increased an average of 14% compared to 2020 and 2019. Of the 184 U.S. cities reviewed by Wealth-X, there are 1,647,110 properties owned by the affluent with a net worth of $5 million and up in downtown cores as of August 2021.

With suburban settings, resort markets and secondary cities still booming, and major metropolises surging back, Coldwell Banker Global Luxury® also identified the top markets where Power Players are moving:

Baby Boomers

Golden Millennials

  • Atlanta, Georgia
  • Chicagoland, Illinois
  • Seattle, Washington

Second Homeowners

  • Monterey, California
  • Coeur d’Alene, Idaho
  • Park City, Utah

Urban Repatriates

Shifting the priorities of all generations, the pandemic formed new hotspots in the luxury real estate market. As these Power Players continue to make moves in the high-end housing landscape, new definitions of luxury will emerge as they refine how and where their wealth is spent.

QUOTES:

“Our local luxury experts have once again identified the latest trends in luxury real estate. In 2021, we’ve seen a continuation of trends we began to see in 2020, from renewed focus on family, health and wellness, to what we have seen this year with surging stock markets, soaring home prices and increased savings – all of these variables created a perfect equation for a profound shift in the volume of wealth. These factors propelled the market to new heights, altering the definition of luxury along the way.”

Michael Altneu, vice president of luxury for Coldwell Banker Real Estate LLC

“In 2021, luxury real estate market growth has remained at unparalleled levels. The emergence of new Power Players flush with cash has been transformative in many markets around the country as affluent buyers flocked to sleepy rural towns, resort markets and the suburbs, and are now contributing to the resurgence of major cities. As interest rates remain low, paired with all-time high demand and the return of international buyers, the luxury market will continue to experience low inventory levels that we anticipate will have a lasting effect in the years to come.”

Judy Zeder, co-founder and broker-associate of The Jills Zeder Group, Coldwell Banker Realty

“The ALAW data show what I have seen this year: the L.A. lifestyle will never grow old with buyers. Our beach cities, including Malibu, Newport Beach and Santa Barbara are popular for second homes. International buyers are also beginning to return to the L.A. market, because people feel safe investing their money in the U.S. With just a few months remaining in the year, sales in 2021 are already outpacing both 2019 and 2020. In particular, our $5 million and up market fared extremely well.”

Jade Mills, president, Jade Mills Estates and International Ambassador of Coldwell Banker Global Luxury, Coldwell Banker Realty

About A Look at Wealth

A Look at Wealth is a collaboration between the Coldwell Banker Global Luxury® program and Wealth-X, WealthEngine and the Institute for Luxury Home Marketing. Released once a year, A Look at Wealth is a supplement to The Report, which combines industry research with anecdotal insights from local market experts affiliated with the Coldwell Banker® brand.

Methodology

The Coldwell Banker Global Luxury® program collaborated with WealthEngine, Wealth-X and the Institute for Luxury Home Marketing to provide insights into wealth creation, real estate and property investment, luxury spending preferences and new emerging trends regarding demographic and geographic changes.

To profile the affluent with a net worth of $5 million+ population and its combined wealth, this report leverages the unique and proprietary Wealth-X Database, the world’s most extensive curated research and intelligence on wealthy individuals.

Data was also collected from the WealthEngine platform, which is powered by more than 1,500 wealth and lifestyle attributes that support half a trillion data points, and uses proprietary learning science to create unique WealthEngine Profiles for more than 300 million people and 122 million households in the U.S. Information was gathered on individuals ages 18 and above, with a net worth (assets minus liabilities) of over $5 million as of August 31, 2021.

About Coldwell Banker Global Luxury®

The Coldwell Banker Global Luxury® program legacy traces its roots to 1933 and has been a world leader in luxury real estate since. Coldwell Banker Global Luxury Property Specialists are an exclusive group within the Coldwell Banker organization, making up under ten percent of independent sales associates affiliated with the brand worldwide.

Coldwell Banker affiliated agents conducted 32,663 transactions of homes priced at $1 million or more in 2020. This equates to $168.4 million in luxury sales every day (+16.6% YOY) with an average sales price of $1.9 million in this category. Coldwell Banker, the Coldwell Banker logo Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are registered marks owned by Coldwell Banker Real Estate LLC. Each franchise is independently owned and operated.

SOURCE Coldwell Banker Global Luxury

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NJ Suburbs Growing & Labor Shortage

Hiring struggles are a sign that the labor shortage wasn’t temporary.

It could last for as long as a decade as employers scramble to fill jobs left vacant by retiring baby boomers.

And it leaves younger workers squarely in the driver’s seat.

New Jersey continued its strong job growth in September 2021, adding 21,500 jobs  — 11,900 in the private sector and 9,600 in the public sector, the state Department of Labor and Workforce Development reported Thursday.

New Jersey has recovered 68% of the jobs it lost when the pandemic first hit in March and April of 2020.

The unemployment rate ticked down to 7.1% from 7.2% as more workers reported they were actively searching for jobs, the report found.

These days, workers can be choosy.

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Want to buy a house or sell one?

Call me today at 609-915-9665 and I will be glad to discuss your real estate needs.

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The Market for Single-Family Rentals Grows as Homeownership Wanes

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The supply of owner-occupied housing in the United States has grown by 10 percent over the past five years, while rental housing has increased just 1 percent. Freddie Mac estimates the housing undersupply in the United States to be more than 275,000 homes.

“There is as much a shortage of homes in the rental market as there is in the home purchase market,” said David Howard, the executive director of the National Rental Home Council. “Demand for single-family rental housing has been on the rise, partly in response to the Covid pandemic, but also because of strong underlying demographic factors.”

The shift appeals to landlords, as well, as renters in single-family homes tend to stay longer and have lower delinquency rates. NexMetro Communities, whose 23 neighborhoods carry the shingle Avilla Homes, has seen renter retention rates increase 20 percent since early 2020. For investors and landlords, built-to-rent properties increasingly offer a higher return, one that continues to pay dividends year over year. “With so many landlords stuck with nonperforming tenants, built-to-rent offers a higher capitalization rate than property development and sales,” said Justin Abdilla, a real estate lawyer. “Why slaughter the sheep when you can shear it?”

Nicolette Boxe, an investor and real estate agent in Leesburg, Va., agrees. After years of buying and renting properties one by one, she is now building a community of two-story, three-bedroom townhouses in her hometown, DeRidder, La. The homes, which each come with an electric car port and a small backyard, will rent for around $2,000 a month. They’ll stand out in DeRidder, she said, and that’s the point.

“We’re trying to give people an urban-city feel, even in Louisiana, where people aren’t accustomed to it,” she said.

In NexMetro’s communities, surrounding Phoenix, Dallas, Denver and Tampa, “residents are primarily renters by choice,” said Mr. Hartmann, the chief executive. “They have the wherewithal to buy, but are choosing to rent because of their life stage and preference. For them, it’s a lifestyle play.”

Micaela Cullender, 22, a fraud specialist for Goldman Sachs, chose the Avilla Heritage community in Grand Prairie, Texas, near Dallas, after noise from neighbors in her apartment building became intolerable while she was working from home. She and her fiancé, Tate Stavenhagen, were going to buy a home after getting married. After living at Avilla, where they have 10-foot ceilings and quartz countertops, they are planning to build a home with amenities on par with those of their rental.

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Model homes to offer preview of new Nexton townhome community

Pulte Homes has opened a model home for the forthcoming Nexton Towns townhome community in the bustling Midtown section of the Nexton master-planned community in Summerville.

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Pulte Homes has opened a model home for the forthcoming Nexton Towns townhome community, to be located in the Nexton development’s Midtown area and with prices beginning at just under $300,000. (Pulte Homes/Provided)

Pulte plans to offer only 16 townhomes at this time, with prices beginning at just under $300,000. Interested buyers are invited to get a first look at the coastal-inspired townhome model to see how design and function come together before the official grand opening of the development next month. For those on a short timeline, three quick move-in homes are expected to be available in late October, and five more in early December.

The Lily floorplan features a choice of two or three bedrooms and two-and-a-half baths with a large kitchen island that’s perfect for doing homework, meal prep or for casual dining. End-unit townhomes feature a one-car garage, and all models include designated parking in the back, in addition to off-street parking.

The first phase of Midtown, also known as the Blueway District, features the Midtown Club, which is currently under construction. With an expected completion date next year, it will include a lagoon-style pool, fitness center, rooms for yoga and remote co-working spaces, a lawn with food truck hook-ups, and outdoor space with open fields, a pavilion, playground and tennis and pickleball courts.

Nexton Towns is located at 587 Blueway Ave. in Summerville. Hours are Monday, Tuesday, Thursday, Friday and Saturday 10 a.m. to 6 p.m. and Wednesday and Sunday noon to 6 p.m. For more information, call 843.326.4293 or visit pulte.com.

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The 86-acre Bonny Hall Plantation in Beaufort County, featuring a 6,000-square-foot main home built around 1987, sold recently for $4.75 million. (Daniel Ravenel Sotheby’s International Realty/Provided)

Beaufort County plantation sells for $4.75M

Bonny Hall Plantation, a 6,000-square-foot historic estate built on 86 acres in the heart of the ACE Basin, sold on Oct. 1 for $4.75 million, according to Charleston-based Daniel Ravenel Sotheby’s International Realty, which oversaw the transaction.

Located in Beaufort County near Yemasee, the Georgian-style main home was built in 1897 and features five bedrooms, six and a half baths, antique furniture and original millwork, according to the listing. Two separate guest cottages, a six-stall barn, and a pecan orchard are a few of the amenities on the extensive grounds, which abound with live oaks and wind along the bank of the Combahee River.

The property was originally part of a land grant to Joseph Blake. In the 1930s famed Long Island landscape architect Umberto Innocenti designed the home’s walled garden, featuring 12-foot gates, camellias, towering live oaks and terracotta sculptures. Most recently, renowned Charleston-based preservation architect Glenn Keyes was enlisted in 2005 to help the previous owners update the home to modern standards.

Bonny Hall Plantation was listed by Middleton Rutledge of Daniel Ravenel Sotheby’s International Realty and sold for $100,000 over asking price. The buyer was represented by Todd Crosby at Crosby Land Company. Daniel Ravenel Sotheby’s International Realty has closed over $2 billion in real estate sales over its 38 years of business.

Frampton begins work on Eastgate facility

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Smith

Frampton Construction, which has offices in Charleston and Charlotte, has begun construction of a 204,000-square-foot industrial facility at Eastgate 540 industrial park in Knightdale, N.C. The facility is the seventh and final building in the park near Raleigh, and the fourth built by Frampton Construction. Construction is expected to conclude in May 2022.

Constructed of concrete tilt walls and a structural steel frame, the building will have a 32-foot clear height, with 50 dock doors and two drive-in doors. Developer Trinity Capital has sold three buildings at Eastgate 540, and there are agreements in place for the disposition of the four remaining buildings once construction and delivery near completion.

“We’re looking forward to a strong finish at Eastgate 540 with the construction of building seven,” said Joey Smith, vice president of Frampton Construction. “The success that Trinity Capital has experienced with the development of this park is nothing short of incredible, and we congratulate them for completing it four years ahead of schedule.”

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Coaxum

New agents join Realty One Group Coastal

Realty One Group Coastal has welcomed Joan Coaxum and Chelsea McKenna to the growing roster of agents at its Summerville headquarters.

Coaxum has been an active member of her community for over 15 years and now turns that community focus toward real estate. When she isn’t making home ownership dreams come true for her clients, she enjoys spending time with family and friends. A North Charleston native who has resided there much of her adult life, Coaxum is very familiar with the area and can be reached at Itsyourkeytime2@gmail.com

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McKenna

McKenna is originally from Cape Cod, Mass. After a 15-year career in nutrition and restaurant management, she is bringing her interpersonal skills to the real estate market. McKenna moved to the area eight years ago, fell in love with the quaint feeling of Summerville, and settled down with her blended family featuring five children. Part of Baker Team Charleston, she can be reached at chelsea@bakerteamcharleston.com.

New flood risk rating prepares to debut

Almost a decade of work to revamp the National Flood Insurance Program is about to become realty. Known as “Risk Rating 2.0,” the revised program will take effect for the renewal of existing policies on April 1, 2022, according to Steven Fischer, a real estate agent in the Savannah and Hilton Head areas and chair of the insurance committee of the National Association of Realtors.

It marks the first overhaul of the FEMA rating system in half a century. “It is already clear that Risk Rating 2.0 will produce more accurate and equitable NFIP rates that better reflect the specific flood risk of each individual home,” Fischer wrote in Realtor magazine.

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Fischer

Risk Rating 2.0 will reduce the top rate in the program from $63,000 to $12,000 per year. One million homeowners will see a significant rate decrease while most other homeowners will pay a slight increase. Each home will be priced individually using modern industry technologies, a dozen flood risk variables, and property-specific characteristics including elevation, distance to water, and cost to rebuild. Low-value properties will no longer subsidize high-value properties, and elevation certificates are not required for an accurate rating.

Risk Rating 2.0 applies only to risk-based NFIP rates and will not affect flood mapping or insurance requirements, which will continue to be enforced by Congress, local communities and lenders, Fischer wrote.

Charleston home costs outpace U.S. average

Residents in metro Charleston spend 17.4 percent of their median household income on housing costs, a greater percentage than the nation at large, according to a recent study conducted by Filterbuy.

Using data from the U.S. Census Bureau, Zillow, and the U.S. Bureau of Economic Analysis, the study calculated that Charleston-area residents spend $1,486 in median monthly housing costs. Nationally, homeowners spend 16.5 percent of their median income on housing, translating to costs of $1,124 per month.

Housing prices in the U.S. have been on a steep upward trajectory over the last year and are continuing to climb, stoked by low inventory and strong demand. According to the Department of Housing and Urban Development, the average sale price of a home in the U.S. rose nearly 16 percent between the second quarter of 2020 and second quarter of 2021—one of the greatest year-over-year jumps on record, and increasing the amount Americans spend monthly on housing,

The small city where housing was most expensive relative to income was Bridgeport, Conn., where residents spend 29.6 percent of their median income on housing. The most expensive midsize city was Newark, N.J., where residents spend 32.7 percent. The most expensive large city was Los Angeles, where residents spent 25 percent.

Palmetto State rents rise 9.73 percent

The housing shortage has also led to an upward trend in rents, in South Carolina and elsewhere. Average rent prices in the Palmetto State have increased 9.73 percent year-over-year, according to a study conducted by Apartment Guide, jumping from $920 in 2020 to $1,219 in 2021.

That’s slightly lower than national trends, in which one-bedroom rents grew 10.8 percent year-over-year to $1,663, and two-bedroom rents grew 10.1 percent over the same span to $1,949. The largest one-bedroom rent increase occurred in Gilbert, Ariz., which saw a 77.2 percent jump in price. The biggest two-bedroom increase came in Long Beach, Calif., which experienced an 80.6 percent leap in rates.

Rochester, N.Y., saw the biggest decrease in one-bedroom rents, which fell 31.5 percent. Philadelphia experienced the largest drop in two-bedroom rents, which fell 24.2 percent. Among states, the biggest year-over-year rental increase occurred in Nevada, which saw rates jump 34.18 percent. Indiana saw the biggest drop at 5.2 percent.

Our twice-weekly newsletter features all the business stories shaping Charleston and South Carolina. Get ahead with us – it’s free.

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What’s New in Hudson County Real Estate

Over the past year, the real estate market has exploded, leaving prospective homebuyers scrambling to put down offers on listings before they even hit the market. Luckily, it appears the housing market in Hudson County is slowing down a touch and  with the help of local industry expert Triplemint, you can take the goal of real estate investment from a dream to a reality. To keep you in the know, here is the Q3 Quarterly market update from Triplemint, the software-powered brokerage with a team located at 331 Washington Street in Hoboken.

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Triplemint is Hosting a Virtual Crash Course on Home Buying

The community is invited to virtually join Triplemint on Wednesday, October 13th to learn how to make a winning offer when buying a home. Even if you have bought a home before, the world of real estate is always changing which makes this event a great asset to everyone. Tune in at 11AM via Triplemint’s LinkedIn, Facebook, or YouTube to learn about what to expect during negotiations and how to present a winning offer to land the home of your dreams. 

triplemint

The Housing Market is Calming Down in Hudson County

Triplemint uses predictive analytics to stay ahead of market trends and find the right property for each buyer and seller. Tracking the details of real estate trends each quarter helps local buyers and sellers find the right fit, on both sides. 

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Total Sales

Total sales in Hoboken were down 2% from last quarter, while total sales in Jersey City were down 12% quarter to quarter. As for Hudson County as a whole, the rates only dropped by 1%. While not huge margins, this slight decline could mean a return to a more steady market.

Hoboken

Q3 2021: 338

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Q2 2021: 346

Q3 2020: 224

YOY: 51%

QOQ: -2%

Jersey City

Q3 2021: 575

Q2 2021: 654

Q3 2020: 443

YOY: 30%

QOQ: -12%

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Hudson County

Q3 2021: 1515

Q2 2021: 1537

Q3 2020: 1112

YOY: 36%

QOQ: -1%

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Median Sale Price

The median sale prices gradually increased in both Hoboken and Jersey City at 6% and 3% respectively. Overall Hudson County saw a 1% increase for a median sale price of $595K.

Hoboken

Q3 2021: $792,500

Q2 2021: $751,000

Q3 2020: $741,000

YOY: 7%

QOQ: 6%

Jersey City

Q3 2021: $649,000

Q2 2021: $632,250

Q3 2020: $565,000

YOY: 15%

QOQ: 3%

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Hudson County

Q3 2021: $595,000

Q2 2021: $587,000

Q3 2020: $540,000

YOY:  10%

QOQ:  1%

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Average Days on Market

The time in which homes are being sold is still speeding up. Hoboken listings sold eight days faster this past quarter than they did in the previous one,  and Jersey City listings sold an average of three days faster. Hudson County properties sold an average of six days faster than previously this year.

Hoboken

Q3 2021: 29

Q2 2021: 37

Q3 2020: 31

YOY: -6%

QOQ: -22%

Jersey City

Q3 2021: 40

Q2 2021: 43

Q3 2020: 42

YOY: -5%

QOQ: -7%

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Hudson County

Q3 2021: 37

Q2 2021: 43

Q3 2020: 43

YOY: -14%

QOQ: -14%

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The New Age of Real Estate

Thanks to the Triplemint philosophy and technology used by its agents, customers can make more informed choices when it comes to investing in real estate. The Triplemint Pre-Market Platform gives prospective clients access to a robust inventory of properties that have yet to hit the market. Using that information along with Triplemint’s combination of technology, analytics, and expertise means navigating the real estate market just got a whole lot easier.

Triplemint is located at 331 Washington Street in Hoboken. If you are looking to buy, sell, or rent throughout Hudson County and beyond, email hello@triplemint.com or call 866-371-6468 for more information.

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Written by: Ainsley Layland

Originally from North Carolina, Ainsley became a proud Hoboken Girl years ago. As a freelance journalist she has written about everything under the sun for the past six years. She works from her home office in uptown Hoboken or sometimes from Choc-o-Pain, because nothing says “freelancer” like working from a café with a fresh croissant nearby. As the mother of one very fast toddler, she has a passion for self-care, parenting hacks, and discovering all the fun things the Mile Square has to offer.

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