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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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Some Real Estate Agents Report Surge Of New Yorkers Moving From Manhattan To The Bronx

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NEW YORK (CBSNewYork) — Some real estate agents say they’re seeing a shift in recent months with New Yorkers moving from Manhattan to the Bronx.

The O’Shaughnessy family is still getting settled in their new Bronx home.

READ MORE: New Jersey Nurse Dies From Injuries Suffered After Being Knocked To Ground By Alleged Mugger In Times Square

“I like the basement because we can stomp in it and play in it,” James O’Shaughnessy said.

They lived in Manhattan for ten years, but when COVID kept them inside, their two-bedroom apartment began feeling smaller than ever.

“We needed more space. We were both working at home. The kids were doing school at home,” Daniel O’Shaughnessy told CBS2’s Ali Bauman.

“Mentally, we were, like, out of apartment living,” Sophia O’Shaughnessy said.

They had heard COVID made New York City a buyer’s market, but found the so-called “pandemic deals” in Manhattan were short-lived.

“For a three-bedroom apartment, which we sort of desperately needed, I mean, it was $800,000, $900,000, a million and just out of reach,” Daniel O’Shaughnessy said.

“What hasn’t caught up and what a lot of folks don’t realize is the Bronx hasn’t quite got there yet, so there’s still tremendous value in the Bronx,” said real estate broker Matthew Bizzarro, CEO of the Bizzarro Agency.

READ MORE: 18-Year-Old Charged With Fatally Shooting Mother At Staten Island Home

As of July, the median home sale price in Manhattan was $1.2 million compared to $386,000 in the Bronx.

There are no hard numbers on how many people, but Bizzarro says he is seeing a Bronx shift.

“Right now, we’re getting tons of clients coming to us directly saying, ‘Hey, I love this area. I wanna move to the Bronx,’” he said. “That’s one of the largest trends we started seeing in 2021 like we’ve never seen before.”

More than 90% of Bronx residents are minority residents, a higher share than any other borough. Changes in the real estate market bring concerns of gentrification.

“As people of a higher income move into a community, you have housing developments that go up and the working class can’t afford it,” Bronx native Emerita Torres said.

Torres is vice president of policy at the Community Service Society of New York.

“We need universal tenant protections. For example, good cause eviction protection,” she said. “We need to protect those who aren’t protected under rent stabilization laws.”

MORE NEWS: NYPD: 14-Year-Old Shot In The Back Inside Rosedale, Queens Home

Torres says families who are moving in can be good neighbors by advocating for those who already live there.

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COVID effect: Jersey Shore winter rentals a hot commodity in 2021

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attachment RS34005 GettyImages 495419538 scr

Grabbing an ideal temporary place to live in the offseason is a harder task than usual along the Jersey Shore this year, according to real estate professionals in the area.

There is greater demand for winter rentals up and down the coast for a number of reasons, they say — most are directly connected to the coronavirus pandemic.

And many of the newcomers to the winter rental market appear to be less interested in a specific town or city — they just want something comfortable for a few a months, anywhere along the shore.

“They’re looking from the Toms River area all the way up to Belmar, Long Branch,” said George Coffenberg, broker/owner of Preferred Properties Real Estate.

The new clientele aren’t just folks who want to enjoy a shoreline view while being able to work remotely. Many are in the middle of a strategic process that includes cashing in on the hot housing market and eventually moving into another home.

“People have sold their homes and need short-term rentals to kind of get settled and figure out where they’re going to buy,” Coffenberg said.

Since bidding wars on available listings are still occurring, Coffenberg said, recent sellers are sitting on the sidelines, waiting for things to calm down before buying again.

Unlike summer renters, folks who rent in the winter typically have to prove a solid financial history before a deal is made, as the leases are generally handled on a monthly basis.

“Typically, you’re going to pay monthly what it would be for a week in the summer,” said Mike Loundy, broker of SeasideRealtyNJ.com.

Loundy noted there’s a yearly crowd interested in winter rentals along the shore — some folks need to find a place to stay due to local work projects, for example.

“There’s beautiful accommodations available now that did not exist in the past, so we’re seeing it draw in people that we would not normally have seen,” Loundy said.

Contact reporter Dino Flammia at dino.flammia@townsquaremedia.com.

7 reasons why you need to kill the spotted lanternflies infesting NJ

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A new ‘frontier’ drives development of town that led N.J. in building permits issued last year

It didn’t matter that it was raining in Stafford Township. There were houses to build.

Despite the alternating drizzle and downpour on a recent Friday morning, workers used earth movers to spread gravel on sandy soil, stood on ladders nailing plywood panels onto 2-by-4 frames, and wrapped the freshly built walls with green plastic waterproofing sheets.

Whole blocks of houses at a time are being constructed in the township’s Manahawkin section, just off Exit 63 of the Garden State Parkway. They’re going up in a community known as Stafford Park under a multi-phase redevelopment plan adopted in 2006 for 345 single family houses, plus 310 apartments, on a 350-acre area site surrounding the capped Stafford Township Landfill.

Stafford Park’s designated developer is the Walters Group of Barnegat, though the single-family portion of the site is marketed as Stafford Park by D.R. Horton, after the Arlington, Texas-based construction giant that is building the houses.

Stafford, a southern Ocean County township with 46 square miles of land, is experiencing what is just its latest in a series of growth spurts over the past half-century, when the population grew from roughly 3,700 in 1970 to an estimated 28,000 or so in 2019.

The first two residential phases of Stafford Park include 224 single-family homes, most of which have been completed, while another 121 houses are planned under a third phase approved last month by the Stafford Township Planning Board.

Stafford issued more building permits for 1- or 2-family houses than any other municipality in New Jersey in 2020, with a total of 356, according to New Jersey Department of Community Affairs data. And township officials say Stafford Park was by far the biggest single contributor to that total. Stafford was representative of Ocean County, which led all New Jersey counties in 1- or 2-family home permits in 2020, with 1,886, more than twice as many as its nearest rival, Monmouth County.

(The DCA does not provide data for single-family home permits only, and instead groups permits for 1- and 2-family homes into a shared category. There is a separate category for multi-family units. Stafford did not issue any in 2020.)

Lakewood Township, in northern Ocean County, awarded the second highest number of permits for 1- or 2-family homes in the state last year, with 300, according to the DCA.

But while a sustained building boom in Lakewood has been attributed to its growing Orthodox Jewish population, Stafford officials and the township’s principal developer say Stafford’s new arrivals have been a diverse group of no particular religious, ethnic or other trait, except possibly the desire to live in a newly-built home right off the Garden State Parkway and just across Barnegat Bay from Long Beach Island.

Stafford Township issued the most building permits in NJ for single or two-family houses in 2020

New construction is underway in Stafford Park, NJ, where the most building permits for single and two-family houses were issued in NJ in 2020. Here, Stafford Mayor Greg Myhre is pictured by a new development. Photo was taken on Friday, August 20, 2021.Russ DeSantis | NJ Advance Media

“There’s a lot of people coming in, actually, from other parts of Ocean County,” Mayor Greg Myhre told NJ Advance Media during a visit to Stafford Park that Friday morning. “You get a lot of people from Toms River that want to move down here. Other parts of the state as well. Also from New York.”

Stafford and the rest of Ocean County notwithstanding, the number of building permits for 1- or 2- family homes issued statewide fell a modest 3.1% in 2020, to 8,673 from 8,954 in 2019, according to DCA data.

The lagging supply of houses for sale in New Jersey has contributed to a rapid rise in home prices in the Garden Statea. The spike has been attributed to increased demand for single family homes driven at least in part by buyers fleeing densely populated areas for more space amid the coronavirus pandemic. And in a kind of catch 22 at the intersection of the housing market and the pandemic, that shortfall of new homes has been blamed on a scarcity of lumber and other building materials caused by supply chain disruptions also linked to the deadly virus.

But industry professionals cautioned against making too direct a connection between the pandemic and either last year’s dip in statewide building permits or Stafford’s state-leading number, noting that permits come at the tail end of development processes that can take years, long predating the March 2020 COVID-19 outbreak in New Jersey.

“It takes an extremely long time to get through the regulatory environment and development approval process in our state, so permits issued in 2020 were likely the result of projects years in the making,” Grant Lucking, chief operating officer at the New Jersey Builders Association, said in an email.

“Unfortunately, NJ’s structural impediments to housing production are not likely to be addressed in the near term and the shortage and increased costs of materials and labor are only making it more difficult to increase the supply of affordable units.”

In addition, the dip in statewide permits as well as the relative strength of housing construction in Stafford and Ocean County as a whole are both representative of long-term trends in home construction that date back as far as the data’s been tracked.

For example, the state’s 2020 total of 1- or 2-family home permits was about a third of the 2004 total of 27,103, according to the DCA. And while Ocean County’s 1- or 2-family-home permit total has likewise declined over the same period — from 4,371 in 2004 — Ocean has led the state’s 21 counties every one of those years.

A spokesperson for D.R. Horton, the nation’s largest home builder by volume, declined to comment.

Walters Group founder Ed Walters said home construction in Stafford Park was unlikely to have been slowed by the pandemic because of Horton’s size and nationwide scope, which gives it extraordinary access to labor, lumber and other supplies that smaller, regional builders may not have.

And while the increased cost of materials even for a high-volume buyer like Horton has doubtless driven up the cost of houses, Walters said demand is so strong that sales do not seem to have slowed as a result.

Stafford Township issued the most building permits in NJ for single or two-family houses in 2020

New construction is underway in Stafford Park, NJ, where the most building permits for single and two-family houses were issued in NJ in 2020. Photo was taken on Friday, August 20, 2021.Russ DeSantis | NJ Advance Media

Walters said Horton purchases individual lots from his company, then builds houses and sells them as demand dictates. He said Horton had purchased 228 lots as of Friday dating back to 2018, and had completed or begun construction on all but a dozen of them.

Township Administrator Matthew von der Hayden said 165 certificates of occupancy had been issued for single family homes in Stafford Park as of last week. And, von der Hayden said in a text, “This number increases each week.”

Neither Myhre nor Walters knew the number of people living in Stafford Park. But if the area is consistent with the township’s 2015-2019 average of 2.51 occupants per household, then the total of 165 occupied single-family homes and the 310 apartments could put the new neighborhood’s population at 1,200 or more, depending on the size of the families moving in.

Walters, who is 59 and grew up in Surf City, said it felt “pretty awesome” to think that he had presided over the creation of a community basically from scratch, on an empty expanse surrounding the same 55-acre landfill where he used to dump construction debris from the back of his pickup as a young contractor in the early 1980′s. The landfill was closed in 1983, and capped by Walters under the Stafford Park redevelopment plan.

“We started the process in 2003,” he said of the plan. Remembering his early days, added, “I would drive over to the Stafford landfill and empty my trucks out. And back in 1983, never did I think I would be the guy capping the landfill.”

Not everyone is as pleased with the growth of Stafford Park or other parts of Ocean County.

In addition to lying within the environmentally sensitive 1 million-acre Pinelands National Reserve, Stafford and other parts of the county abut Barnegat Bay, which environmentalists say has been polluted by the increasing amount of storm water that runs off rooftops, driveways, roads and other impervious surfaces that have been covering over the region’s sandy soil.

“In a variety of ways, New Jersey gave up on trying to protect Barnegat Bay,” said Carlton Montgomery, executive director of the Pinelands Preservation Alliance, a private watchdog group.

Walters and Myhre said it was possible that at least some of the demand for houses in Stafford Park was driven by families’ COVID-related desire for single-family homes with yards separating them from their neighbors.

And that demand had fueled a rapid rise in home prices locally, approaching levels traditionally associated with areas farther north. A newhomesource.com listing for Stafford Park homes, for example, priced models of 2,015 to 3,242 square feet at between $528,550 and $624,605.

But consistent with long-term DCA data underscoring Ocean’s relatively fast-paced growth, Myhre pointed to other, more timeless assets to explain the Stafford Park’s seemingly overnight growth.

“You have a lot of greenery, proximity to Long Beach Island,” he said. “And you’re still right off the Parkway.”

As Myhre stood in the rain near the base of a weather-beaten water tower that looms over Stafford Park, he called the area Stafford’s “frontier,” because it borders a broad swath of vacant land beyond it to the south of Route 72 and west of the Parkway. The water tower will be rehabilitated by the Walters Group, which will also create an adjacent park with a play ground, playing fields, and basketball and pickle ball courts, von der Hayden said.

Stafford Township issued the most building permits in NJ for single or two-family houses in 2020

New construction is underway in Stafford Park, NJ, where the most building permits for single and two-family houses were issued in NJ in 2020. Photo was taken on Friday, August 20, 2021.Russ DeSantis | NJ Advance Media

Apart from the redevelopment plan, long before houses began sprouting like mushrooms in the rain, Walters developed the 400,000-square-foot Stafford Park Shopping Center, a collection of box stores that includes a Costco, Target, Best Buy and Dick’s Sporting Goods built a decade ago.

Joseph Lowry, a vice president at Levin Management Corporation, which manages the center, said in a statement that the new homes were, “a natural, built-in traffic driver.”

In addition to the single family homes at Stafford Park, the community also includes a 210-unit market rate apartment complex known as Stafford Preserve now fully occupied, plus a senior residence where all 100 apartments are affordable units completed last year and also completely rented out, Walters said.

Houses in the Stafford Park redevelopment area began going up following approval of the first phase of the plan in 2017, calling for 74 single-family units. The ones being built in the rain that Friday were part of a second residential phase approved the following year that includes an additional 155 SFUs.

And last month, the Township Planning Board finalized its approval of a third residential phase of the project, with 121 houses on a 37-acre tract.

While Stafford Park awaits its own playground and ballfields, Myhre said residents use other township facilities, send their children to Stafford Township Public Schools, and otherwise engage with the broader community, in the Manahawkin section and beyond. A “Stafford Park (Manahawkin, NJ)” private Facebook group with 226 members created in 2019 was evidence that a spirit of community had taken root in the new neighborhood.

If not for the white ventilation pipes that sprout a few feet above its surface, the capped landfill might look to the untrained eye like a grassy hill. It’s partially surrounded by leafy trees and other natural-looking growth, plus a row of young pines planted at regular intervals between the landfill and the streets of Stafford Park, including the end of one cul-de-sac that comes within a hundred yards or so of the former dump’s perimeter.

Four decades after its closing, there was no detectable odor from the landfill on the mild, rainy morning NJ Advance Media met with the mayor. Myhre, 46, a Republican who was elected in 2018 as the head of a Republican Township Committee slate and is up for re-election in November, said he hasn’t received any complaints of odors.

And certainly the SUVs and basketball hoops in the driveways of Stafford Park’s spanking new homes — not to mention the houses under construction nearby — were a strong indication that the landfill had not discouraged growth of the new neighborhood.

“It’s been closed for coming up on 40 years,” said Myhre, who lives in the township’s heavily developed Ocean Acres section, north of Stafford Park. “I’m up here over in the shopping area several times a week, and I’ve never smelled anything.”

Stafford Township issued the most building permits in NJ for single or two-family houses in 2020

New construction is underway in Stafford Park, NJ, where the most building permits for single and two-family houses were issued in NJ in 2020. Here, a worker uses heavy equipment to move materials around the site. Photo was taken on Friday, August 20, 2021.Russ DeSantis | NJ Advance Media

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Steve Strunsky may be reached at sstrunsky@njadvancemedia.com

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New Jersey’s Next Hot Housing Markets

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Rowan Boulevard in Glassboro, where new development has revitalized the once frayed borough, better connecting it to the Rowan University campus. Courtesy of Nexus Properties

New Jersey’s real estate market has been frenetic for more than a year, driven by the search for more space during the pandemic. Bidding wars are the norm, home prices have spiked upward and inventory is slim. Remote work has pumped up sales in so-called Zoom towns—distant suburban and exurban areas and most of the Jersey Shore. Closer to the metro areas, perennially hot towns have become superheated.

But what are the next hot markets? We set out to identify towns to watch. We looked for communities where home prices and sales volume are accelerating even faster than the vigorous statewide pace, according to data from trade association New Jersey Realtors. In our admittedly unscientific process, we also homed in on areas where builders are betting on redevelopment, or where we detected surging interest from buyers who have been priced out of top-tier towns.

We were especially interested in what millennials want, since they make up the largest share—37 percent—of the national home-buying market. Therefore, we gave extra weight to towns where prices aren’t necessarily out of reach for a generation carrying heavy student-loan debt. But our quest also took us to a town booming with over-55 development. 

Predictions are always tricky, and one giant unknown looms: Will people who have worked at home during the pandemic return to the office?

“If people can stay home or commute to work only one or two times a week, or a month, that will lead to continued growth in suburban areas, small towns and rural areas,” says Jessica Lautz, vice president of demographics and behavioral insights for the National Association of Realtors.

With the exception of the Shore, where the market is heating up in part because of second-home buying, Otteau expects demand to return to pre-pandemic trends. That means more activity in inner suburbs with the easiest commutes, relatively affordable asking prices and walkable downtowns. 

“Millennials will want to be in the suburbs—maybe they’re having children, or thinking of children, and want more space—but they need to be within striking distance of getting to the city,” he says.

What follows is a closer look at 12 housing markets to watch in the Garden State (arranged alphabetically).

***

Barnegat Township

OCEAN COUNTY

Barnegat has become the locus for new construction in the 55-plus market near the Shore. The two largest builders in the United States—Lennar and D.R. Horton—are putting up nearly 600 luxury homes combined in active-adult communities, adding to the township’s existing inventory of more than 3,000 age-restricted homes.

The new builds feature upscale amenities and prices starting in the mid-$400,000s. Recently, more than 200 new age-restricted luxury apartments leased quickly, and construction will start soon on a 144-unit condominium project for seniors off Exit 67 on the Garden State Parkway, says Martin Lisella, township administrator. The parkway bisects the 40-square-mile township, which stretches from the Pine Barrens to Barnegat Bay, opposite Long Beach Island.

The new developments join five established adult communities. Residents of those communities now make up about one-third of the municipality’s population, which has grown nearly five-fold—to more than 25,000—since 2000, Lisella says.

Outside the adult communities, the median sales price of homes rose 23 percent to $360,000 in the 12 months ending in April. The housing mix ranges from modest Capes to $800,000 waterfront homes on the lagoons carved out of the bayshore. D.R. Horton is also working on the next phase of its sprawling Ocean Acres development, which straddles Barnegat and Stafford Township; 317 more homes are planned.

***bayonne

Bayonne’s redevelopment includes 430 acres at the old Military Ocean Terminal. Courtesy of the City of Bayonne

Bayonne

HUDSON COUNTY

This city of 65,000 is drawing home buyers thanks to “the best price point in Hudson County,” says Achim Borkeloh, broker/manager of Weichert Realtors in Bayonne. Older, single-family houses line side streets on this 6-square-mile peninsula. It’s possible to find a starter home under $300,000, but this year’s average single-family sale price has been in the mid-$400,000s, Borkeloh says. Bayonne draws many buyers from Brooklyn and other New York boroughs, and appeals to buyers and renters priced out of Jersey City, he adds. 

The town is also buzzing with redevelopment, including shopping centers along Route 440 and residential rental construction on its east side. The biggest redevelopment project involves 430 acres at the old Military Ocean Terminal, which will be the site of residential, warehouse and mixed-use buildings. About 2,200 housing units have been approved, and another 850 are pending. Over the next 25 years, another 4,500 units are planned, says Joe Ryan, a city spokesman.

Bayonne has four stops on NJ Transit’s Hudson-Bergen Light Rail, which connect it to the PATH line in Jersey City, making for a quick commute to New York City. It’s also easily reached from the New Jersey Turnpike. A ferry to Manhattan, scheduled to open this fall, is expected to make Bayonne even more attractive to commuters, Borkeloh says.  

***Bloomfield

Luis Maldonado and Dina Mansour were attracted by Bloomfield’s schools and “suburban vibe.” Photo by Joe Polillio

Bloomfield

ESSEX COUNTY

Prices are up an estimated 25 percent over 2020 as young buyers look to Bloomfield (population 47,000), with its easy commuter access (both by NJ Transit train and the Garden State Parkway), quiet residential streets and walkable shopping districts.

“To us, Bloomfield has a suburban vibe, but is still urban enough in its diversity,” says Dina Mansour, a law student and union political organizer who, with her husband, Luis Maldonado, recently paid $385,000 for a 1934 house in the township. The couple, who are expecting their first child, were drawn by the reputation of Bloomfield’s elementary schools. They also needed a manageable commute to her job in Newark and his as a Verizon analyst in Basking Ridge.

Bloomfield is one of the places experiencing “spillover from the brand-name towns”—in this case, neighboring Montclair and Glen Ridge —according to Alison Bernstein, founder and president of Suburban Jungle, a company and technology platform that helps city dwellers move to suburban towns. 

Bloomfield has also seen significant mixed-use redevelopment, especially in the town center. The township is home to Bloomfield College, established in 1868, and a large section of Brookdale Park, a sprawling county park notable for its rose garden. And don’t forget Holsten’s, for lovers of ice cream and The Sopranos.

***

Greater Glassboro

GLOUCESTER COUNTY

Rowan University’s efforts to revitalize its frayed host city appear to be paying off with private residential development near downtown. Meanwhile, newer subdivisions carved out of farmland in adjacent suburbs—including Williamstown, Washington Township and Sicklerville—are steady draws for home buyers from Philadelphia and neighboring Camden County.

In Glassboro, the Rowan Boulevard project was implemented over the past decade through public-private partnerships that generated more than $350 million in mixed-use development, including a Marriott hotel. The 26 acres are meant to serve as a bridge between the campus and the borough, which has a population of 20,000 and has struggled since its 19th-century heyday as a glass-manufacturing center.

Now, private developers have built apartments and townhomes on Poplar Street; more are planned on South Delsea Drive and East High Street, says borough administrator Ed Malandro, a former councilman. “I have developers right now looking to build high-end townhomes, which I never thought I’d see in Glassboro,” says Malandro.

The resale market is strong, too; the median sale price for single-family homes was up 29 percent to $240,000, and condos and townhomes increased 27 percent to $222,000, during the year ending in April.

Glassboro is a hub for this growing region in South Jersey; planners predict that jobs and population will increase about 30 percent in Gloucester County by 2045. A $350 million hospital complex—Inspira at Mullica Hill—recently opened just outside of town, and an 18-mile Camden-Glassboro light rail is planned.

***

Hackensack

BERGEN COUNTY

A downtown revitalization in recent years has spawned a construction boom in this county seat. Luxury rental buildings with desirable amenities—including Manhattan views—are replacing underused or vacant commercial properties. With help from the new construction, the median sale price of a single-family home in the city rose 27 percent from 2017 to 2020.

***

Jefferson Township

MORRIS COUNTY

This sprawling, 42-square-mile township (population 21,000) has two large, developed sections: the Lake Hopatcong neighborhood to the west and Oak Ridge/Milton to the east, off Route 23. Each section has its own elementary schools. In the middle are the high school, middle school, library, township hall and the preserved wilderness of the 3,494-acre Mahlon Dickerson Reservation, Morris County’s largest park.

Jefferson is roughly 50 miles from midtown Manhattan, and it’s not on a train line, so the commute to New York is a challenge. That has been less of an obstacle since the pandemic sent many workers home. Whether that will change after the pandemic remains to be seen. Mayor Eric Wilsusen, whose family has lived on Jefferson’s Lake Shawnee since the 1940s, predicts the township’s low crime rates and the appeal of living near lakes and forests will continue to draw home buyers. Most of Jefferson is in the Highlands Region, where new development is limited by state law. “We can’t grow any more,” says Wilsusen.

Sales were up 43 percent this year over last.  Homes range from small cottages for around $200,000 to large, updated, lakefront houses in the neighborhood of $1 million. 

***oakland

Good schools and ample parks motivated Stephanie and Adam Starr to buy in Oakland. Photo by Joe Polillio

Oakland

BERGEN COUNTY

This leafy borough of 13,000 people on the Bergen/Passaic border lacks a commuter train, but its location on Route 208 and Interstate 287 makes it accessible from New York City, which is 30 miles away, as well as the neighboring counties. It also offers opportunities for hiking and other recreation in large state and county parks nearby. 

“It’s close enough to New York to commute, but we’re surrounded by the Ramapo Mountains,” says Mayor Linda Schwager.

Starter homes, such as ranches and Cape Cods, can be found for under $400,000, making the borough an affordable alternative to its pricey northern-Bergen County neighbors. That helped fuel a big jump in sales volume, up 40 percent this year over 2020.

Stephanie and Adam Starr, both 29, paid $450,000 for a three-bedroom ranch in October 2020, drawn by the parks, Crystal Lake Beach Club and the reputation of Oakland’s schools. The borough is part of the Ramapo-Indian Hills school district, sharing two high schools with the affluent neighboring towns of Wyckoff and Franklin Lakes. Oakland also offers a manageable commute to Parsippany, where Stephanie works in corporate human resources and Adam is a teacher.

***

Robbinsville

MERCER COUNTY

New development is underway on land adjacent to the 140-acre, mixed-use Washington Town Center, a downtown carved out of farmland in this Trenton suburb (population 14,500) over the past two decades.

Designed along the lines of New Urbanism—a planning approach that promotes walkable neighborhoods and diverse housing—the new development features parks, shopping and restaurants in strolling distance of about 1,000 detached homes and townhouses on smaller lots, as well as condominiums and apartments above retail spaces.

Town Center north of Route 33 is built out. South of the highway, an area about one-third of the size is now poised for growth, says Paul Renaud, Robbinsville’s community-development director. Three apartment buildings have recently gone up—they are leasing quickly—and the township is seeking proposals for 17 acres it owns there. 

Robbinsville also offers highly rated schools and easy access to the New Jersey Turnpike, Route 1 and the neighboring Hamilton Transit Station. More traditional suburban developments wrap around Town Center. The median listing this summer for townhouses and condos in Robbinsville was $300,000; for single-family homes, the median was $620,000.

Giant retailers—including Amazon—have built large distribution centers within the township near the New Jersey Turnpike, but locals fret that taxes are still high. It is hoped that commercial tenancy will pick up post-pandemic in Town Center, which is already home to local favorites like DeLorenzo’s Tomato Pies, a Trenton institution that moved there in 2012.

***

Sayreville/South Amboy

MIDDLESEX COUNTY

After years of planning and toxic-waste cleanups, these gritty, formerly industrial towns on the banks of the Raritan Bay and Raritan River are poised for transformation. Nearly $3 billion in mixed-use development is proposed, including 4,000 housing units and direct ferry service to Manhattan.

The municipalities sit at the foot of the Driscoll Bridge, which carries the Garden State Parkway across the bay. More than $30 million in state and federal funding is earmarked for the ferry terminal and parking in South Amboy (population 9,200). Nearby, developers have plans for as many as 1,750 luxury apartments on 55 acres. The first 250 apartments are expected to be available in October, says South Amboy business administrator Glenn Skarzynski. Other residential proposals are pending for the city’s waterfront, which is also near NJ Transit’s South Amboy station. 

In Sayreville (population 44,000), a long-delayed, mixed-use redevelopment of the former National Lead site is expected to get underway soon, with the first building—a Bass Pro Shops location—scheduled to open in 2023. The redevelopment, first proposed in 1999, is called Riverton and is envisioned as a 400-acre, $2.5 billion, mixed-use project with hotels, offices, 2,000 housing units, and a Main Street-style shopping district on the Raritan River. “It will open this riverfront section to the public for the first time in a century,” says Kevin Polston, project executive for the developer, North American Properties.

*** somerville

Greek restaurant Kyma is one of the many eateries that have made downtown Somerville a dining destination. Photo by Joe Polillio

Somerville

SOMERSET COUNTY

The 1988 opening of Bridgewater Commons Mall threatened the viability of the Raritan Valley’s downtowns. But Somerville (population 12,000) wasn’t having it. A special improvement district was formed in the county seat to retain merchants and attract new businesses. And downtown was rezoned to allow residential development.

“The town decided to fight to preserve something special,” says Mike Kerwin, a former mayor. 

Today, downtown Somerville is a hopping regional destination for foodies who can choose among diverse cuisines. Solid housing stock, transit accessibility and a central location near New Jersey’s pharma corridor round out the picture for this suburb with a small-town feel.

Several mixed-use developments near the train station were recently completed or are underway, as are luxury townhouses on the east end. Young professionals and empty nesters are lured downtown by the Edge at Main, a concierge apartment building with an upscale Wolfgang’s Steakhouse on the ground floor, says Natalie Pineiro, executive director of the Downtown Somerville Alliance.

The Somerset County courthouse anchors the east end of Main Street, along with the Somerset Hotel, circa 1748. The housing mix includes 1920s bungalows, 1960s split levels, and a section of stately Victorian homes. The median price of 31 homes listed on Realtor.com this summer was about $390,000, with newly built $500,000-plus townhomes pushing up the averages.

***

Union Township

UNION COUNTY

Major redevelopment plans, including hundreds of apartments in the downtown shopping district and near Kean University, are underway in this township of 58,300. Prewar colonials and postwar Cape Cods and split-levels are available on small lots, with prices generally starting in the $350,000s, making the township more affordable than some of its neighbors, according to David Weisbrod of White Realty in the township. Buyers also like the access to the Garden State Parkway, Routes 22 and 78, and the NJ Transit train, with its 35-minute rail commute into New York City.

Many buyers are drawn to the township’s diversity; according to the U.S. Census, Union is 37 percent non-Hispanic white, 32 percent Black, 10 percent Asian and 18 percent Hispanic. 

The traditional shopping district along Stuyvesant Avenue lost some luster in the face of competition from malls and Internet shopping. But the downtown has been spruced up with trees, benches and streetlights and has the potential to appeal to younger households who crave being able to walk to favorite stores and restaurants. 

“It’s definitely on a huge upswing,” says Joe Leo, who grew up in Union and has owned a downtown bookstore, Here’s the Story, since 1995.

***

Ventnor City

ATLANTIC COUNTY

Contractors are all over this 3.5-square-mile seaside town (population 10,000) just south of Atlantic City. “They’re rehabbing everywhere,” says Peter Romano, who purchased his three-bedroom ranch last year for under $350,000. He calls Ventnor “a great beach town, a hidden gem.”

The city has a non-commercial beachfront boardwalk that connects with Atlantic City, as well as good restaurants and three new liquor licenses. The landmark Art Deco Ventnor Square Theater was restored and reopened as a quad-screen for the summer.

Properties are still affordable and diverse, some dating to the turn of the last century. In June, the median price of 190 Ventnor listings on Realtor.com was $423,000, with 29 properties listed for less than $200,000—unheard-of at much of the Shore.

But renovations and new construction are driving prices up. A trio of five-bedroom, five-bath, single-family homes under construction on the beach block of South Oxford Street were each recently listed above $2 million. A 15th floor, 1,100-square-foot condo in Regency Tower on the boardwalk that sold for $202,450 in 2017 went for $405,000 in January 2021 after a complete renovation.

The town still offers a quiet respite from its glitzy neighbor to the north. Real estate broker Angela Desch says more new residents are living here full-time, making for a livelier vibe off-season. “It’s busier, and more young couples are coming in,” she says. 

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ERA Real Estate Examines Broker Response To Shifts In Homeownership Tenure

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

Increasing length of time in home impacts inventory, prompting adaptation

The “Homeownership Tenure and the Impact on the Real Estate Industry” report draws on observations and insights from ERA affiliated brokers across the country about how increasing homeownership tenure has impacted their business in the past, how they have responded and their views on what may follow in 2021 and beyond.

According to the National Association of REALTORS®, until 2019, homeowners were staying in their homes an average of eight years, up considerably from 2000 when the average tenure was four years. But given the market conditions of the past few years, homeownership tenure could possibly extend to 15 years or more.

The report investigates how the buying frenzy of 2020 may have impacted tenure rates. Last year, NAR indicated that 5.64 million people moved, a nearly six percent increase YOY. Many of those people may have moved outside of traditional life changes such as marriage, the birth of a child, divorce or retirement, bucking tenure trends. Understanding how this will play out in years to come will be critical in future bottom-line success for brokers.

Key takeaways based on the experiences of the ERA affiliated brokers featured in the report:

  • Generating supply through innovative seller-focused marketing is key to capturing more market share.
  • Creating connections with feeder markets has kept business in-house.
  • Tapping into increased demand for multigenerational living has helped to capture a bigger piece of the pie.
  • Cultivating renters through property management has created a solid pipeline for the future.
  • Supporting agents with tailored marketing resources and CRM support has given them the competitive advantage of extra time to support existing clients and farm for future ones.

Quotes:
“Homeownership tenure is not a statistic that is typically tracked when evaluating market conditions, making this a unique industry report. In looking at homeownership tenure trends, it is clear that shifts in how long people stay in their homes impact inventory levels. Despite extreme ebbs and flows in market dynamics, successful companies are the ones that are able to balance short-term activity with long-term positioning. As we see from these ERA affiliated brokers referenced in the report, they have made strategic changes to their business in response to these shifts, knowing when and how to adapt continues to be a competitive advantage.”

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August 2021 Housing Market Trends Report

  • The national inventory of active listings declined by 25.8% over last year, while the total inventory of unsold homes, including pending listings, declined by 13.8%. The inventory of active listings is still down 52.8% compared to 2019.
  • Newly listed homes on the market are up 4.3% nationally compared to a year ago, and 5.1% higher for large metros over the past year. Sellers are still listing at rates 8.6% lower than typical 2017 to 2019 levels. 
  • The August national median listing price for active listings was $380,000, up 8.6% compared to last year and up 19.6% compared to 2019. Large metros saw an average price gain of 3.5% compared to last year.
  • Nationally, the typical home spent 39 days on the market in August, much less than the 56 days during the same month in 2020 and 63 days which was typical in the 2017 to 2019 period.

Realtor.com®’s August housing data release reveals that the housing market is continuing to normalize as newly listed homes skew smaller and more affordable and sellers are beginning to price more competitively through an increased share in price reductions. However, homes are still selling more than two weeks faster than last year.

Newly Listed Inventory Improves as More Small Homes Are Listed than Last Year

Nationally, the inventory of homes actively for sale in August decreased by 25.8% over the past year, a lower rate of decline compared to the 33.5% drop in July. A deceleration in the decline of inventory means the market is heading in an encouraging direction, but active inventory still remains historically low. This decline amounted to 223,000 fewer homes actively for sale on a typical day in August 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 13.8% percent from August 2020. 

Active Home Listing Inventory

In August, newly listed homes grew by 4.3% on a year-over-year basis but declined by 2.8% compared to July, following typical seasonal patterns. Newly listed homes are still down 8.6% from the typical rate of newly listed homes in 2017 to 2019.

Newly Listed Homes

As we mentioned last month, these newly listed homes tend to be smaller in size than last year, shifting the mix of inventory toward smaller homes compared to last year. Looking at the single family home category alone, the share of homes having between 750 and 1,750 square feet increased from 30.6% in August 2020 to 37.0% in August 2021, while the inventory of homes having between 3,000 and 6,000 square feet decreased from 23.9% to 19.3%.

Inventory of Smaller Homes

This increase in the share of smaller homes for sale is present in most large metros across the country but is most pronounced in the Midwest.

Inventory of Small Homes by Metro

The inventory of homes actively for sale in the 50 largest U.S. metros overall decreased by 20.7% over last year in August, a large slowdown in the rate of decline compared to last month’s 28.1% decrease. Regionally, the inventory of homes in southern metros is still showing the largest year-over-year decline (-30.2%), but on average, southern metros have the second largest growth rate in newly listed homes (+6.1% year-over-year) after the Midwest. 

Markets which are seeing the largest year-over-year growth in newly listed homes include Columbus (+25.6%), Louisville (+22.8%), and Cleveland (+21.6%). Markets which are still seeing a decline in newly listed homes compared to last year include Raleigh (-18.8%), Nashville (-18.5%), and Hartford (-12.3%).

Homes Continue to Sell 17 Days Faster Than Last Year

The typical home spent 39 days on the market this August, 17 days less than last year. Homes are still being quickly snapped up as demand remains elevated, but the time a typical listing spends on the market is beginning to conform to seasonal norms. While last year the time on market continued to decline until October, this year, time on market in August increased over July, following a more typical seasonal trend.  

In the 50 largest U.S. metros, the typical home spent 33 days on the market, and homes spent 12 days less on the market, on average, compared to last August. Among these 50 largest metros, the time a typical property spends on the market has decreased most in large metros in the South (-17 days), followed by the Midwest (-11 days), West (-8 days), and Northeast (-7 days). 

Among larger metropolitan areas, homes saw the greatest yearly decline in time spent on market in Miami (-34 days), Jacksonville (-26 days) and Raleigh (-24 days). New York (+5 days), San Diego (+4 days) and Washington, DC (+3 days) were the only metros to see time on market increase but this is a signal that for some metros the fall housing market will be cooler than the peak of activity seen last year.  

Home Inventory Days on Market

Price Reductions Increasing but Approaching Normal Levels

The median national home price for active listings declined slightly from $385,000 in July to $380,000 in August. The median listing price grew by 8.6% over last year, lower than last month’s growth rate of 10.3%. This marks the fourth month in a row when the annual growth rate has decreased and the first month since July 2020 when the annual growth rate dipped below double-digits. As we noted previously, while median listing price growth is slowing down, this trend reflects a change in the mix of inventory available for sale this past month compared to last year, with more small homes available for sale this year. 

Median Home Listing Price

However, the share of homes which have had their prices reduced in August has surpassed last year’s share and is beginning to approach 2016 to 2019 levels. In August, 17.3% of active home listings had their price reduced, up 0.7% from the previous year. While still within normal ranges, this could indicate that some sellers are adjusting prices to compete more than they have over the past year and a half.

Share of Home Price Reductions

Active listing prices in the nation’s largest metros grew by an average of 3.5% compared to last year, lower than last month’s rate of 3.9%. Price growth in the nation’s largest metros is cooling slightly faster than other areas across the country, but the primary reason why can again be attributed to new inventory bringing relatively smaller homes to the market.  

Austin (+36.0%), Las Vegas (+22.9%), and Tampa (+20.0%), posted the highest year-over-year median list price growth in August, while Hartford (+5.7%), Virginia Beach (+5.0%) and Washington, DC (+4.9%) saw the greatest increase in their share of price reductions compared to last year.

August 2021 Regional Statistics (50 Largest Metro Combined Average)

RegionActive Listing Count YoYActive Listing Count vs 2019New Listing Count YoYNew Listing Count vs 2019Median Listing Price YoYMedian Listing Price vs 2019Median Days on Market Y-YMedian Days on Market vs 2019Price Reduced Share Y-YPrice Reduced Share vs 2019
Midwest-8.0%-48.1%12.5%-8.0%-5.9%4.3%-11 days-14 days+1.0%-5.9%
Northeast-16.2%-46.9%-1.2%-7.9%-1.4%10.5%-7 days-19 days+0.8%-6.7%
South-30.2%-57.6%6.1%-9.5%7.4%14.3%-17 days-24 days-0.1%-7.5%
West-19.2%-48.0%0.6%-2.4%9.3%18.7%-8 days-14 days-1.1%-10.7%

August 2021 Housing Overview by Top 50 Largest Metros 

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.$398,00012.2%-32.4%2.4%34-1316.3%-1.8%
Austin-Round Rock, Texas$544,00036.0%-28.1%19.8%23-2023.8%4.1%
Baltimore-Columbia-Towson, Md.$335,000-4.3%-5.3%20.2%34-822.2%4.9%
Birmingham-Hoover, Ala.$273,0000.1%-25.7%9.3%38-1414.8%-1.7%
Boston-Cambridge-Newton, Mass.-N.H.$659,000-2.9%-21.2%-9.0%31-713.7%-2.2%
Buffalo-Cheektowaga-Niagara Falls, N.Y.$229,0001.8%-5.1%0.3%33-1115.2%-1.1%
Charlotte-Concord-Gastonia, N.C.-S.C.$385,0004.1%-29.2%6.0%28-1519.0%1.0%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.$341,000-2.3%-16.8%-4.9%36-720.9%0.6%
Cincinnati, Ohio-Ky.-Ind.$320,000-2.3%-3.2%13.9%31-1320.2%-0.7%
Cleveland-Elyria, Ohio$200,000-14.0%0.3%21.6%39-1123.1%0.1%
Columbus, Ohio$300,000-5.2%2.0%25.6%21-1522.2%-0.1%
Dallas-Fort Worth-Arlington, Texas$396,00010.1%-37.3%-0.7%31-1521.8%-3.6%
Denver-Aurora-Lakewood, Colo.$600,00011.2%-34.0%-5.9%22-1420.9%-3.0%
Detroit-Warren-Dearborn, Mich.$268,000-4.1%-15.5%7.4%24-1319.9%0.3%
Hartford-West Hartford-East Hartford, Conn.$330,00010.4%-55.6%-12.3%32-1217.2%5.7%
Houston-The Woodlands-Sugar Land, Texas$364,00010.5%-25.2%4.4%37-1422.6%0.9%
Indianapolis-Carmel-Anderson, Ind.$279,000-6.7%-23.0%14.5%35-1222.4%-2.9%
Jacksonville, Fla.$360,00012.3%-43.2%2.8%37-2620.6%0.2%
Kansas City, Mo.-Kan.$322,000-6.5%-7.0%15.7%39-1321.2%3.0%
Las Vegas-Henderson-Paradise, Nev.$422,00022.9%-34.6%1.9%27-1517.1%-1.4%
Los Angeles-Long Beach-Anaheim, Calif.$975,000-2.5%-17.6%-3.4%43-811.6%-1.7%
Louisville/Jefferson County, Ky.-Ind.$265,000-7.0%-6.0%22.8%27-1222.9%3.0%
Memphis, Tenn.-Miss.-Ark.$250,000-5.8%-17.7%19.5%37-1116.2%-1.9%
Miami-Fort Lauderdale-West Palm Beach, Fla.$456,00012.5%-46.6%-10.2%59-3411.7%-1.6%
Milwaukee-Waukesha-West Allis, Wis.$290,000-16.2%4.6%17.9%35-924.2%4.9%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.$355,000-1.4%-15.3%-1.7%29-717.9%3.7%
Nashville-Davidson–Murfreesboro–Franklin, Tenn.$440,00011.1%-51.3%-18.5%18-1416.7%-0.7%
New Orleans-Metairie, La.$339,0004.8%-6.4%19.9%46-2122.5%1.5%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.$603,000-2.7%-12.9%-9.7%58510.3%-2.5%
Oklahoma City, Okla.$280,0003.6%-28.2%12.4%37-1320.0%-1.9%
Orlando-Kissimmee-Sanford, Fla.$375,00015.4%-47.7%-2.3%37-2119.3%-2.7%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.$321,000-6.4%0.9%13.3%43-320.5%2.1%
Phoenix-Mesa-Scottsdale, Ariz.$475,00014.5%-16.7%6.3%30-1021.4%2.3%
Pittsburgh, Pa.$233,000-7.0%-14.7%4.6%42-1224.0%1.7%
Portland-Vancouver-Hillsboro, Ore.-Wash.$558,00011.6%-23.8%-3.1%34-928.6%-3.5%
Providence-Warwick, R.I.-Mass.$429,0000.1%-14.5%8.1%31-1513.3%2.0%
Raleigh, N.C.$425,00010.0%-61.7%-18.8%19-2411.6%-5.1%
Richmond, Va.$350,000-2.2%-19.7%12.1%38-1416.6%1.1%
Riverside-San Bernardino-Ontario, Calif.$540,00017.6%-7.6%8.4%33-1314.6%3.4%
Rochester, N.Y.$228,000-7.1%-22.7%-1.0%19-1011.9%-2.3%
Sacramento–Roseville–Arden-Arcade, Calif.$589,00011.6%-1.0%7.2%29-919.1%2.5%
San Antonio-New Braunfels, Texas$350,00011.4%-31.2%9.2%34-1722.5%0.8%
San Diego-Carlsbad, Calif.$830,0006.5%4.5%-6.1%39413.2%-1.1%
San Francisco-Oakland-Hayward, Calif.$993,000-3.2%-22.4%-3.4%30-611.1%-3.9%
San Jose-Sunnyvale-Santa Clara, Calif.$1,250,0004.2%-20.3%1.6%30-311.8%-6.2%
Seattle-Tacoma-Bellevue, Wash.$675,0008.0%-37.2%2.7%29-514.3%0.1%
St. Louis, Mo.-Ill.$250,0000.0%-15.2%14.1%42-1718.4%-0.2%
Tampa-St. Petersburg-Clearwater, Fla.$360,00020.0%-40.7%8.6%34-1820.7%-2.6%
Virginia Beach-Norfolk-Newport News, Va.-N.C.$310,000-7.5%-21.3%3.7%26-1515.1%5.0%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.$503,000-4.2%17.1%9.7%33320.0%4.9%

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What to expect in the 2022 housing market

For any homebuyer, novice or weathered, the 2021 housing market has been harrowing to navigate.

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Rosy 609-915-9665

By some experts’ definitions, “this year, [the housing market] decidedly shot way ahead of the economy, to the point where we saw this incredibly overheated market characterized by massive multiple offers, contingency waivers, price escalation clauses, and, in fact, record prices,” George Ratiu, senior economist at realtor.com, tells Fortune.

Indeed, prices in 2021 have been skyrocketing, competition has been hotter than ever, and the low supply of homes ensured that many homebuyers were (and still are) paying top dollar, all while mortgage rates sat near rock bottom. While the housing market is still hot, there are signs that it’s beginning to cool off, with housing inventory (the number of homes on the market) starting to “meaningfully recover,” per an Aug. 23 monthly report from Zillow.

Translation: More homes on the market means more options for buyers and, likely, less competition per home.


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