Is America’s Real Estate Market Finally Bouncing Back From The Pandemic?

Is America’s Real Estate Market Finally Bouncing Back From The Pandemic?

It’s been a little over two years since the pandemic hit America, and many are wondering if America’s real estate market is bouncing back. So let’s take a closer look at what’s happening in the real estate market and how it may affect you.

Home prices are rising again after a dip during the pandemic. According to recent reports, the median home price hit a record high of $450,000 this month, up nearly 15% from last year. This is good news for homeowners who were worried about their home’s value taking a hit during the pandemic.

With talk of a recession on the horizon, it’s not just home prices that are on the rise; rental prices are too. According to Zillow, the national average rent increased by nearly $200 from last year, reaching an all-time high of $2200/month. 

With rising mortgage rates coupled with a frantic urge to escape rising rents, homebuyers are feeling the pressure to buy now before prices increase. The average home lasted about 60 days on the market three years ago. Today, that number is down to just about 32 days, a record low. 

The combination of rising interest rates and high home prices creates a perfect storm for buyers looking to purchase a home. There’s a widespread bidding war for homes in America’s real estate market, with some selling for well over the asking price. The seller’s market that has been rampant over the past year or so is finally expected to decline as the housing supply stabilizes.

So what does this all mean for the future of the housing market? Only time will tell, but it’s safe to say things are finally starting to look up. Home prices are rising, but they are not yet back to their pre-pandemic levels. Sales are also increasing, but they have not reached peak levels like those from 2006. It will take some time for the market to recover fully, but it is moving in the right direction.

Thinking of Buying A Home In 2022?

If you’re considering buying a home this year, now is an excellent time to start looking. Prices are rising, and homes are selling fast, so you’ll need to be prepared to move quickly. One of the best ways to maximize your chances of winning in this competitive housing market is to work with a great team of realtors. Our team is one of California’s best real estate agents, and we would be happy to get you the house of your dreams. So get in touch with us today!