Real Estate Predictions for 2022
I like to start the new year with my three real estate predictions for the Midlands of South Carolina.
1. There will be more inventory in 2022 than we saw last year across the Midlands.
A recent national poll conducted by Coldwell Banker Realty and the Harris Poll found that one in five homeowners plan on selling in 2022. In 2021, there were 14,760 single-family homes closed in the Midlands. This year, I believe we will see north of 16,000 homes closed before the end of the year — which is a record for the area and great for buyers. So many buyers were either frustrated with the process or altogether avoided looking for a home because they were intimidated by the market. If this sounds like you, we have a strategy that works for our buyers and we would love to help you this year.
2. Home prices will continue to rise.
We saw the median sales price increase just over 11% in 2021 versus 2022 across the Midlands. This year, I anticipate we will see the median sales price increase somewhere between 7% - 10% depending on your specific location; so, if you're looking to sell this year, now more than ever, who you work with matters. Last year, a majority of the listings we sold set records in their respective neighborhoods. We would love to help you this year if you're thinking of selling.
3. The biggest winner will be sellers on Lake Murray in all areas.
Lake Murray is consistently ranked as one of the best lakes in the country, but has also been one of the most affordable lakes to live on until recently. Due to low inventory and high demand, I believe Lake Murray will be very competitive in 2022 and see a higher rate of appreciation than other areas throughout the Midlands.
So, as always, if you're looking to buy or sell or you're just curious about the value of your home, feel free to reach out, I'd be happy to help!