December 2021 Update & Real Estate Market Summary
Happy Holidays from Kyle and I! Photo by Justine Castle
Hi Friends,
This year has brought me new friends, new business endeavors, and lots of things to be grateful for. The word THANKFUL doesn’t really cut it, but it’s truly an honor to be of service to all my closest friends and family. And to my Realtor pals who have supported my Highest & Best podcast and sent referrals my way — THANK YOU!
To the small businesses that allowed me to film during the lockdown and feature you in IG reels and the blog…you guys are the true stars of our community and I wish you all continued success!
2022 we are READY for you ⚡️ (just don’t move or touch anything 😂 like 2020 did please) 👀…
This month on the blog, I give you the latest on:
Abbey Mackool’s new amazing rental loft space on the East side of Detroit, perfect for photoshoots, private events, and more — You won’t believe what she’s done with the place!
West Village Detroit’s newest hot spot: Metropolitan Bar & Kitchen — for your next night out.
For a little business news, my friends over Real Estate One and Realtor.com helped me put this market update for you:
Buyer demand and prices are expected to temporarily fade while market times increase through the year-end and early 2022. Prices will continue to rise in 2022, but at a slower rate. Although the number of upper-end sales will continue to increase, those values will be flat compared to lower and middle price ranges.
The median listing price grew by 9.6 percent over last year. Home prices continue to rise due to a mismatch between supply and demand, stemming from a decade-long shortage of homebuilding. This means that even as housing affordability will be an increasingly important consideration for buyers, buying may be the relatively more affordable housing option with rents rising by 18.5% and expected to increase 7.1% in 2022.
New listings–a measure of sellers putting homes up for sale–were down 6 percent from last year. With fewer than half as many homes actively for sale now compared to 2 years ago, availability of for-sale homes is an ongoing challenge and potential limiting factor for home sales growth. However, with more homeowners planning to sell in the next 6 months and single-family home construction continuing at 1 million+ pace, the outlook for new listings is better than its recent pace.
Time on market was down 11 days from last year. With fewer homes for sale now than this time last year, a typical home spent just 47 days on the market in November, faster than any previous year’s fastest month even into this year’s slower season. Buyers should focus their home search using online tools like IG and Zillow to quickly act on listings that are the best fit.
2021 taught me a lot of things. I’ve never worked harder or pushed myself more and I’m proud of the business I’ve grown and relationships I’ve strengthened along the way.
I hope 2021 brought you closer to something (or someone) you’re passionate about, too.
Cheers to 2022 being the year we become the best version of ourselves…because if there’s one thing I’ve learned in 2021, it’s that the baby steps we take to challenge our old ways and break out of our own box all add up to meaningful personal growth. So on that note, I challenge you all to dream bigger and step out of your own way. I can’t wait to see what this community creates. Thank you for being here and see you in the new year!
XOXO -Erica