2022 Housing Market Predictions – Palm Beach County

2022 Housing Market Predictions – Palm Beach County

Lorea Thomson
Posted by Lorea Thomson
Updated on
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Published in Animals & Pets

The housing experts say the market is “normalizing.” But what does that mean for the Palm Beaches? Will home prices in Palm Beach County and rents finally come down? Will more homes go up for sale? And what does the year ahead have in store for the real estate market?

“The nation’s housing market, after a wild surge that sent home prices up over 30 percent in some cities in 2021, will be less intense next year”, according to Lawrence Yun, chief economist of the National Association of Realtors (NAR).

The NAR 2022 housing forecast anticipates the market will continue slowing down from the frenzy seen in the spring when prices shot up to new heights. However, prices will stay high, inventory will remain tight, and mortgage rates will rise. Other factors play into the 2022 housing forecast:

Yun predicts mortgage rates will hit 3.7 percent in 2022 for 30-year, fixed-rate mortgages.

The shortage of homes for sale, which has been more than a decade in the making, will keep home prices on the higher end.

Attractively priced homes in decent shape are expected to continue going under contract quickly.

Sales will also continue to climb, hitting a 16-year high as they are anticipated to go up by 6.6%. That is partly because technology has sped up the homebuying process. Also, buyers are jumping on whatever comes up for sale in record time before the property is snapped up by another eager buyer.

Homes are selling so much faster than they have in any previous years because of internet technology accelerating the home buying process.

The popularity of the suburbs is also likely to endure as many continue working remotely. The “burbs” emerged as the places to be during the pandemic as buyers could secure more square footage and bigger yards for less money than in the bigger cities.

If you would like to discuss the 2022 Real Estate Housing Forecast for Palm Beach and Martin County with a professional at Waterfront Properties and Club Communities and get a clear understanding of the market in the area. For more information, please call 561-746-7272.

 

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The data relating to real estate for sale on this web site comes in part from a cooperative data exchange program of the Realtor® Association of Martin County, Inc. MLS. Real estate listings held by brokerage firms other than Waterfront Properties and Club Communities are marked with the IDX logo (Broker Reciprocity) or name and detailed information about such listings includes the name of the listing brokers. Data provided is deemed reliable but is not guaranteed.

IDX information is provided exclusively for consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Copyright 2024 Realtor® Association of Martin County, Inc. MLS. All rights reserved.

Listing information last updated on May 22nd, 2024 at 10:07pm EDT.

The data relating to real estate for sale on this web site comes in part from a cooperative data exchange program of Palm Beach Board of Realtors Multiple Listing Service. Real estate listings held by brokerage firms other than Waterfront Properties and Club Communities are marked with the listing broker's logo or name and detailed information about such listings includes the name of the listing brokers. Data provided is deemed reliable but is not guaranteed.

The broker providing this data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.

© 2024 Palm Beach Board of Realtors Multiple Listing Service. All Rights Reserved.

Listing information last updated on May 22nd, 2024 at 10:07pm EDT.

The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the Miami Association of REALTORS®, and is updated as of May 22nd, 2024 at 10:07pm EDT (date/time).

All information is deemed reliable but not guaranteed by the MLS and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor Waterfront Properties and Club Communities shall be responsible for any typographical errors, misinformation, or misprints, and shall be held totally harmless from any damages arising from reliance upon these data. © 2024 MLS of MAR.

The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing

Beaches Multiple Listing Service LogoAll listings featuring the BMLS logo are provided by BeachesMLS, Inc.This information is not verified for authenticity or accuracy and is not guaranteed.Copyright © 2024 BeachesMLS, Inc.

Listing information last updated on May 22nd, 2024 at 10:07pm EDT.