January 2022 Market Update

The demand for new homes is at a record high, but the inventory of new homes available is at a record low. A new poll done by Fannie Mae finds that only 25% of homebuyers think it’s a good time to buy a home, while 69% are convinced it’s a good time to sell. Experts are predicting that although still on the lower end, mortgage rates will rise this year. Combined with the increasing home prices, this may drive some of the buyers out of the market. The average days on market in January were consistent with the end of last year at 20 days on market. New listings in Cumberland, Dauphin, and Perry counties in January increased slightly from December to 555 listings. Even with an increase in new listings, active listings decreased from the previous month to 467 total active listings. Total units sold decreased by over 250 units from December to 499 total units sold in the Greater Harrisburg Area in January. The number of homes sold in Dauphin county increased by 1.7% from January 2021, meanwhile the number of homes sold in Cumberland county decreased by almost 3% year over year. The average sales price decreased by over $21,000 to $239,585, while the median sales price also decreased by about $18,000 from December to $211,900.

If you’ve been thinking about selling your home, it is a great time to sell! Click here to see what your home could be worth or reach out to us!