December brought more milestones to the local real estate market, closing out a year that set records at every turn.
Over the course of 2021, there were 7,581 homes sold in the region, which is 18.3% more than the record setting year of 2020. And, it wasn’t just the number of transactions that was on the rise, but the prices, as well. The average home sold for $770,596 in 2021, which is 25.8% higher than the previous year.
Speaking of milestones, the average price for a detached home in December cracked the million mark for the first time ever, coming in at $1,021,353. Semis, condos, and townhouses also continued to rise in price through the year. December’s average for all home sales was $842,014, 32.5% higher than the same month last year.
The number of months of inventory hit an all-time low in December, going all the way down to 0.2. This number represents how long it would take to sell all available homes on the market at the current rate of sale. This indicates that homes are being snapped up very quickly once they hit the market; in fact, the average number of days on the market was just 10 for the month of December.
While this trend has been a perk for sellers, it has made for a difficult environment for buyers. Affordability and available inventory remain top concerns as we enter into 2022, with no relief in sight to the high demand that has been fuelling these record prices.
If buying or selling are in your plans for 2022, we are here to help simplify the process for you. Contact us anytime!
Check out the full report here.