What began as an extension of 2021’s high-flying real estate frenzy soon enough tumbled and fell to a near standstill by the Federal Reserve’s hiking of interest rates, rendering borrowing costs too pricy for most would-be homebuyers, who, no matter how hard they tried, couldn’t bend the numbers to their will.
As rates rose, existing-home sales fell, builders pumped the brakes, price growth decelerated, and property sat on the sidelines far longer than forecasted. Real estate companies, meanwhile, braced for lean times after riding high through most of 2020 and 2021, with thousands of workers laid off and quarterly earnings reports showing losses — in some cases, to an unprecedented degree.
To better measure an immeasurable 2022, we searched high and low for the data points that drove the industry and best reflected the unpredictable year just past. While they’re not all individually fundamental, taken as a whole they paint a vivid picture of a housing market turned on its head...
‘It’s like that roller coaster where it’s going up and up and up and up. You don’t know what’s going to happen when you get to the top.’
Let’s look at several local housing markets first:
- The High’s… Early in 2022 the buzzword was “Bidding Wars” with many marveling and just how high and how fast things were going. Here we’ll show you the tops for neighborhoods like Trossachs, Beaver Lake, Klahanie and more. See the Highest price paid over asking, the highest price per Sq Ft, and over-all highest priced home sold in your neighborhood for 2022.
- The Lows: Interest rates went up, and prices came crashing down. In many neighborhoods prices were being adjusted downward by $100,000 and even $200,000 in a week. Some homes in Trossachs fell by more than $750,000 from list price.
- The Here and Now: We’ll show you where price are as of right now, what you can expect from days on market, and what you can do to maximize the sale of your home.