November 2021 Market Recap
Throughout the year we have continued to see median home price increases fueled by strong buyer demand, low inventory and historically low interest rates and November continued that trend with a $21,000 from just last month. The median home price landed at $401,000, a 13.6% increase from a year ago. In addition to houses selling for more, they are also moving faster, the current days on market is just 27 days!! That's a 25% decrease from November 2020. New listings dropped 8% to 1,102 resulting in fewer homes to keep pace with demand.
Rockingham and Hillsborough County
In Rockingham County the median sales price increased to $520,000, a 17% increase over November of last year, while total sales dropped just over 16%. The number of days on market decreased a staggering 31% from the same time last year., while in Hillsborough County the median sales price increased to $411,500, up 10.2% from the same time last year. Days on market is a record setting 19 days, a 34% decrease from last year.
Where will home prices be next year? Experts are forecasting home price increases in 2022. Fannie Mae and Freddie Mac, two large organizations in the mortgage industry, expect around a 7% increase, while the Mortgage Bankers Association predicts just over a 5% increase. So even though we won't see the type of frenzied market we saw in the earlier part of this year, we should expect to see continued increases in the median home price. Want to know what this means for you? Give us a call...we have the data!