Though not predictable, you can always rely on the real estate market in Houston to change. Here are some predictions for the housing market in 2022.
Zillows forecast calls for 11% home value growth in 2022. Thats down from a projected 19.5% in 2021, a record year-end pace of home value appreciation, but would rank among the strongest years Zillow has tracked. Existing home sales are predicted to total 6.35 million, compared to an estimated 6.12 million this year. That would be thehighestnumber of home sales in any year since 2006. Zillow (https://www.zillow.com/research/zillow-2022-housing-predictions-30394/)
The market is likely to cool compared to 2021, but it will still be active... It may still be a sellers market in many areas, but theres likely to be more opportunities and wiggle room for homebuyers. A priced out buyer should be able to find many more options. Experts also reinforce that 2022s housing market is not at all likely to crash the conditions were seeing are nothing like those that led up to the crisis of 2008. Andrina Valdes (https://finance.yahoo.com/news/where-home-prices-headed-2022-200001201.html)
Nationwide, rent growth went from minimal to double-digit pace in 2021 as the U.S. made substantial progress against the pandemic. With the rental vacancy rate continuing near its historic lows during the pandemic, in which just 5.7% to 6.8% of rental housing units are vacant at any point in time compared to 7% or more, historically, renters are also contending with limited supply and excess demand that leads to upward pressure on rents. In 2022, we expect this trend will continue and fuel rent growth. At a national level, we forecast rent growth of 7.1% in the next 12 months, somewhat ahead of home price growth as rents continue to rebound from slower growth earlier in the pandemic. Realtor.com (https://www.realtor.com/research/2022-national-housing-forecast/)
Curious what your home would sell for in the current market? Give me a call or an email for a free home value estimate.