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Will the Rapid Increase in Home Values Continue?
Dated: September 28 2021
Home values have increased tremendously over the past year. In Cobb County, where I live, the median sales price for residential detached homes increased by 17.1% over 12 months from July 2020 to July 2021 and by 28.84% over 24 months (FMLS InfoSparks data). It’s been fabulous to be a seller in this market with so many buyers competing over few available homes for sale. We have seen homes sell for more than the appraised value since desperate buyers will often agree to pay more than appraised value in order not to lose out on a home. Appraisers have had a hard time keeping up with the quick rise in home values. Will this trend continue?
With the August school start we are beginning to see some cooling off in the crazy seller’s market as more and more homes are being listed by those sellers who held off during this last year’s pandemic. The cooling off is also due to some buyer fatigue. Many buyers who competed for available homes over the spring and summer and lost in the bidding wars are burned out and have taken a break from looking. However, it’s still a strong seller’s market and the homes listed keep going under contract fast. The median days on the market for new listings was still only 6 days in Cobb County in August, up just slightly from 5 days over the summer (FMLS InfoSparks data).
The market is still expected to stay strong for sellers going forward with the demand for homes remaining high. Going in to 2022 home values are predicted to keep increasing but not at the same rapid price increases we saw this past year.
2022 price appreciation predictions by 4 major entities are as follows:
National Association of Realtors (NAR): 4.4%
The Mortgage Bankers Association: 8.4%
Fannie Mae: 5.1%
Freddie Mac: 5.3%
(Over the past 25 years average annual home appreciation in the US has been 4.1%)
If you need help buying or selling or just have questions about the housing market give me a call! I’m always happy to help.
Kristin Allen, Realtor | Atlanta Communities | Direct: (770) 500-7503 |
I'm a customer service focused realtor with Atlanta Communities. I'm here for all your real estate needs. - Serving Cobb County and the surrounding areas.....