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2022 Real Estate Trends

Before we completely dive into the New Year, how about a quick recap on the Real Estate market in 2022!

 

The market certainly had its ups and downs this past year, which has been a common trend we’ve all seen since 2020. However, in 2022, the price of homes hit an all-time high. The national sales medium price was 433K with prices here in Lexington bouncing just over half that at 243k. Of course, this isn’t too surprising since we have seen a steady increase since lockdown. The demand sharply increased while the supply remained historically low.

 

Another sad but not surprising increase we all witnessed was the price of rent. We saw a substantial uptick due to the same lack of supply issues that are plaguing the housing market. Aiding this situation, though, is the 1.1 million rental units currently under construction in the United States at this moment. We’re hoping to see more affordable housing heading our way this year.

 

On a lighter note, the housing inventory has been rising since the end of July. With a slight dip towards the end of the year, we are still very hopeful to see a much higher supply here in 2023. Keeping spirits light and bright in Real Estate this year!

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