Fervent buyer demand, driven by pandemic-induced changes to housing needs and preferences, reached extraordinary levels in 2021. The inventory of homes for sale remained low, as home seller activity did not rise proportionally to meet this demand. New construction activity, while strong, remains limited by a combination of material and labor shortages, rising material costs, and a regulatory and operational environment that makes it difficult to scale quickly.

The strong seller’s market of 2020 continued and even strengthened in 2021, with inventory levels remaining low and multiple offer situations common across much of the housing market both locally and nationally. Multiple offers again drove prices significantly higher for the year

Sales: Closed sales were up 8.5 percent to finish the year at 5,027. Prices: Home prices were up compared to last year. The overall median sales price increased 12.1 percent to $330,000 for the year. Single Family home prices were up 13.5 percent compared to last year, and Townhouse/Condo home prices were up 10.1 percent.

Listings: Year-over-year, the number of homes available for sale decreased 46.0 percent. There were 431 active listings at the end of 2021 compared to 798 listings at the end of 2020. New listings decreased by 4.2 percent to finish the year at 5,862.

Bedroom Count: Increases in sales prices occurred across homes of all sizes over the last year. In 2021, properties with 3 bedrooms saw an increase of 14.7 percent. The highest percent of list price received at sale went to properties with 3 bedrooms at 100.5 percent.

Sales by Price Range: The number of homes sold in the $188,999 or Less price range fell 12.7 percent to 745 homes. Homes sold in the $419,000 or More price range were up 35.8 percent to 1,721 homes.

List Price Received: Sellers received, on average, 101.3 percent of their list price at sale, a year-over-year improvement of 2.5 percent. If demand shrinks in 2021, list price received at sale could drop as well.

The 2021 housing market was once again strong both locally and nationally. Inventory shortages and high buyer demand continued to push home prices higher, with multiple offers on a limited number of homes the common theme in most market segments.

This year looks to continue the trends seen in the last 18 months, pushing home prices higher still. As mortgage rates are likely to continue to rise over the year as well, housing affordability will remain an important factor to watch.

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