If you've been on the fence about buying a new home in 2022, you might want to take a look at some of the projections from the National Association of Realtors (NAR). After a wild real estate ride in 2021 that saw the largest increase in median home prices in history, homebuyers have hoped that prices will calm down, or even decrease in 2022. But that is not what is expected.
In fact, NAR projects a 5.7% increase in median home prices in 2022. And those low-interest rates of 2021 are starting to go up. All of this adds up to moderate growth in the real estate market and a continuation of a seller's market. The good news is, there are more homes coming on the market, and some markets have been identified as 'Hidden Gems'. What is a Hidden Gem? NAR defines it as a metro area with a population of at least 200,000 people. Furthermore, these cities are drawing in new residents thanks to strong wage and job growth, access to broadband services - key for remote workers, and younger populations. In terms of value, housing is still relatively inexpensive given the high median family income in each area.