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: Pending sales decreased 0.4 percent, finishing 2021 at 16,964. Closed sales were up 2.7 percent to end the year at 17,190.
• Listings: Comparing 2021 to the prior year, the number of homes available for sale was lower by 59.1 percent. There were 702 active listings at the end of 2021. New listings decreased by 10.0 percent to finish the year at 18,592.
• Distressed: Forbearance efforts by the government and lenders continued for much of the year, limiting distressed sales activity once again. In 2021, the percentage of closed sales that were either foreclosure or short sale increased by
• 14.3 percent to finish the year at 1.6 percent of the market. Foreclosure and short sale activity may increase in 2022, though the strong gains in equity seen by most homeowners in the last few years will help to limit the number of distressed sales.
• Prices: Home prices were up compared to last year. The overall median sales price increased 20.3 percent to $812,000 for the year. Single-Family Detached home prices were up 23.3 percent compared to last year, and Single-Family Attached home prices were up 17.1 percent.
• List Price Received: Sellers received, on average, 102.9 percent of their original list price at sale, a year-over-year increase of 4.4 percent.

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.