2022 Real Estate Trends

As we head into the spring market, we took a look at some real estate trends in Charleston County and across the country.

Real Estate Trends Affect Housing Inventory and Home Prices

“The market is still low on inventory but we are seeing new inventory continue to come onto the market,” noted Handsome Properties Broker-in-Charge Deborah C. Fisher. “The prices seem to be stabilizing so now is a good time to locate a property for purchase or list your home for sale. In addition, we do anticipate that several more listings will be coming on for the spring market so make sure that, if you are not already signed up for a customized saved search, please contact Handsome Properties to assist you.”

Mortgage Rates Expected to Rise

Industry experts including National Association of REALTORS® Chief Economist Lawrence Yun expected mortgage rates to rise in 2022. That came to pass when the average rate on a 30-year fixed-rate mortgage rose to 3.92 percent for the week ending February 17, according to Freddie Mac.

As stated in a Freddie Mac press release, Freddie Mac Chief Economist said, “Mortgage rates jumped again due to high inflation and stronger than expected consumer spending. The 30-year fixed-rate mortgage is nearing four percent, reaching highs we have not seen since May 2019.”

Home Feature Trends Most Desired by Buyers

In recent real estate trends, low inventory and high buyer demand make Charleston a seller’s market. If you’re thinking about listing your home, here’s what the National Association of Home Builders says are the home features most desired by buyers in 2022:

For All Age Groups:

• Outdoor living spaces
• Laundry rooms
• Exterior lighting
• Ceiling fans
• Walk-in pantries

For Millennials and Gen Xers, All of the All-ages Features, Plus:

• Home office
• Exercise room

For Baby Boomers, All of the All-ages Features, Plus:

• Energy-efficient home lighting
• Energy-efficient appliances