Expert’s Prediction for Sellers in Local Housing Market: Let the Good Times Roll in 2022

By
woman in a coat with a sign
Image via Pexels.
The Philadelphia Business Journal sees rosy times for sellers in 2022 in the local residential real estate market.

According to a Drexel University expert, 2022 will bring much of the same for Greater Philadelphia’s housing market, writes Kennedy Rose for the Philadelphia Business Journal.

Kevin Gillen, a senior research fellow at Drexel’s Lindy Institute for Urban Innovation forecast, predicts another seller’s market year with low inventory and rising prices.

Among his observations for this year is a continued environment of scarcity and its effect on prices.

“I think that the main thing that’s going to be a factor in 2022 is inventories,” he said. “And I don’t see them changing at all, at least maybe, until the second half of the year.”

But the good news for sellers is tempered by a few emerging factors

For one, buyer fatigue at getting priced out of properties may lead them to sit out until prices moderate.

And additional inventory resulting from new construction could edge housing market economics closer to normalcy.

“It’ll cause some slowing, but it’s not enough to cause the market to turn,” said Gillen.

In December, the number of listed homes fell by 6.2 percent year-over-year, with median sales price increasing by 9 percent to $305,000.

Read more about the local housing market in the Philadelphia Business Journal.

Advertisement