House Market Trajectory During The Last Few Months Of 2021
The last quarter of 2021 has passed, and the housing market is in general better than in 2016-2020. Prices in Wyoming have grown during this last year, even in some neighborhoods that had been in decline in the previous years. Even when prices went down, some neighborhoods stayed still during the last months of 2021, which might be a signal of stability.
The most important indicators to analyze are:
- Inventory levels.
- Months of supply (the number of houses for sale divided by the number sold in a month).
- Days on the market (the average number of days a house is on the market before it is sold).
The higher these indicators are, the slower the market is moving.
How Wyoming Has Stood Out in the Last Quarter Of 2021
Inventory levels and months of supply have fallen significantly between 2020 and 2021, indicating an improvement in housing markets. Days on the market are still high but show signs of decreasing. Even though there is no structural change in inventory, this might result from the market cooling down and people taking longer to sell their homes.
Prices have grown in most neighborhoods, with a few exceptions. Generally, the lower-priced neighborhoods have been the ones who have seen their prices grow faster. The highest price neighborhood has seen slower growth or even a decrease in prices during this year.
How Home Prices Continued To Push Upward During The Last Months Of 2021
The market seems to be stabilizing, and the prices seem to reflect that. The fact that most neighborhoods have seen an increase in prices might indicate that the market is becoming more uniform across the board, and it's becoming more favorable for people looking to buy a home and stay there for a longer period.
Cash buyers usually take advantage of market opportunities, but it is possible to get a mortgage. The rate of mortgages has gone up in comparison to 2016-2020. Cash buyers still take the lion's share of all home sales across Wyoming, but this number is not constant and might also change favor people with mortgages.
Always Keep A Close Eye On Market Trends
It will be interesting to see how the market behaves in the next few months and if these trends continue. Whatever the case may be, it is clear that the market is slowly starting to recover. Companies that buy houses for cash should do it sooner rather than later, as the market will only continue to grow in the coming years.
This article was published on 01/04/22