How did the 2021 housing market perform compared to previous years?

The 2021 housing market has been highly competitive and faced many challenges in the wake of the COVID-19 pandemic. Despite the pandemic, the housing market experienced significant growth in 2021. According to the National Association of Realtors (NAR), the median existing-home price for all housing types in December 2021 was $353,500, up 13.6% from December 2020, and marking 118 consecutive months of year-over-year gains.

The low mortgage rates and high demand for homes fueled by the pandemic has led to an unprecedented seller's market. As a result, many sellers have been receiving multiple offers and higher bids for their homes. Additionally, the limited inventory of homes for sale has contributed to a highly competitive market. The number of homes for sale in December 2021 was down 12% from December 2020, marking 56 consecutive months of year-over-year declines.

Overall, the 2021 housing market has been marked by high demand, low inventory, and rising home prices. While the market is expected to remain strong in 2022, many experts predict that rising interest rates and the end of pandemic-driven demand could lead to a cooling off of the market.