2021 was a record-breaking year for home sales. We can expect to see the arrow pointing down when comparing the number of home sales year over year. While home sales went down as compared with last year, days on market went up but seriously 36 days on market is a quick sale. Prices are up by 3.8% from October 2021.
There are more homes for sale and that is a good thing. The inventory of houses for sale will get smaller each month and then increase again in early 2023. Some experts are predicting that sometime between 2023 and 2024 we will go back to having a more normal supply of houses on the market. Most of the time that will mean at least twice as many houses for buyers to choose from.
The graphic is a screenshot from the Minnesota Realtors Association monthly housing report for the state of Minnesota. Real estate is a bit more local than that but the general trends are statewide.