Reno/Sparks Housing Market 2021 Recap and Looking at 2022Posted by Sarah Hughes on
As we wrap up the first month of the new year, let’s take a moment to briefly summarize 2021 and give thoughts on what to expect for 2022 in the housing market from both a national and a regional perspective.
Mortgage rates hit near historic lows in early 2021, with Freddie Mac reporting the average mortgage rate hovering around 2.7%. As one can imagine, low rates combined with wildly increased demand and an insufficient housing supply have spurred one of the most competitive housing markets in modern history, boosting the median sales price of homes (both regionally and nationally) to historic highs in the process. Existing home median sales prices rose by nearly 15% nationally and 21% regionally. The Reno/Sparks area saw yet another median sales…
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