Many are wondering, what are Springfield’s housing market predictions for 2022? As many have reported Springfield’s housing market has been setting records on multiple fronts throughout 2021. Springfield record high housing prices, record low interest rates, low available home listings, what does it all mean?
2021 Housing Recap
2021 has been a wild year in real estate for Springfield and the surrounding area. Like the rest of the country we experienced a shortage of homes for sale, supply chain issues, and decade’s high inflation resulting in home values increasing to record highs in 2021. The average sales price for a home in Springfield according to the Greater Springfield Board of Realtors (GSBOR) in 2020 was $192,971 the sales price for 2021 was $221,245. This is over a 14% increase for the year with days on market dropping from 63 days to 21 days. That is a 49% increase since average sales price in 2016.