Berkeley Hall is a fantastic community with low density and tons of fun.

You may have read some headlines or heard on the news about what’s going on in the real estate market nationally, but we’re sharing local numbers today so you can get a better idea of what’s happening in our area. To help you get a better understanding of where our market is heading in 2023, we’re recapping what happened in 2022.

First, let’s talk about the number of homes that were sold in our area. In 2022, 5,747 homes were sold, which is down 22% from 2021 when 7,347 homes were sold. Next, let’s take a look at the last four months of 2022 since that’s when people really started to feel the impact of higher rates and things slowed down. When you compare the last four months of 2022 to those of 2021, the number of homes sold dropped by 30%.

Fluctuations in the market affect you and your situation.

The second factor we should consider is days on market. If you are considering selling your home, you’ll certainly want to know how long the process should take. Throughout the year, it took about 8.8% longer to sell a home in 2022 than in 2021. However, if you isolate the last four months again, the average days on market went up by 50%. 

Buyers, sellers, and homeowners are all affected by home prices, so that is the third factor we will discuss today. In 2022, there was a net 13.6% price increase in our market. However, if you isolate the spring and winter markets, there was a 10% drop. 

If you are curious how these factors will affect you in 2023, remember that numbers always fluctuate. To get more specific, you will be affected by the neighborhood you’re in and the price point you’re at. If you have any questions, please reach out to our team of experts—we’re here to help! Call or email us anytime.