Like the rest of the nation, the North Country real estate market thrived in 2021. The average sale price in Clinton and Essex counties have increased significantly with low inventory being the primary driver, this is illustrated in the attached sales volume chart. The 4th quarter stats suggest the market may be beginning to plateau, primarily in Essex and Franklin counties. Clinton County buyers continued to be bullish in the 4th quarter resulting in a record ASP of $225,500.
We expect Omicron to impact the 1st and 2nd quarters of 2022. Inventory remains low, and while there are still buyers in the market, we feel some consumers are dealing with the illness firsthand or being conservative and not currently shopping for real estate.
Inflation is legitimate, as everyone knows, and we are led to believe it’s a matter of time before the Fed raises interest rates. Needless to say, higher interest rates reduce buyers’ ability to pay, but our instinct is that rate increases in 2022 will not be significant enough to stall the market.
Our associates are reporting a bit less euphoria in the market as we work through the 1st quarter of 2022. New listings don’t appear to be getting scooped up quite as fast as the middle part of 2021. It will be interesting to track this trend, and we will report on progress after the 1st quarter results are in.
Inventory remains low, it’s a great time to sell! If you are considering a sale, please call us for a free market analysis to know your current value range. If you are looking to purchase, waiting could be costly with what will likely become a rising interest rate environment. Our associates stand ready to assist you, so don’t hesitate to contact us.