The competition is very high in the Middletown housing market. From the effects of the pandemic to changing preferences and demographics, we will discuss the market trends in Middletown, NJ.
2022 Middletown Real Estate Trends
1. Rise in homeownership – Due to COVID-19, consumer demand for home ownership has increased substantially. Health and safety concerns might be the biggest reason for this change. People started working from home during the pandemic and started feeling cramped in their current dwellings. They started looking for places with larger outdoor spaces and more amenities. This demand for new and bigger homes also affected the construction costs. Lumber prices increased and set a new record after the great recession.
2. Rise in house prices – The housing prices are increasing as compared to the mortgage rates. This can cause a housing affordability crisis. Since the sales growth has increased, it is a seller’s market, and the buyers face more competition.
3. Home buyers are millennials – Millennials have dominated the real estate buyers’ market as they are finding stable jobs and prefer living in middle and upper-middle-class homes. Social media advertisements are trending since millennials are known to research online before making decisions.
4. Use of new technology – Technology has always been a part of real estate, and this industry keeps adopting new technologies in the coming years. Home selling platforms, apps and smart home tech are a few examples. Homebuyers trust the internet as well as the sellers. Artificial intelligence is also playing a huge role in real estate.
5. Increase in the luxury home listing – The demand for high-end homes has increased since the pandemic and is anticipated to keep growing. It is good news for investors who want to earn through luxury homes.
6. Amenities to attract customers – The trend these days is to provide all the amenities to the customers in one place so that they don’t have to miss out on their daily routine even if the pandemic hits again. People seem to prefer communal gardens, exercise facilities, and parking access.
7. Smart homes – Due to savvy real estate investors, smart homes are also making an entry. This new trend is attracting customers as it adds value to their property. This marketing strategy alone can’t attract the tenant. All the facilities that the property has to offer should be mentioned in the ads. Therefore unique amenities are demanded in new homes.
Are you looking to buy or sell a house? The agent you choose will be assisting you through a financially significant part of your life. So you need someone like Stephen Smith who is honest, responsive, passionate, and committed to helping you win the best deals possible. If you’re looking to buy or sell property in the Middletown Township, NJ area, contact us today!