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The end of last year showed signs of a slight shift in the frenzied market of 2021—including fewer bids on houses, and homes spending a little longer on the market. But a true buyer’s market isn’t likely, as people continue to move, and real estate is considered a hotter investment than ever. Plus, there are two major issues keeping the market on the side of sellers: low inventory and material supply slowdowns. As such, most experts predict prices will increase throughout 2022, especially after the slower winter months.
As borders reopen, pent-up demand from international buyers will compete for limited inventory with local buyers. That might spell good news for financial capitals like New York City and London. As such, we’ll look into the future of big cities—many of which bounced back more quickly than expected post-Covid lockdowns—as well as how the market is likely to shape up in second-home locations and suburbs, which saw prices skyrocket due to pandemic-related migration patterns.
Source: Luxury Outlook 2022, Sotheby's International Realty
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We've seen cities like New York, San Francisco, London and Madrid experience ups and downs. In the 2020s, this fundamental shift was reflected in buyers' priorities, which increased interest in the second-home and resort markets. But in 2021, buyers returned to cities, encouraged by the unique characteristics of the real estate market, the distribution of the Coronavirus vaccine, and a return to the office.Discover more