We know how important having good data is to running a successful real estate business. Each month, we release new information on the housing market and the economy, but this data tends to be backward looking. Sometimes, it’s more important to have forward-looking data are where we are headed.
Our economic and housing market forecasts provide an outlook for what is ahead for the rest of 2021 and into 2022. Key takeaways from the forecasts include the following:
- Overall, the job and unemployment forecasts reflect the fact that our economy is still being driven by COVID. But by the end of 2022, it is expected that job totals and the statewide unemployment rate will be back close to pre-pandemic levels.
- Virginia’s housing market will finish out 2021 strong, with record setting transactions and volume. In 2022, the housing market will cool, with slowing of demand, expanding inventory, and an uptick in mortgage rates.
For a deeper dive into the forecasts, along with a short video you can use in team meetings or share with colleagues and clients, check out the Research section of our website.