How Long Can This Market Last?

Housing is definitely not an exception to increasing prices. In the first quarter of 2013, there were 4,675 closed sales below $750,000, 89% of all sales. It was 83% of all sales in 2016, and 71% last year. In 2021, only 61% of all sales were below $750,000 in the first quarter. As home prices have appreciated over the years, the lower price ranges have dwindled and became a smaller percentage of the housing stock. It is not merely the fact that fewer homeowners within these more affordable price ranges have not placed their homes on the market; instead, it has more to do with home values appreciating and surpassing the lower range thresholds.

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