2021 In Review: Hanover
As 2021 draws to a close, we take a moment to look at the market data that drove real estate markets. First a macro look at Hanover. When taken into consideration with the past 10 years, the moving average of sale price for 2021 appears higher than average. A desperate shortage of homes in the area drove prices higher and caused a general sense of the market being "wild!"
The northern end of the county continues to see higher home values than that of the south eastern portion.
Finally, when we look at the Year over Year trends we see the historic rise in home prices that has stretched for a record 24 quarters, the longest in the past 20 years.
If the current trend of 2022 continues, we will establish 25 quarters of positive YOY growth. So far the data indicates a 6.3% increase in Hanover home prices for the 12/1/2021-02/28/2022 quarter. Historically, this quarter has seen an average increase in home values of 4.2%. The market has outpaced the 20 year average 3 out of the 3 past quarters.
Clarification: Why do you use 12/1 as the start of Q1 instead of 1/1?
This is due to the fact that over the last 20 years in the data December has performed more in line with January and February. When graphing this data a higher correlation of "seasonality" can be seen in the data when grouping these months.