The greater Philadelphia residential real estate market around Montgomery County may end up being less exciting in 2022 as a turbulent yet landmark 2021 comes to a close, writes Kennedy Rose for Philadelphia Business Journal.

While the area is nowhere close to having the real estate market stagnate, the Philadelphia area currently has one of the lowest forecasted growth rates for Mid-Atlantic metros for 2022. The ranking is at number 74 out of 100.

Philadelphia is expected to have roughly a 4.7% sales increase with prices estimated to rise 2.9%.

In 2021, Philadelphia’s housing market was remarkably competitive. Buyers interested in a home waived inspections and put forth all-cash offers just for the chance to snatch up a home in the area. Even houses that had been for sale for over a year had offers within a few days.

However, demand couldn’t last forever. Things have been slowing down in the last few months and bidding wars have become less competitive.

While 2021 was definitely a favorable market for sellers in Philadelphia it still is, Philadelphia & Central Pennsylvania Coldwell Banker president David Krieger has noted that the market should lean more towards buyers in the upcoming year.

Read more about the housing market projections for the greater Philadelphia area at the Philadelphia Business Journal.