If there's one thing we've learned during these last few years, it's that our world is often defined by a sense of scarcity. A scarcity of workers. A scarcity of food. And a scarcity of other basic necessities, to name a few. 

Another glaring scarcity we've faced is a scarcity of real estate. 

A few months ago we predicted a low number of properties would be listed for sale this year, and so far in 2022 the market has proven our prediction to be 100 percent accurate.

For example, Dane County homes:

Through the first 7 months of the year, single family home listings have been entering the market at the slowest pace since the year 2000.

Dane County condos:

And condominium listings been entering the market at the slowest pace since 2002.

We're expecting the scarcity of real estate to continue. 

And it comes down to simple supply and demand.

Supply will remain low because home and condo construction is subdued, foreclosures remain a rarity, and homeowners with low mortgage rates are reluctant to sell in today's higher rate environment.

At the same time, demand will remain strong because Dane County's popularity and population keep growing, and the millennial generation (America's largest) is aging into homeownership. 

Addressing the fear

There is some fear in the world of real estate right now -- about world events, the economy, and mortgage rates -- but when we look at all of the factors at play we don't see a market crash on the horizon. Prices may temporarily adjust, but a crash appears unlikely. There are just too many factors at play which point to low supply and strong demand in the years ahead. 

And so we're left with one conclusion: Dane County real estate will remain a scarce resource for years to come. Those who own real estate will see their property values rise and their wealth grow over time. And those who can't own or won't own will be missing out.