With the Hearth & Home update now behind them, Iron Gate are focusing on the next major biome update for Valheim with the Mistlands and some smaller updates too.
Hearth & Home took quite some time to be released since they're still quite a small team, although it was received positively once it was out as it added plenty to build and the combat was nicely overhauled to be a lot more dynamic.
In a fresh development post they teased a shot of the Mistlands, noting that it's "not a final version, and that the landscape will likely change quite a bit before we figure out just exactly what the Mistlands will look like" and that it's not clear how the biome update will affect existing worlds just yet.
Here's the teaser shot:
Not exactly much to go by but it's nice to know progress is continuing. Additionally though, it seems some smaller updates will be coming that focus on the Mountains. The focus there is to have something a bit more interesting to explore and while there's no final version they did share some concept artwork: