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2021 Housing Trends and Forecasts

Despite a severe economic recession brought on by a global pandemic, 2020 was a record-breaking year for the U.S. housing market. At the onset of Covid-19, home sales hit decade lows, but in a span of months, home sales were back up to decade highs. By 2020’s end, home sales saw a 5.6% increase over 2020.

Can you expect to see similar booms in 2021? Experts think so.

Read More: A Look Back: U.S. Real Estate Trends in 2020

 

2021 Housing Market Forecasts

  • Home sales are predicted to increase anywhere from 3.8% to 21%
  • Housing demand will continue to outpace supply as inventory remains low
  • Home value will continue to appreciate, and home prices may increase over 5%, hitting new heights
  • Low interest rates and mortgage rates will prevail
  • Home ownership rates will continue increasing

 

2021 Housing Trend Predictions

Seasonality is Back

Traditionally, home sales and prices follow a cyclical pattern, peaking around spring and bottoming out in the winter months. The Coronavirus pandemic, paired with nation-wide stay at home orders, threw that pattern all out of whack. In 2021, we expect to see some return to the normal seasonal pattern.

Gen Z Enters the Housing Market

The oldest Gen Z buyers, turning 24 in 2021, will begin buying their first homes.

Millennials Trade Up

The oldest millennials, turning 40 in 2021, will upgrade as they continue to grow their careers and families.

Remote Work is Here to Stay

Remote work isn’t going away anytime soon and will continue to shape the housing market, specifically suburban migration.

Things Look Up for Buyers

Compared to 2020, buyers will likely have an easier time finding and affording a home in 2021, especially as new construction begins to ramp up again.

Read More: Home Buyers Before and During Covid-19

Still a Seller’s Market

While new construction will pick up, inventory still remains incredibly low, which means sellers won’t have a hard time selling their homes for asking price.

Read More: Statistics About Home Sales During Covid-19

Technology Remains King

Technology will continue to change and improve the real estate process from begin to end- Think e-listings to e-closings.

Learn More: Use BRP’s Free Search By Map Tool!

Wildcards

The global pandemic has created a lot of uncertainties, and there are more to come. We’ve yet to see how things like wide distribution of a vaccine and the expiration of the CARES Act will affect the housing market.

 

Remember, housing market predictions can give you an idea of what to expect when buying or selling a home, but they shouldn’t dictate your decisions. Navigating a complicated market is easier with an expert in your corner. Even amidst a global pandemic, we’ve got you covered. Browse our agents here: https://brphomes.com/agent or contact us online, by phone (423-247-4181), or in person at one of our offices.