There has been so much uncertainty and confusion in the past year, but one thing that isn’t confusing is the real estate market! Projections show that 2021 will be the year that we will see more homes sold since 2006!! With mortgage rates remaining low and rising prices for existing homes, the forecast is showing an increased drive of more homebuyers!
When looking at the home buyers sector of 2021, it is projected to be very competitive. With homebuyers active and the market still booming, the current pace of home prices are unlikely to change! Realtor.com‘s market data showed that in the week of February 6th 2021, the median listing prices grew at 12.9 percent over the last year, making it the 26th consecutive week of double digit price appreciation.
When looking specifically in our region, Realtor magazine stated that homes in the southern region have a median price of $270,000, which is a 15% increase from the year prior. Nationally, home prices could reach a new high, climbing by 5.7 percent.
Although 2020 was a whirlwind of market swings, realtor.com‘s chief economist, states that 2021’s housing market will be much more normal. The number of homes for sale will slowly rebound, offering buyers some relief and allow for a better selection of homes to chose from. Nationally, the typical home spent 76 days on the market in January, which is 10 days less than the year before!
In conclusion, 2021 looks to be a successful year for realtors, homeowners, and those prepared to invest in real estate. We advise to take advantage of this market and allow your revenue to grow.