Now that 2020 has officially come to an end, many are wondering what the housing market will hold for 2021. According to realtor.com, the housing market should return to normalcy.
Unlike 2020, home sales are forecasted to have a strong spring and summer, with a fall and winter that are less busy. Realtor.com predicted home sales to be 7% higher than 2020 as well. One thing that may not be changing much is inventory. It's expected that there will be more properties on the market and the gap between supply and demand may begin to subside.
The website also predicted that single-family housing will rise 9% as compared to last year, which could help the demand we're currently seeing. Affordability might continue to be a problem in 2021. Mortgage rates reached historic lows in 2020 and are now expect to rise, though they will continue to be reasonable. The expected average is 3.2%, with an increase to 3.4% by the end of 2021. Year-to-year home prices will see a jump of about 5.7%.
Due to the large increase in people working from home, buyers can expect to see home offices displayed more in property listings. In 2020, the ability to work remotely was a factor that prompted many to buy a home.
Overall, 2021 will continue to be a good market for sellers. Buyers will see better conditions than 2020 due to an increase in available inventory in the market. The whole article on the 2021 housing market by realtor.com can be found here.
The website also predicted that single-family housing will rise 9% as compared to last year, which could help the demand we're currently seeing. Affordability might continue to be a problem in 2021. Mortgage rates reached historic lows in 2020 and are now expect to rise, though they will continue to be reasonable. The expected average is 3.2%, with an increase to 3.4% by the end of 2021. Year-to-year home prices will see a jump of about 5.7%.
Due to the large increase in people working from home, buyers can expect to see home offices displayed more in property listings. In 2020, the ability to work remotely was a factor that prompted many to buy a home.
Overall, 2021 will continue to be a good market for sellers. Buyers will see better conditions than 2020 due to an increase in available inventory in the market. The whole article on the 2021 housing market by realtor.com can be found here.
