The COVID-19 pandemic had a significant impact on the real estate market and a number of trends emerged during 2020, including:
Housing inventory declined up to 39%
The typical home spent a median of 65 days on the market between January and October 2020, two days less than the previous year
Housing prices through October 2020 were up nationally by an average of 3.4%, but only up by 1.4% in top 50 metro areas
Larger rental units were slowly returning to pre-COVID prices, while studios continue to experience decline
The largest generational group (25%) of buyers were older millennials
In order to help real estate agents better prepare for a successful 2021, we’ve assessed data to break down the most relevant real estate trends and housing market predictions.