Real Estate News December 2020
What Could 2021 Mean for the Housing Market?
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This year has been nonstop uncertainty. The coronavirus pandemic led to shutdowns and major changes to our everyday lives. Those changes are likely to continue as we head into winter. Cities have been hard-hit, not only in terms of public health, but also economically.
Despite everything, the housing market is one thing that’s been consistently strong this year. So, what do experts think next year will bring? Will that positivity hold steady, or are we in for a bust?
Rising Prices
If inventory remains low into early 2021, it’s possible that home prices will continue to go up. The median asking price for properties in September 2020, according to Realtor.com, was $350,000. That’s up 11% compared to last year. Inventory has declined 39% year-over-year, despite a quick burst of new listings in August. Increased demand and a dwindling supply are great for sellers but not so much for buyers.
