No Signs of Slowing Down in 2021
When it comes to the 2020 housing market, the data doesn’t lie. With over 5.66 million homes sold, the year topped the charts with a growth rate of 6% over 2019! Home values went through the roof, and the market was a seller’s paradise. With 2021 in full swing, the housing market shows no signs of slowing down and is poised to be even stronger. According to HousingWire, the market is expected to hit 6.9 million sales by the end of 2021!
Current Trend Is Here To Stay
With the strong housing market, sellers will continue to get top dollar while buyers struggle with affordability. It is predicted that there will be another active spring and summer home-buying season in 2021 that may create a supply and demand problem. With a wave of Millennials hitting their mid-30s, this demographic is searching for a place to settle down, raise a family, and call home. Due to this surge in home buying, the inventory will remain insufficient, creating a substantial home price increase.
With an already limited number of homes on the market and a high demand for property, the seller’s market -vs- buyer’s market is being thrown off balance. The current market is and will continue to skew in the seller’s favor, which in turn causes home prices to increase. This idea coupled with low mortgage rates means that sellers will continue to be in a good position in 2021.
Raleigh Housing Market
With Raleigh, NC predicted to have a 6.0% yearly sales growth and a 3.9% price growth. Buyers will continue to come out in droves to find the right home in our ever-growing metropolis. With low mortgage rates and a technology-rich city that Millennials flock to in groves, home prices will continue to rise while supply will remain limited.
To Sum It Up
Home sales have risen to a 14-year high and regions across the country are seeing sales prices that have double-digit growth. The flow of buyers has remained abnormally high and there is no end in sight. With record-low mortgage rates and a shortage of inventory, the US housing market is expected to stay strong through the summer months.
Interested in Buying or Selling a Home?
At Oak City Properties, we have been helping those in the Raleigh area purchase and sell homes for years! Whether you are a family trying to sell your home or a landlord wanting to downsize your rental portfolio, our full-service property management company is here to help.
Want to read more?
Take a look at the following blogs about property management services
- What to Expect from a Property Management Company?
- 7 Benefits of Using a Property Management Service
- Do You Need A Property Management Company?
- How a Property Management Company Can Help with a Vacant Rental
Take a look at the following blogs about the Raleigh Housing Market