So far this year, everything has been in flux. The housing market has not escaped the unexpected shutdowns and the halt in new construction. However, as the economy recovers and mortgage rates remain low, the market shows no signs of slowing down to a stop. The need for housing will continue to grow, especially in areas that are attractive to those who can work from home.
- According to the National Association of Realtors, home sales are on track to hit 5.4 million in 2020, slightly ahead of the 2019 level of 5.34 million.
- U.S. luxury home sales increased 41.5% year over year in the third quarter, the largest jump since at least 2013 according to Redfin.
- According to Bloomberg Wealth, “ cheaper borrowing costs are driving demand for larger properties with more room to quarantine. And with many corporate workers no longer tethered to office buildings, there’s a shift away from expensive markets.”
- The median existing-home price for all housing types in September was $311,800 – up 14.8% from September 2019 according to the National Association of Realtors.
- The National Association of Realtors says there are fewer homes on the market today than it’s ever seen in records going back to 1982. And when a home comes on the market it’s on the market for an average of just 21 days.
- According to CNBC, Single-family housing starts rose slightly in August up about 12% annually, which still lags behind the current demand. The number of homes under construction was just 1% higher than a year ago.
We know that your business is closely connected to the housing market, so when it goes up, your business goes up as well. If you need help adjusting your marketing strategy to fit these rapidly changing times, contact us today to see how we can help you thrive!