Forecasting The 2021 Housing Market

The Coronavirus has exerted a negative influence on many sectors of society and the economy. However, as the economy gradually continues to recover, home builders in Leland NC are proud to proclaim to our loyal customers that the housing market is solid and expected to only improve in 2021.

Housing market observers and economists opine that the most phases of the industry should enjoy prosperity during the upcoming year including:

Those in the know estimate that home sales will increase by as much as 7 percent this year.

These figures are attributed to several factors, such as the continued migration out of large cities to more suburban or rural regions, a resurgence of building projects, and a growing demand from buyers representing different age groups.

Economists believe housing prices will finish 2021 at roughly 6 percent higher than 2020 averages. That said, these numbers are expected to vary at different times of the year.

For example, prices should be lower at more optimal home buying periods like the spring and summer months. However, said costs are anticipated to increase during off-peak periods including the holiday season.

The availability of new constructions took a major hit last year because of Covid-19 travel and social distancing restrictions. However, with contractors back on the job in most regions, market observers opine that there should be a greater number of new homes built.

In 2020, new home construction decreased by roughly $4 million. Though economists caution this number will not be entirely overcome in 2021, the deficit will not be nearly as harsh.

Housing experts believe 2021 will produce several trends such as:

Suburban and Rural Relocation

As pandemic-related restrictions still preclude many individuals from returning to their offices, a discernible percentage of people have decided to forego the city for less fast-paced and stressful environments.

Increased Number Of Remote Workers

The pandemic has also either forced or enabled a solid percentage of the workforce to conduct their business remotely. Said events enable people to relocate to their place of choice.

Trusst Builders Group has proudly constructed custom-built homes since 1992, can boast a long list of satisfied customers, and looks forward to expanding our loyal base in 2021 and well beyond.