What's Hot: The 5 Zip Codes in the Maryland Suburbs With the Highest Home Price Appreciation in 2024
Could 2021 Be the Strongest Year for the Housing Market Since 2005?
✉️ Want to forward this article? Click here.
If you thought 2020 was a strong year for the housing market, 2021 may blow it out of the water. At least that is Zillow's assessment, per their 2021 sales forecast.
Below, UrbanTurf highlights a few of Zillow's predictions.
story continues below
loading...story continues above
- Existing home sales may increase by 22%. 5.7 million existing homes are expected to have sold by the end of 2020, but Zillow expects that number to be even higher by the end of next year. The company predicts nearly 6.9 million existing homes are expected to sell in 2021. This would be a 21.9% year-over-year increase in sales — the biggest year-over-year gain since the early '80s — and the most existing homes sold in a year since 2005.
This increase will be propelled in part by the momentum of 2020, as well as mortgage rates that will continue to be low, keeping interest in homebuying high. Millennials and Generation Z are also expected to be more active in the market.
"The aforementioned financial and demographic forces, combined with a year-plus of pandemic and quarantine life that has reshaped people’s housing needs, priorities and opportunities will help ensure high demand persists well into 2021," the report states.
- Home values will be at least 10% higher by this time next year. Zillow anticipates that year-over-year home value growth will peak in June next year, at 12%, and that for November 2021, the average home value growth will be 10.3% year-over-year. This may encourage more homeowners to list their properties, which could alleviate some of the constrained supply and corresponding price growth by mid-year.
See other articles related to: existing home sales, existing homes, housing market predictions, housing market trends, market predictions, zillow
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/could-2021-be-the-strongest-year-for-the-housing-market-since-2005/17679.
Most Popular... This Week • Last 30 Days • Ever
Today, UrbanTurf takes a look at the office-to-residential conversions on the boards ... read »
Today, we take a closer look at home insurance.... read »
The new project is just the latest affordable development to move forward in DC.... read »
The beautiful four-story property, with three renovated units offering more than $200... read »
The nearly 12,000 square-foot McLean house of the former Washington Nationals pitcher... read »
- A Look At The 9 Office-To-Residential Conversions On The Boards in DC
- A Look at What is Covered By Home Insurance
- 11-Story, 46-Unit Development Pitched For A Pair Of Downtown DC Rowhouses
- Elegant Dupont Circle Rowhouse, Boasting Huge Rental Income Potential, Hits the Market
- Stephen Strasburg's McLean Home Sells For $8.55 Million
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro