While 2020 was certainly a wild ride, the for-sale housing market showed incredible strength last year. 2021 is set to be an even stronger housing market across the board!
Zillow is forecasting 21.9% annual growth for a total of almost 6.9 million homes sold in 2021. According to the US Department of Housing’s market data summary, that would be the biggest annual sales growth since 1983.
The growth doesn’t stop with sales! Home price appreciation will reach its fastest pace since the Great Recession, due in part to the thriving competition of the current market, so it’s a good time to get an updated appraisal for your home’s value.
In addition to this exceptional market growth, demand for city living is projected to surge in 2021, making popular cities like Nashville even more desirable for buyers. Urban living might have gotten a bad rap this past year because of the pandemic, but city living will almost certainly enjoy a renaissance in 2021.
Thanks to low mortgage rates over the past two years, mortgage payments have become more affordable for homeowners. A slight rise in mortgage rates and rapid price growth are foreseeable for 2021, but will do little to dampen the financial appeal of home ownership, especially when compared to renting.
2020 brought more Zoom calls and digital presence for most people, and the growing popularity of virtual tours makes the search for a new home even easier this year. In a recent Zillow survey, 43% of people said they were more likely to sell a home entirely virtually. Our video tours (like this gorgeous Brentwood home tour) are the perfect way to view our listings safely and conveniently from the comfort of your home, especially for out of state buyers!
Ultimately, we expect 2021 will be a year unlike any other as the housing market responds to the challenges and changing preferences that emerged in 2020. Needless to say, we’re ready for what 2021 will bring!