04/15/2021
US Housing Market Forecast 2021: Will Sales or Prices Crash.
Here are the latest housing market predictions for 2021 & 2022. The global pandemic shattered the world order and the US economy suffered its biggest blow since the Great Depression in the second quarter. It has been roughly one year when it put the housing market on hold for several months last spring. Even with rising mortgage rates and higher prices, economists say the housing market should remain strong due to very tight inventories and increasing demand as more millennials are projected to buy houses this year.
Now millennials make up the largest share of homebuyers in the US, according to a 2020 survey from the NAR. According to a new study by Realtor.com, buying is more cost-efficient than renting in a growing number of the largest cities in the country. This is encouraging news for the millions of millennials who are approaching peak homebuying age.
In 2021, so far, the housing market continues to be competitive for buyers resulting in higher home prices and quick-selling homes. In March 2021, the median home listing price reached an all-time high of $370,000, up 15.6% compared to last year. The large metros saw an average price gain of 12.1% compared to last year.
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The "housing market 2021" continues to be sizzling hot resulting in higher home prices and fast-selling homes. Here are latest housing forecasts and trends.