A Seller’s Market: Real Estate
in the Wake of The Pandemic
In the year 2021 over 6 million homes were sold! 2020 and 2021 saw the highest levels of homes being sold since 2006. This is due in part to the pandemic which saw inflation levels rise higher than we’ve seen since the 1980’s. As inflation rises, property values also go up and more people are looking to sell their homes.
The numbers don’t lie, between Sep 2020-2021 the Case Shiller US Home Price Index rose 18.6%! The pandemic saw production blockages and problems occurred with producing building supplies. With building supplies costing more, home prices were rising, and more people were looking to buy homes from sellers, and with such a high demand the average cost of homes skyrocketed.
While this may seem intimidating if you’re looking to buy a home, don’t worry, with the pandemic beginning to calm down production should resume and product-demand issues should resolve. If you’re looking to sell, great! It’s a sellers market and these trends should continue into the new year. If you’re looking to learn more about real estate amidst a global pandemic, take a look at the infographic below: