Market Update: 2021 Forecast
As the year of 2021 begins, real estate markets across North America are still feeling the effects of 2020 with strong sellers market conditions and relocation trends continuing across the nations. While buyers continue to compete for a limited amount of available listings, sellers can expect their homes to go for top dollar according to Realtor.com 2021 Housing Market Forecast and Predictions.
Seasonal trends are predicted to normalize across the United States compared to last year, meaning a strong spring and summer buying season is in store. Realtor.com expects to see an estimated growth of 7% in overall home sales compared to 2020 thanks to continuing demand and new inventory. In addition, housing prices are expected to rise another 5.7% over 2020’s record making year. This is widely due to key housing trends like remote work and relocation.
With similar relocation trends fueling real estate markets throughout Canada, average residential home prices are predicted to rise 4-6% in 2021, predicts RE/MAX Canada in a recent report. As move-up and move-over buyers continue to show their demand across the country with limited inventory to go around, 45% of RE/MAX brokers believe this will be the primary market driver as 2021 unfolds.
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