One of the major underlying drivers of these trends is a shift from big cities to the suburbs, which began far before 2020. However, the COVID-19 pandemic has hastened this process.
The pandemic has hastened digitization in all industries. The housing market is no different. Because of the pandemic and the competitive property market in 2020, some customers bought their homes without seeing them.
The COVID-19 pandemic has driven suburban migration from large cities. For the next 3-5 years, the trend of people opting not to live in big cities may continue. The shift is driven by two factors: need and choice.
According to realtors, home sales have grown another 10% in 2021, bringing them to their highest level since 2006. In 2020, single-family house searches reached their highest level in four years.
Current real estate trends are intricately linked. Prices for single-family homes climbed in 2020 as a result of growing demand and dwindling supply and are likely to stay high in 2022 and beyond.