On December 10, the National Association of REALTORS® held a virtual economic and real estate summit to give a year-end recap of industry trends and projections for the post-election market. According to a survey conducted by the NAR of over 20 top economic and housing experts, here are a few things we can expect in the new year.
1. Annual median home prices to increase by 8% in 2021
2. Average annual 30-year fixed mortgage rates of 3% in 2021
3. 18% of the workforce will be doing their jobs from home in 2021
NAR president Charlie Oppler also gave a positive projection when he stated, “Overall, residential real estate will continue to be an important driver of our nation’s economic recovery.” This means that if you are thinking of buying or selling your home, there may be no better time to put your plan into action than 2021.