Tis the season for year-end lists and predictions, and Redfin released its top 10 predictions for the 2021 housing market.
Without further ado, here’s the list:
- Mortgage rates will remain historically low at 3 percent
- There will be more home sales than in any year since 2006, but price growth will slow
- There will be more new homes built than in any year since 2006
- The number of Americans relocating will be the highest it has been in 16 years, which will help the economies of affordable places like Buffalo, Cleveland and Pittsburgh
- The homeownership rate will reach 70 percent for the first time since 2005
- San Antonio, Tucson and Tampa will be the hottest housing markets as major southern cities like Austin, Phoenix and Miami become unaffordable
- Expensive cities will invest in their culture and lifestyle to attract residents and tourists
- Most homebuyers will make an offer on a home sight unseen
- 2021 will usher in a new era of price competition for real estate agents
- Everything associated with buying or selling a home will be offered at one-stop-shops
We will check in next year at this time to see how they did.