Keeping Up with Kimberly - Market Predictions & Trends for 2021

Demand will continue to exceed supply. Supply of homes for sale at an all-time low, showing the tightest housing market on record. Active listings declined 51% over last year
Home prices will continue to surge in double digits due to tight supply and low interest rates. All-time high in home prices
More buyers will enter the market due to improving economy and millennials reaching their prime home-buying years
Continued housing demand in lower density suburbs given increase in work from home fueled by the Pandemic
Average days on Market 32 days less than last year
With majority of population vaccinated, more sellers will bring their homes to the market for sale which will relieve some of the competitive pressure buyers are facing
Mortgage rates will edge up into the mid-to-low 3% range for 30 year fixed rate mortgages
Unemployment declining helping economy & housing market
Building materials & construction costs will continue to increase raising the prices of new construction
WFP will continue to be #1 independently owned carriage trade real estate firm in the Capital Region

Sources: Freddie Mac, NAR, Forbes, Inman, Zillow, Realtor.com

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