I just posted an article in the Dallas Morning News about home prices in DFW skyrocking. Here’s the link to that article … https://bit.ly/3pzZTeB I’ve never seen an article like this in December, typically one of our slowest months of the year.
And if that doesn’t convince you this is the time and year to sell, look at this article that just came out from the National Association of Realtors.
NAR identified 10 markets that have shown resilience during this pandemic period and are expected to perform well in a post-COVID-19 environment in the next two years. In alphabetical order, the markets are:
“Some markets have been performing exceptionally well throughout the pandemic and they’ll likely carry that momentum well into 2021 and beyond because of strong in-migration of new residents, faster local job market recoveries and environments conducive to work-from-home arrangements and other factors,” Yun said.
NAR identified the top 10 metro areas by considering a variety of indicators that it views to be influential to a metro area’s recovery and growth prospects in a post-pandemic environment over the next two years, including: unemployment rate; net domestic migration, including movers from expensive West Coast areas; share of workers in retail trade, leisure and hospitality industries; mobility to retail and leisure places; and the fraction of the workforce working from home, among others.
“As we look towards 2021 and beyond, expect these 10 markets to perform strongly with potential buyers finding conditions particularly favorable to purchase a home,” said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby’s International Realty. “Overall, residential real estate will continue to be an important driver of our nation’s economic recovery and the activity in these markets will help lead the way.”
Low unemployment rates compared to the national average signaled strong employment environments for residents of these areas. At 4.2%, Provo-Orem boasts the lowest unemployment rate among those listed, followed by Madison at 4.3%, Charleston at 4.7% and Des Moines at 5%.
Areas that are already attractive destinations to purchase a home, especially among movers from more expensive West Coast cities, may attract more technology workers, many of whom are from organizations with very flexible, and in some cases permanent, work-from-home policies. Overall, the Phoenix metro area attracted the largest number of movers from West Coast metro areas, with Dallas ranking second. Atlanta had the highest share of workers working from home at 8.8%, compared to the national share of 5.6%. Spokane also had a high fraction of the workforce work from home at 7.2%.
To view NAR’s Top 10 Markets During and in a Post-COVID-19 Environment report, visit https://www.nar.realtor/reports/top-ten-markets-during-covid.
The 2020 NAR Real Estate Forecast Summit consensus forecasts are compiled as the median of the responses of 23 economic and housing market experts who participated during the 2019 and 2020 summits. The survey was conducted from November 19 through December 4, 2020.
To view the 2020 NAR Real Estate Forecast Summit consensus forecast report, visit https://www.nar.realtor/research-and-statistics/research-reports/2020-consensus-forecast.
The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.