Now that all Americans are eligible for the vaccine, experts are bullish about residential real estate in 2021.
Driving the news: Zillow's recent Home Price Expectations (ZHPE) survey shows inventory should pick up once more people are vaccinated.
- Many potential sellers have been waiting to put their homes up for sale until COVID trends improve. And with more Americans vaccinated, the time could be soon.
Yes, but: Demand and home prices will continue to increase too.
The big picture: Throughout the pandemic, with many people working remotely, there's been a big emphasis on home. That, paired with historically low mortgage rates, has caused home-buying demand, and home prices, to surge.
- 95% of the experts who participated in the ZHPE survey think the preference for remote work is permanent.
By the numbers: Average and median home prices were up 17.1% in February 2021 compared to February 2020, according to Greater Tampa Realtors latest data. The median was $295,000 and the average was $355,275.
- Inventory was down 61.8%, with less than a month's supply.
- Homes went under contract in 13 days on average in February 2021.
What's next: More than 50% of ZHPE panelists expect inventory to grow in 2021.
- A Zillow study from earlier this year found that 70% of homeowners would be more comfortable moving with widespread COVID-19 vaccine distribution.
The local angle: The more recent Zillow survey also found that people's desire for waterfront property has increased over the last year.
- Sarasota was a top destination in 2020 because of its relative affordability and beach lifestyle, among other things.
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