The pandemic upended America's housing market, delivering wins for homeowners and roadblocks for those still dreaming.

The big picture: High home prices and mortgage rates, plus a crunch on affordable housing, are keeping many from homeownership.

In the past five years, here are five ways the market transformed and what could come next:

1. Home prices skyrocketed

Cheap borrowing costs and remote work unleashed a homebuying frenzy early in the pandemic — and sent prices soaring.

The big picture: While the market has slowed, pent-up demand for housing is keeping Washington prices high.

What they're saying: "As soon as buyers and sellers have settled into new expectations, it seems the rug gets pulled out from under them," DMV agent Russell Brazil says.

2. Rates surged, buyers stalled

Mortgage rates surged after falling to the lowest levels on record in 2021. Higher monthly payments are sidelining many home shoppers, especially first-timers.

What we're hearing: Buyers threw caution to the wind when rates hit 20-year lows. Now that rates are higher, buyers are much more cautious, longtime DMV agent Samantha Damato tells Axios.

Between the lines: Rates are now hovering near 7% and are unlikely to drop much soon, experts say.

3. Inventory dried up

Those who scored ultra-low mortgage rates during the pandemic are hesitant to sell, locking up supply.

• Roughly 83% of U.S. homeowners with mortgages have a rate below 6%, down from around 88% a year ago, according to a recent Redfin analysis.

Yes, but: That's starting to change as homebuyers adjust to higher rates.

4. Cash-rich people jumped in

Cash buyers, many of them investors, snapped up homes at record speeds during the pandemic.

The latest: They've taken a step back since the highs of 2021, but ticked up slightly since 2023.

​​Between the lines: The DMV's luxury real estate market boomed last year, with higher-income buyers less burdened by interest rates and expensive prices and more willing to pay all cash.

The bottom line: Wealthier people are those most likely to buy homes in this expensive housing market.

5. The D.C. suburbs boomed

Washingtonians flocked to the suburbs in search of more space — and better deals. Despite suburban home prices skyrocketing, they continue to have strong demand, Brazil says.

What we're watching: The return-to-office orders for federal employees may spur a D.C. condo renaissance, which has been "stagnant" since 2020, Brazil predicts.

• The inner suburbs could see a boom, too.

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The median D.C.-area home price in February was $559,000, up nearly 34% from five years ago, according to Redfin.

Those who own their houses sit on a mountain of wealth.

Calling all Facebook marketplace sleuths! We want your tips and tricks for finding the best deals.

• Are there any particular local sellers that you love?
• Do you have any advice for negotiating price or refining your feed?

Hit reply with your insights.