What Can we Expect in 2021

Appreciation is still increasing Year over Year. This year alone it grew by 3.8% according to NAR's housing index.

Inventory has been on a steady decline with buyers taking advantage of the historically low interest rates. We had a spike in the summer, however, with the increased buyer demand, that inventory quickly went away as inventory began to decrease more and more through the end of the year.

Mortgage rates have been hitting new historical lows throughout the year. So far, projections have panned out to be exactly what Freddie and Fannie forecasted them to be. Things could always change, however, all current indicators are showing rates to be sub 3% well through Q4 of 2021.

The interesting conclusion from Chief Economist at NAR. 2020 has taught us that things can change fast AND that the real estate market withstood (and in some cases thrived) trying economic blows.