2021 Housing Market Predictions: 14.5M Americans Will Move Out of Town, Stimulating 10% Sales Growth
Redfin analysts remain bullish on the housing industry leading into 2021 as mortgage rates are expected to remain at historic lows, 14.5 million Americans are expected to relocate as some firms transition to permanent work from home. Analysts predict inflows into price sensitive cities like Buffalo, Cleveland, and Pittsburgh given lower costs of living and lower employment costs. Though San Antonio, Tuscon, and Tampa Bay, are expected to be hottest housing markets as many become priced out of markets like Austin, Phoenix, and Miami.
Multifamily investors should take note of single-family home prices, net population changes, and employment trends. At EM Capital we make note of both macro and micro level economic trends prior to investing. We look forward to carefully analyzing 2021 population trends as we continue to pursue new deals across the country.