Are you thinking about becoming a real estate agent? Perhaps you are either buying or selling a home in 2021. Whatever the case may be, it is essential to get a better understanding of what the housing market will look like in the year ahead.

That said, there are a few important trends to be aware of that can help as you navigate the market throughout 2021.

Suburbs Are in Demand

COVID-19 has changed a lot of things. There is a greater necessity for working from home than ever before. That means space has become especially attractive to those searching for a home. Suburban areas were already trending upward before COVID-19, and they are now becoming more popular than ever.

Suburbs also tend to deliver a lot more bang for your buck. Being located 20 to 30 minutes from downtown may not put you in the middle of the action, but it will provide a lot more house for the money.

Prices Are Still Rising

One of the complications of COVID-19 was that the housing inventory was in shorter supply during 2020. As a result, prices spiked. Don’t expect that trend to slow down as 2021 progresses, since there is still a noticeable shortage in available housing while demand continues to be strong.

That makes this a seller’s market. Median home sales prices are anticipated to rise by about 5% to 6% in 2021 with the turnover rates better than they have ever been.

Virtual Experience

As you can guess, COVID-19 has changed the way that real estate showings have been conducted. More and more, potential homebuyers are looking for new homes by doing virtual walkthroughs. There are also live stream features for things such as open houses, virtual tours, and more.

These are just a few of the things that are expected to impact the real estate market in 2021. Things can and do change all the time, but these are trends that aren’t likely to go anywhere anytime soon. Knowing these things will help better prepare both buyers and sellers alike.