almost 2 years ago
While experts were originally unsure of the COVID-19 pandemic would impact the housing market, a recent Residential.com survey has forecasted an increase in affordable starter homes going up for sale. This survey indicates an increase of 2%, from 8% to 10%, with the majority of homes (58%) valued at an entry-level price below $325,000.
In what was previously a struggling housing market, bidding wars are now becoming commonplace in certain parts of the U.S. These bidding wars have not been the result of lavish homes for the upperclass, but affordable spaces for families and young couples. Additional data to support a ‘return to normal’ for the real estate market includes a 30% rise in home listings from February to March, echoing previous selling patterns of listing homes in the spring time. Current data suggests the bidding wars may continue through the spring home buying timeline.
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