Southeast Florida real estate predictions for 2021 are favorable! The National Association of Realtors chief economist, Lawrence Yun, has readied real estate predictions for 2021. Last year the housing market was on fire with record-low mortgage rates and relocations made possible by remote job opportunities.

It is anticipated that home sales will maintain+ the 2020 momentum and will carry into 2021. The record low mortgage rates have been the key factor for home buying despite a challenging pandemic plagued job market.  Jobs will steadily recover especially knowing that the vaccine distribution is just around the corner.

Expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels. While it is expected that mortgage rates to rise again slowly, sales and price growth will be strong.  Sales will be solid driven by solid demand, recovering economy, and low mortgage rates. High buyer demand and still-lagging supply will keep prices growing, but at a slower pace than 2020.

The Federal Reserve has indicated that the interest rates will continue to be favorable.  And supply will rise based on the higher number of housing starts of single-family homes. This will give consumers more choices, and more importantly, will influence home price growth.

For specifics on an area of interest in the Southeast Florida real estate market please contact one of the real estate professionals at Waterfront Properties and Club Communities.