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    COVID-19 Housing Market Environment During & After

    Nearly a year later since the discovery of COVID-19, the economic world has taken a plummet. In reference to the National Association of Realtors®, we will talk about where the top 10 markets take a stand in the United States. Stats and further information can be read online from the 2020 Real Estate Forecast Summit 2020. All information and data are taken from the 2020 Summit booklet.

    From an intense decline in the economy and the job force. The rates of unemployment in the pandemic stand with 23 million workers out of a job (Lawerence, Yun, Ph.D., et al., 2020).In the present COVID-19 pandemic the top 10 markets are as stated in alphabetical order (pg. 5).

    • Atlanta-Sandy Springs- Alpharetta, Georgia.
    • Bosie City, Idaho.
    • Charleston-North Charleston, South Carolina.
    • Dalla-Fort Worth-Arlington, Texas.
    • Des Moines-West Des Moines, Iowa.
    • Indianapolis-Carmel-Anderson, Indiana.
    • Madison, WI.
    • Phoenix-Mesa-Chandler, Arizona.
    • Provo-Orem, Utah.
    • Spokane-Spokane Valley, Washington

    The NAR also noted prominent factors to the top 10 markets excelling in recovery and growth in the post-COVID environment. This can be found on pages 5-7 of the 2020 Summit booklet.

    “1) Fraction of the workforce working from home (2019)
    2) The share of multi-generational households (2019)
    3) Net domestic migration in a metro area (2019)
    4) Movers from expensive West Coast areas moving into another metro area (2018)

    5) Unemployment rate (September 2020)
    6) Share of workers in retail trade, leisure, and hospitality industries (2019)
    7) Small business openings relative to January 2020 (Nov 2020)
    8) Mobility to retail and recreation places relative to January 2020 (Nov 2020)”

    What does this mean for the market going into 2021?

    One cannot really tell. All that can be summarized and taken as a thought for today is.

    If the real estate market is staying at a steady or even rising during the end of 2020. Will the market rise even more as financial stability sets in for many families and individuals post-COVID?  It is hard for one to even tell. Yet, by the stats from NAR, the market has not taken too hard of a hit in a couple of states of the U.S. Only time is to tell.

    If you have the time, check out the rest of the 2020 Real Estate Forecast Summit here.

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