Lawns and shrubs usually rest in winter, like residential real estate - NOT this year!

Typically real estate rests in winter, after an often hectic spring. Folks have other things in mind besides making a move. This year is decidedly different! Sales are strong, and with a shortage of homes available for sale, prices are rising instead of slipping back. 2020 was a record year, with Palmetto State home sales topping 100,000 for the first time, up 2.4 percent in a year challenged by the pandemic and general economic slowdown. Looking forward, Zillow forecasts over a 9% increase in prices in 2021 following a statewide median price rise of 12.1 percent last year.

Why the robust market? Thanks to the pandemic, houses have taken on a larger portion of our lives. Many now work from home, and some attend school there, at least in part. All of this means more and different space utilization, often requiring a change of houses. Home offices usually need to away from the normal noise and activity that accompanies a busy home. Students are easily distracted by home life, needing a space for study. The result is a trend back to larger houses, providing space for living, work, study, and play.

What happens when the pandemic subsides? While it is not certain, I suspect many people will continue to work from home if they can. Technology has made it possible to be very productive while allowing personal time flexibility not found in office work. With schools facing needs for additional space resulting from growth, one solution might be to have students conduct some classes remotely.

All of this bodes well for real estate, especially considering the underlying growth of the population and economy in the Lowcountry. Zillow's forecast may prove accurate, or possibly even low!

Contact me today to talk about finding your new home or listing your home. There's no better time to sell!