Market Pulse – March 1st, 2021
The average local homeowner who sold last month pocketed an average $37,438 more than someone who sold January last year. That’s a 21.2 percent year-over-year appreciation and better than double 10.4 percent national growth rate cited in the current S&P CoreLogic Case-Shiller Home Price Index. It’s the best housing price performance since 2013, and consistent with the view that COVID has encouraged potential urban area buyers to move to suburb and rural areas, according to Craig Lazzara, managing director and global head of Index Investment Strategy.
This may indicate a shift in housing demand or may simply represent an acceleration of moves that would have taken place over the next several years anyway, he said.
Locally real estate professionals, homeowners looking to sell, civic and government officials are scrambling to make the most of keeping up with the higher-than-normal housing demand.
Short-term outlook for the prime spring and summer buying and selling season is for little change. Some buyer fatigue has been cited as a headwind as has predictions that mortgage rates will begin increasing. Neither is expected to have a significant effect on sales or price performance.
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,600+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us