Market Pulse – March 8, 2021
Realtor.com’s economic forecasting team thinks the market will return to seasonality this year. The typical seasonal patterns were tossed out the window last year as individuals and the markets adjusted to COVID’s effects.
The 2021 forecast calls for a strong spring and summer home buying and selling season. Things are expected to wind down in the fall and winter.
The local seasonal markets historically see fewer sales variances than the national market since the local market is not moved by the school calendar to the same degree as markets with a higher share of families with children.
A 2008 through 2018 study of NE Tenn. – SW Va. home sales by NETAR found:
- 26 percent closed during the Spring season.
- 29 percent closed during the Summer season.
- 26 percent closed during the Fall season.
- 19 percent closed during the Winter season.
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