Post-COVID Real Estate Market: What’s Changed?
The real estate market has undergone significant changes in the wake of the COVID-19 pandemic. As a professional real estate agency, we understand how these shifts affect both buyers and sellers. If you're looking to sell your house fast in Houston, it’s essential to grasp these changes to navigate the current market effectively.
Is there a surge in demand?
The short answer is yes.
After the initial lockdowns, many people began to seek more space, leading to a surge in demand for homes. According to a report from the National Association of Realtors, home sales increased by 20% in 2021 compared to 2020. This trend reflects a growing desire for larger homes with outdoor space, as remote work became more common.
Houston Real Estate Market Overview (2020-2023)
| Year | Total Home Sales | Average Home Prices | Median Days on Market | Percentage of Homes Sold Above Asking Price | Average Interest Rate (%) |
| 2020 | 75,000 | $290,000 | 50 days | 30% | 3.1% |
| 2021 | 90,000 | $335,000 | 35 days | 45% | 3.0% |
| 2022 | 85,000 | $385,000 | 40 days | 40% | 5.1% |
| 2023 | 80,000 | $400,000 | 45 days | 35% | 6.4% |
As you can see from the table, even though sales have dipped slightly in 2022 and 2023, the market remains active, providing ample opportunities for sellers.
Why people shift to suburban living?
Many people have shifted their focus from urban centers to suburban areas. This change is largely driven by the desire for more space and a quieter lifestyle. According to a study by the Pew Research Center, 52% of Americans who moved during the pandemic said they were looking for more space.
If you're considering selling your home, keep in mind that suburban properties are increasingly in demand. Buyers are looking for homes with yards and access to parks, making it an excellent time to list your home.
Is there a way to prepare your home for a sale?
Again, the short answer is yes. We have written a lot of articles on how you can prepare your home for a sale. But the short version would be this;
- Enhance Curb Appeal: First impressions matter. Make sure your lawn is well-maintained, and consider adding fresh paint or landscaping.
- Stage Your Home: Staging can help buyers visualize themselves in the space. Consider decluttering and rearranging furniture to create an inviting atmosphere.
- Pricing Strategically: Work with your real estate agent to determine a competitive price based on recent market trends and comparable homes in your area.
Conclusion
The post-COVID real estate market has brought about notable changes that impact how homes are bought and sold. As a professional real estate agency, we are here to guide you through these shifts. Whether you're looking to sell your house fast in Houston or simply want to understand the current market landscape, we are ready to help you navigate this evolving environment with confidence.