2020 Real Estate Market Review for Summerville

Summerville 2020 Real Estate Market Review

Watch my 2020 review of the Summerville market and predictions for 2021.

Summerville 2020 Stats for Single Family Homes

Median Sales Price = $297,000 (8.3% increase from 2019)

Percentage List Price to Sales Price = 98.9%

Median Days on Market = 5

Months Supply = 1 month

# Homes for Sale = 405

# Homes Sold 2020 = 4633 (32.2% increase from 2019)

2021 Predictions

Lawrence Yun, Chief Economist, National Association of Realtors (NAR)
“In 2021, I think rates will be similar or modestly higher, maybe 3%…So, mortgage rates will continue to be historically favorable.”

Danielle Hale, Chief Economist, realtor.com
“We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”

Robert Dietz, Senior Vice President and Chief Economist, National Association of Home Builders (NAHB)
“With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.”

Mark Fleming, Chief Economist, First American

“Mortgage rates are expected to remain low for the foreseeable future and millennials will continue forming households, keeping demand robust, even if income growth moderates. Despite the best intentions of home builders to provide more housing supply, the big short in housing supply will continue into 2021 and likely keep house price appreciation flying high.”

Summary

All in all, it was a great year for real estate.  There are more details in the video and if you have any questions, please reach out!  Contact me here.