If you’re one of the many folks wondering what’s going to happen in 2020, you’re more than welcome to have a copy of our 2020 Housing Forecast Executive Report; just text or email us and we’ll be happy to discuss the details with you.
This report covers a vast array of market metrics, but today I’m sharing the most interesting items from it that not only affect your home, but also your family, friends, and coworkers.
First, expect job growth for 2020. We had a record year in 2019—a 2.8% increase! Though that will likely drop a bit throughout this year, it’s still forecast to be a cozy 2.3% increase.
Experts are anticipating 13,700 people migrating into our area, which is more than the number of people leaving. Our labor market was crazy last year, with unemployment at 2.2%. We haven’t seen unemployment that low in 70 years! For 2020, that rate is projected to be around 3%.
2019 was also a record year for new construction homes. 10,000 new homes were built, and in 2020 we’re likely to see a slight decrease to about 8,500 newly constructed homes. Interestingly enough, of those 10,000 built in 2019, 75% were apartments.
All the top economists are in loose consensus that interest rates should remain below 4% this year. Our median home price in 2019 for single-family homes was $380,000, and it’s expected to increase by 5%. We’re also anticipating that condo and townhome prices will increase by 10%.
If you’re looking to buy or sell a home this year or you simply want more in-depth information about how the market is trending, please feel free to reach out via phone or email. We love hearing from you and are always glad to help.