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Record-breaking year for residential real estate

The for-sale residential real estate market emerged strong in 2020 as low mortgage rates and a wave of first-time buyers among other factors boosted housing stats. With only a few days left in the year, 5.9 percent more homes are expected to be sold than in 2019.

One of many unexpected events brought on in 2020 was the impact it had on the housing market, going from steady to soaring over the course of the year.

The for-sale residential real estate market emerged strong and remained that way.

Others in the market, however, did not fare as well. Rent appreciation slowed in the rental market, COVID-19 having a disproportionate impact on renters.

Although the market briefly hit pause in spring due to uncertainty and widespread stay-home orders, 2020 was a record-breaking year in residential real estate.

Triple demand drivers of low mortgage rates, waves of first-time buyers and changing consumer preferences and remote work options coupled with supply shortages and shifting rent patterns took many housing stats to extremes.

According to Zillow, an expected 5.7 million homes to trade hands by the end of the year; 5.9% more than did in 2019.