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Housing sector boomed in 2020

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Posted at 5:29 PM, Dec 29, 2020
and last updated 2020-12-29 19:50:05-05

GREAT FALLS — 2020 has been a unique year for real estate. Though the pandemic slowed the majority of the economy the housing sector boomed.

This year the U.S. entered into a period of the best demographics for housing ever recorded.

Buyer demands soared, bidding wars became frequent, and mortgage rates hit a new record low.

This year’s pandemic has kept people in their homes more often than ever creating a growing need for people to expand their space for their jobs and other activities.

But with 2020 almost at its end, will it also be the end of the current housing boom? Experts say probably not.

According to specialists, we can expect more low rates, still rising prices, and more people moving to suburban areas.

“I really do expect it to stay the same in 2021,” said Great Falls real estate agent Ron Dodd. “And it may even get worse because as we’re rolling out the vaccine, people are going to free up to travel and people are going to vacate where they were.”

Of course as we’ve seen this year, some things can’t be predicted, but if these real estate trends continue, 2021 is shaping up to be another good year for the housing industry.