2019 was a strong year for real estate in Indiana and throughout the country. Home prices rose at a steady rate, and home sales were consistent year-round. As the new year approaches, many are wondering what 2020 will bring for the real estate market. Here are some potential housing trends to watch for in 2020:
As the market for traditional types of real estate slows, the trend towards community-oriented development will continue. Not only does this include the development of workspaces, green urban markets, and food-centric cafeteria-style places, but also the development of new condos, apartments, and townhomes.
As the housing market slowed toward the end of 2019, many started to fear another housing recession. Indeed, the market did show some signs of a potential recession, including a decline in residential permits and car sales. However, experts forecast that there won’t be a housing recession in 2020 – instead, a slower market with a plateau in homeownership levels may just be the new normal, and nothing to worry too much about.
As millennials start having kids of their own and thinking about homeownership, it’s expected that the slowing of the competitiveness of the market (i.e. a decline in people outbidding each other and pushing up prices) will encourage millennials and other first-time buyers to enter the market. In fact, over the next 10 years, the population of first-time homebuyers is expected to be about 3.11 million people larger than it is today. The fact that millennials are expected to enter the market, and are likely to purchase homes in the suburbs, means that 2020 may see the rise of “hipsturbia” – hot locations outside of big cities with developments that “favor density, retail, recreation, and transit access.”
While market trends seem like they’ll stay consistent and friendly through 2020, the market can be volatile. As such, if you’re thinking about buying or selling a home in Indiana, it’s best to consult with a skilled real estate agent who can assist you in understanding market trends and prices, as well as how to get the most bang for your buck.
At The Jana Caudill Team, we’re one of the top-selling teams in Indiana. With years of experience and a positive reputation, we can provide both buyers and sellers with comprehensive services. To learn more, please contact our team directly or send us a message online today.