As 2020 is coming to a close, we could not be more excited to start looking ahead to what 2021 has in store. The past year has been an interesting one for the housing market as many have been on the move during the pandemic. According to a recent article, findings from the 2021 “Emerging Trends in Real Estate” report ranked “Raleigh-Durham (No. 1) and Charlotte (No. 5) for expected growth in top housing construction markets next year among the nation’s 80 largest markets.”
Experts attribute these findings to the continued migration to North Carolina as a whole. In fact, one map in the report, showing migration patterns of U-Haul trailers by homebuyers, also shows Charlotte and Raleigh as major destinations. The same map also showed that many people are leaving bigger metro areas such as New York, Boston, and Chicago.
Where are the top housing construction markets?
The top 10 housing construction markets in 2021 is below:
- Raleigh/Durham, N.C.
- Austin, Texas
- Nashville, Tenn.
- Dallas/Fort Worth, Texas
- Charlotte, N.C.
- Tampa/St. Petersburg, Fla.
- Salt Lake City, Utah
- Washington D.C./North Va.
- Boston, Mass.
- Long Island, N.Y.
Relatively speaking, home prices are lower in North Carolina when compared to large Northern and Western cities; and when coupled with telecommuting amid the pandemic, such migration out of larger cities is expected to continue. Therefore, home price and less of a need to live where you work, are two main factors that are suspected to be the driving force behind this 2021 prediction.
