According to the experts at CB Caine, Upstate real estate is poised for major expansion this year. The 2020 real estate market will be driven by continued low interest rates, high demand, restricted inventory and – yes – even higher home prices.
Here are their top 3 predictions for real estate in 2020:
🔮 Prediction #1: Millennials will dominate the market.
Millennials are expected to represent over 40% of the buying market in 2020. Many millennials say that owning a home is their #1 goal (above getting married or having children), so higher wages and low interest rates (~3.8% for most of the year) will help those with this goal. And while home prices are predicted to grow by 2.8% in 2020, the Upstate will remain affordable compared to other regions.
🔮 Prediction #2: Tight Inventory will continue and push prices higher.
In 2019, new listings available increased, but so did closings at a similar rate – so, while new inventory came to the market, much of the inventory was being absorbed. Analysts predict this trend will continue due to the balance between millennials and baby boomers.