Real estate may feel the effect of COVID-19 until the end of 2021 — and possibly even longer.
Zillow Group published its latest housing market projections Monday, outlining three scenarios for home prices and sales over the next year-and-a-half.
Using a baseline prediction that GDP will decrease 4.9% in the U.S. this year, and go up 5.7% next year, Zillow estimates a 2-to-3% drop in prices through the end of 2020 compared to Q4 2019 levels, with normalcy returning by Q3 2021. It also projects as much as a 60% decline in home sales this quarter measured from the end of 2019. Sales volume will bounce back by the end of 2021.
Find more information here: https://www.geekwire.com/2020/zillows-housing-market-projections-home-sales-will-fall-60-prices-will-dip-2-3/