As housing omens go, beware of the trending Google search.
In the first week of April, U.S. search interest in the phrase “when is the housing market going to crash” jumped 2,450 percent compared to the previous month, and is now more popular than any time since 2004, according to Google. The search terms “should I buy a house” and “sell my house” also reached record interest.
Boston Real Estate Brokers
Market watchers are right to be wary. The median sale price of an existing home in the U.S. was $313,000 in February, up nearly 16 percent from a year earlier, when a 3 to 5 percent annual increase is considered healthy, according to a report from the National Association of Realtors, a trade group.
“I think it’s what’s on everybody’s mind,” said Jonathan J. Miller, a New York appraiser who analyzes markets nationwide. “How long is it going to last?”
The answer will depend largely on where you live and how the pandemic continues to reorder buyer priorities, but it will hinge on two trends: rising mortgage rates and incredibly tight inventory in some markets, which will likely keep demand strong through the rest of 2021, even as price growth moderates, several analysts said.
Boston Real Estate and the Bottom Line
If one were to base 2021 Boston real estate sales predictions on Google analytics, it would appear it’s going to be a tough year for Boston real estate agents and Boston condo sellers.
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Updated: Boston Real Estate 2021