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2020 was a heck of a year, but we made it through.
What do the market numbers tell us?
2020 was a seller’s market. Terradatum reports a 2% decrease in people listing their homes in 2020 compared to 2019. This could stem from the big events early in 2020 that caused people to feel a sense of instability, economically and otherwise, and stay put in their properties. At the same time, many industries moved fully remote, and as the pandemic grew quickly in more populated areas, people took the opportunity to seek housing in less populated, more affordable areas where they could work remotely in comfort. This created a mad dash for available listings, leading to increased percentages in the other segments. Buyers had to move fast to nab available properties, which created demand for homes in many areas. Listings sat on the market for less time than 2019 on average and sold for more.