Filing yet another data point under “weird things that happened in 2020”: The housing market boomed despite a global recession.
Residential housing experienced a mild dip in March of 2020 but recovered quickly, picked up steam, and is projected to keep rising in 2021 and 2022. Suburban single-family homes are the winners in this market. Here’s why:
Mid-tier or second cities have caught the eye of Millennials and developers over the last decade. Cities, such as Fort Worth, Colorado Springs, Sacramento, and Jacksonville, have experienced a noticeable uptick in growth. Second city suburbs present an opportunity for home builders to thrive in an otherwise tough land acquisition and labor market.