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The pandemic had a significant impact on the real estate industry in the US, bringing about a bunch of changes and challenges. One big shift was the rise of remote work, which made people reconsider where they wanted to live. Suburban and rural areas, as well as smaller cities and towns, saw a surge in housing demand as folks sought out more affordable or desirable locations. According to Zillow, a good 11% of Americans moved in 2020, with 75% of them making the move for positive reasons like being closer to family or gaining more space.
Technology also played a major role during the pandemic, pushing the real estate scene into the digital realm. Virtual tours, online platforms, and digital transactions became the new normal, making life easier for both buyers and sellers. Plus, there's all this cool smart home stuff going on too.
But it wasn't all smooth sailing. The pandemic messed with supply chains, causing delays in property development projects and driving up construction costs. There was a shortage of materials, labor, and equipment, impacting both residential and commercial real estate sectors.
Oh, and brace yourself for this one—house prices went through the roof! The National Association of Realtors says the median existing-home price in June 2021 shot up a crazy 23.4% from the previous year. It's become a seller's market, man. Buyers are facing fierce competition and often have to make offers above the asking price just to stand a chance.
As for the future, it's a bit unclear. We're still figuring out the long-term effects of the pandemic on the real estate industry. But one thing's for sure, some of these trends we've seen might stick around or even intensify depending on what needs arise along the way.
