It’s impossible to predict the future, but here’s a look at where the real estate market stands at the beginning of 2020.

First-Time Buyers Toss Their Hats in the Ring

FIRST-TIME BUYERS COMPRISED 33% OF ALL HOME BUYERS.

EXPLAINED: MANY OLDER MILLENNIALS (AGES 29 TO 38) ARE GETTING INTO THE MARKET.

BIGGER PICTURE: LOW RATES MAKE A MONTHLY MORTGAGE MORE APPEALING THAN THE MONTHLY RENT, ENCOURAGING YOUNG PEOPLE TO PURCHASE A HOME AND BUILD EQUITY.

Existing Home Sales Looking Up

EXISTING HOME SALES INCREASED IN 2019.

EXPLAINED: BUYERS TOOK ADVANTAGE OF LOW INTEREST RATES, LEADING TO MORE HOMES BEING SOLD. 

BIGGER PICTURE: IT’S A GOOD TIME FOR SELLERS, WITH HOMES SPENDING ABOUT A MONTH ON THE MARKET.

Home Prices Continue to Rise

HOME PRICES CREPT UP SLOWLY YEAR-OVER-YEAR IN 2019

EXPLAINED: INVENTORY IS STILL TIGHT, CONTRIBUTING TO A STEADY INCREASE IN PRICES.

BIGGER PICTURE: DESPITE THIS STEADY INCREASE, HISTORICALLY LOW MORTGAGE RATES MAKE THE MONTHLY PAYMENT MORE AFFORDABLE.