2021 Real Estate Market Trends
2021 has been nothing short of surprises since the New Year was brought in less than two months ago. However, that doesn’t stop the real estate market’s fluctuating numbers in many sectors across the country. COVID-19 can most likely be the root of the extremely vast changes seen that effects the lives of all. Nevertheless, not all changes coming into this new year should be viewed as inadequate or unpleasant.
Midwest Home Values
The Midwestern states have been displaying a continual uptick in many areas of real estate. Their housing marking boom has been showing very positive improvement in upcoming cities that can be just as much of a staple point powerhouse as the larger neighboring cities they are surrounded by. In November of 2020, home prices skyrocketed to around 15% leveraging the national property median to over $300,000. This may be due to the rise in closed property sales with the help of lower mortgage interests’ rates. Being the lowest it has been in almost 30 years, fixed-rate mortgages have lowered to nearly 2%.
Other Midwestern Cities like Grand Rapids & Indianapolis
Midwestern cities like Grand Rapids, Michigan and Indianapolis, Indiana have been generating notable worthy buzz as an effect of these market changes. Grand Rapids, Michigan has displayed an increased year-over-year property assessment rate of around 11%. Due to the growing popularity, the listed sales are tight. Indianapolis, Indiana is showing a similar trend of rapid closed sales and home ownership advancing more than ever before. Urban area homes sales being acquired at a staggering 50% rate within a two-week timeframe towards the end of 2020.
How Chicago Real Estate Institute Can Help Get You Started
Being able to familiarize yourself with market trends and tools are some of the first steps to advance your career in the field of real estate. Now is a better time than ever to gain the knowledge of an agent and create a lucrative footprint in the future in the market. The Chicago Real Estate Institute provides serviceable and immersive courses to equip you with the understanding needed to become a successful real estate agent. Now offering virtual online courses with instructors in real time allows you to have the classroom experience from the comfort of your own home. For more information, please call (773)880-7400.