Key Real Estate Trends for 2023-2025
There are several important changes in the real estate space to keep an eye on over the next months. The global real estate market size was valued at USD 3.69 trillion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2022 to 2030.
Let’s get right into the trends:
1. Today, homeowners seek more than just a physical living space; they desire a holistic experience that complements their lifestyle choices. Homes that offer lifestyle amenities such as fitness centres, swimming pools, recreational areas, co-working spaces, and lush green landscapes resonate deeply with buyers looking to enhance their quality of life.
2. The pandemic accelerated digitization across all sectors. And the real estate market is no exception. Due to the pandemic and the competitive housing market, some buyers are purchasing their homes without stepping foot inside first.
Many embark on virtual tours due to virtual capabilities, such as:
3D tours
Drone videos
Virtual staging
3. The COVID-19 pandemic has fueled migration from major cities to the suburbs. The suburbs are an attractive destination due to lower taxes and cheaper housing and rent prices. The growth of homes in suburbs is driven by rising urbanization, improved infrastructure, and the desire for a better work-life balance.
4. Due to the increased demand for single-family homes and dwindling supply, prices for single-family homes shot up in 2020 and are expected to remain high in 2023 and beyond.
5. Homebuyers are increasingly gravitating towards eco-friendly and energy-efficient homes that prioritize green building practices and reduced carbon footprints.
6. In the pursuit of a more inclusive and equitable housing landscape, the focus on affordable housing remains unwavering as we get close to 2024.
As more people move to the suburbs and look to purchase a home, single-family housing prices are expected to stay high and supply low. Low mortgage rates will continue to drive the demand for homes.
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