With 2020 approaching, it’s time we take a step back and look at how far real estate has come since 2010. After nearly a decade, some drastic changes have been implemented into the market.
At the start of 2010, real estate was in some tough waters: home values were at their lowest and delinquency in mortgages was high. But now, as 2020 approaches, home values have recovered (along with the economy) and mortgage rates are at a historic low.
The new challenges of 2020? Well, much of the country is still grappling with housing affordability and lack of homes for sale.
Below, you’ll find Redfin’s research of the housing markets that have experienced the most dramatic changes over the past decade.
Take a look here:
- Highest % increase in home prices: Fort Lauderdale, Florida
- Biggest contrast between increase in home prices and decline in incomes: Las Vegas, Nevada
- Largest dollar value jump in home prices: San Francisco, California
- Greatest decline in days on market: Long Island’s Nassau County, New York
- Steepest drop in home supply: Salt Lake City, Utah
We’ll have to wait to see what 2020 will bring – but with the decade coming to a close, it’s interesting to see where real estate has come.