Your Home’s Value May Have Soared Nearly 10% During the Pandemic

Here are the top news flashes from last year’s world of housing. In 2020, single-family prices spiked 9.4%—their best performance in over a decade. Homes are selling at the fastest pace in years, and the biggest winners are the pricey picks. A flood of affluent millennials, seeking home offices and backyards, is the main force spurring the market. The irresistible force of the buying boom is meeting the immovable object, years of super-depressed construction, pushing inventories to historic lows. Something’s gotta give, and it’s prices that rampaged last year and will keep roaring in 2021.