With the 2010s (twenty-tens) now in the rearview, it offers a chance for perspective and reflection. They say hindsight is 20/20 (pun intended). Certainly, with 2020 now in session, that may ring especially true. Full of highs and lows on many fronts, the 2010s left their mark on a number of markets. No stranger to ebb and flow, housing trends from the past decade in real estate gave their share of scares and saving graces.
The building boom burned out.
The 2010s began as the nation was left still reeling from the Great Recession. Homebuilders were some of the hardest hit. Pockmarked neighborhoods dotted the U.S. as homebuilders abandoned projects due to the housing bubble burst. Homebuilder operations closed at an alarming rate. Many did not return. Thus, building simply stopped or continued at a snail’s pace.
Homeownership hit its stride.
Once recovery from the Great Recession took root, homeownership became in demand. Aging Gen. Xers and Millennials sought to carve out their space to build a family. This, coupled with a housing shortage, has led to a strong seller’s market across the board, especially along both coasts.
Natural disasters made a name for themselves.
Natural disasters struck throughout the 2010s, wreaking havoc on homes and property. States and cities with large populations felt the storms’ and wildfires’ impact the most. There’s little doubt—natural disasters have left quite a large footprint on the twenty-tens’ housing market.
Cities’ downtowns and suburbs saw growth.
One of the more uplifting housing trends from the past decade in real estate was the revitalization of downtown and suburb housing. Cities around the country flooded funds into downtown housing projects, transforming bare storefronts into hip bars and craft breweries. The once sluggish suburbs also saw a rebound because of improved recreational offerings.
Tech took hold.
With heavyweight tech companies and startups searching for new homes outside of Silicon Valley, the housing market took note. Cities ranging from Denver, Colorado to Birmingham, Alabama vied for their share of tech’s draw, luring top companies with the promise of rock bottom taxes. Housing prices shot north, but a relatively recession-proof industry seemed an appropriate payoff.
Bidding wars became the new norm.
Home buying boomed in the 2010s, which helped further solidify the current housing shortage. Bidding wars broke out between potential homebuyers—and many opted to place offers over asking price to secure their dream homes.
HGTV had an effect.
From DIYers to amateur home flippers, people tuned in to HGTV in the 2010s. Updating a home became a routine (and costly) hobby for many. Homes, and their nooks and crannies, came under increased scrutiny. This has led to some instances of rather unrealistic expectations for home selling, home buying, and home repair.
Summary
Housing trends from the past decade in real state had some ups—as well as some downs. The good thing is that we’re another decade wiser when it comes to the housing market, and maybe even a host of other areas.
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