Real Estate Search Trends in 2020

This year has been anything but normal, much to the credit of a pandemic that's raging around the world.

With economies struggling, one sector has stood resilient in face of these challenges - the housing market.

Even though things were a little shaky at the start, we have seen some of the lowest housing inventory in the US, thanks to the surging demand for homes, and record-low mortgage rates.

What’s the new record?

The 30-year fixed-rate mortgage recently fell to 2.72%, the lowest ever in the 50-years of Freddie Mac's survey. This new record is now a part of 17 consecutive weeks of the mortgage rate falling below 3%.

Curiosity got the better of us - we did some real estate search trend research:

We looked at the trends of housing search terms this year, and found some interesting observations:

There was a dip at the beginning of 2020 when shelter-in-place was implemented.

However, the market gained confidence once restrictions were lifted and mortgage rates were reduced. In fact, this year has set multiple records for low mortgage rates.

What did this lead to?

Searches for "homes for sale" reached a five year high during the summer of 2020 because of the historically low mortgage rates. So much so, that there is now an acute shortage of home supply in the US. This, in turn, has sustained the upward pressure on home prices.

With crazy low mortgage rates, it's hard to not look for a home in this market. If you're wondering about the impact of all this in the coming year, read our 2021 housing market forecast and search for awesome homes here.

This article initially appeared in ZeroDown's Insider Report - your daily home-addiction companion. Our 3x per week newsletter breaks down the walls of home search, so that everyone can access insider knowledge that only realtors and investors have. Subscribe here!

READ MORE: When Is the Best Time To Buy a House?

Join our newsletter!

We're constantly keeping up with the latest real estate trends and news - let us keep you in the loop!

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Further reading

Trend Watch: TikTok Home Renovation Before and Afters

Nothing is more satisfying than a good home renovation before and after, and, luckily for us, this is a growing trend all over TikTok - now home to some of the best before and after videos around...

A Once-in-a-Lifetime Penthouse Overlooking NYC's Central Park

This New York City penthouse will blow your mind. Just wait 'til you see the views...