The COVID pandemic set the housing market on fire in 2020. Working from home for the foreseeable future had young urbanites looking for more space in the suburbs, making the competition fierce and seeing prices hit record highs. Approximately 5.65 million existing homes were sold in the U.S. in 2020, according to the Statista Research Department, and that number is projected to jump to 6.49 million this year. If you're a homeowner, you might be wondering how much you could get for your house and what buyers are most interested in. Now, a new survey from Zillow has some answers on your home's expected shift in value in 2021.
According to a Q4 2020 Zillow survey, the average home appreciated by more than $20,000 last year. And a new report released in April called the Zillow Home Price Expectations (ZHPE) survey, sponsored by Zillow and administered by independent research firm Pulsenomics, has further insight into how 2021 is shaping up. They surveyed real estate experts and economists between Feb. 15, 2021 and Mar. 1, 2021, and concluded that the average home's value will go up 6.2 percent in 2021.
"In the wake of last year's heady home equity gains, these new projections indicate that the aggregate value of homes across the country will increase by another $2 trillion in 2021," Terry Loebs, founder of Pulsenomics, said in a statement. "This is great news for existing homeowners."
Zillow economist Arpita Chakravorty, PhD, said in a statement that she suspects more sellers to list their homes soon. "As the pandemic subsides and the economy begins to recover, lowered health risks and renewed homeowner financial confidence should bring more sellers to the market," Chakravorty said. "That increased inventory would ease buyer competition that has driven prices higher during the pandemic, but expect a steady pace of home value growth to persist into the near future."
If you're thinking of selling your home, you probably want to know what will cause a bidding war. According to another March survey from Zillow, there are quite a few things that make a home sell for more than expected. Here are the top 10, ranked by how much more homes with these features sold for than expected. And for more ways to up your home's perceived worth, check out 50 Clever Ways to Instantly Add Value to Your Home.
10 | Butcher block countertop
FotoHelin / ShutterstockHow much more than expected houses with it sold for: 2.7 percent
And for tips on how not to keep your counters clean, check out The One Cleaning Product That's Ruining Your Countertops, Experts Warn.
9 | Smart appliances
Gorodenkoff / ShutterstockHow much more than expected houses with it sold for: 3.0 percent
8 | Dog house
pryzmat / ShutterstockHow much more than expected houses with it sold for: 3.2 percent
7 | Quartz countertops
Olga Prava / ShutterstockHow much more than expected houses with it sold for: 3.2 percent
And for more useful information delivered straight to your inbox, sign up for our daily newsletter.
6 | New appliances
Maxx-Studio / ShutterstockHow much more than expected houses with it sold for: 3.2 percent
And for the appliances that are actually costing you, check out The Home Appliances Killing Your Energy Bill.
5 | Heated floor and/or radiant heat
studiovin / ShutterstockHow much more than expected houses with it sold for: 3.2 percent
4 | Pizza oven
parlanteste / ShutterstockHow much more than expected houses with it sold for: 3.4 percent
And for some pitfalls to avoid when it comes to your house, check out the 50 Home Maintenance Mistakes Everyone Needs to Stop Making.
3 | Modern farmhouse aesthetic
TheCreativeBrigade / ShuttterstockHow much more than expected houses with it sold for: 3.6 percent
2 | Curbless shower
onzon / ShutterstockHow much more than expected houses with it sold for: 3.6 percent
1 | Steam Oven
ShutterstockHow much more than expected houses with it sold for: 4.9 percent
And for a not-so beloved design choice, This Is the Home Improvement Decision You'll Regret Most, Survey Finds.
