How did our market manage to stay afloat during COVID?
Our real estate market has been surprisingly strong, so today I’m going to take a deep dive behind the scenes to explain why and how the real estate market has defied gravity during COVID. One figure in particular that we’ll focus on is the unemployment rate—first, we’ll compare this year’s rate to that of the Great Recession in the last decade; next, we’ll look at unemployment rates by industry; and then we’ll look at how unemployment varied by age group.
Feel free to follow along with our conversation in the video above or else use the timestamps below to navigate the discussion at your leisure:
0:43—Unemployment rates and the U.S. marketplace
1:15—Comparing today’s market to that of the Great Recession
3:15—Unemployment rates by industry
4:33—People who are most likely to own a home have been the least affected by COVID
6:56—Unemployment and housing by age groups
8:26—Which age group was hit the hardest?
9:40—Wrapping up the conversation
Hopefully, this data will help you understand why our market has managed to stay so strong despite all the chaos in the economy and the world at large.
As always, if you have any questions about buying or selling homes, or would like to know more about the market, don’t hesitate to reach out to us. We’d love to help you.