Has 2021 been a $2 Trillion Year? - Real Estate, Updates, News & Tips

Has 2021 been a $2 Trillion Year?

The booming real estate market is on a pace to shatter records this year. The real estate data firm CoreLogic reports that the total value of residential real estate transactions in 2021’s second quarter topped $600 billion for the third time in the past year. That puts the market on track for a record-breaking year, CoreLogic says.

“The value of transactions has skyrocketed despite sales volumes continuing a relatively normal growth trend,” says Thomas Malone, an economist at CoreLogic, on the company’s Insights blog.

In the first quarter of 2021, $750 billion was spent on 1.91 million transactions.

The increase in home prices is behind the upswing. Sales also have moved up the most in higher-priced areas.

CoreLogic researchers say the combination of appreciation and relocation to expensive areas has already led to more than $1.25 trillion in transactions in the first half of 2021. Given the ongoing growth, researchers pose the question: Could 2021 be the first year that transactions surpass $2 trillion?

Chart, value of residential real estate tranactions

Source: “2021 Is on Pace to Be the First Multi-Trillion Dollar Real Estate Market,” CoreLogic Insights (Nov. 24, 2021)