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Southeast Real Estate Investment Market Report: December 2020

construction trends

In the first quarter of 2020, the construction industry added more than $900 billion to the U.S. economy. Then, we saw the effects of COVID-19, which caused the construction industry to lose $60.9 billion in GDP and approximately 6.5 million jobs. This disruption led to trends like remote work and social distancing, as well as higher construction costs, shifts in resources, and cash flow disruptions. Still, despite the uncertainty of the times, some trends seem to be rising to the surface as we close out the year. Here are five construction trends you will want to pay attention to.

Five construction trends for 2021

Market Activity

Atlanta, GA
Market Overview

Getting through the next few months will be vital to the recovery that’s been happening in Atlanta since April. However, job reports show slowing employment gains compared to previous months. November had the lowest jobs gain since May, increasing only by 245,000. During the first week of December, jobless claims jumped to 853,000. Oil has also risen to its highest level since February. This is the result of a shortage in the market and inflation due to a weaker dollar.

1,332
Homes Sold
$345,000
Avg. Home Price
$1,692
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2019
6.5%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
5.7%
State Unemployment Rate
Metro Area Unemployment
Albany, GA
5.6%
Athens-Clarke County, GA
3.7%
Atlanta-Sandy Springs-Roswell, GA
4.7%
Augusta-Richmond County, GA-SC
4.0%
Brunswick, GA
4.5%
Chattanooga, TN-GA
5.7%
Columbus, GA-AL
5.1%
Dalton, GA
4.3%
Gainesville, GA
2.9%
Hinesville, GA
4.0%
Macon-Bibb County, GA
5.0%
Rome, GA
3.7%
Savannah, GA
4.8%
Valdosta, GA
4.0%
Warner Robins, GA
4.0%

Market Activity

Charlotte, NC
Market Overview

Over the last few years, Charlotte’s metro area home prices have been steadily increasing. The past 12 months have been no different. The median home value in Charlotte has increased by 9.1 percent, according to Zillow. Experts believe this is due to many homebuyers in the area working “white collar” jobs which can be done at home, record-low mortgage rates, and supply and demand. Currently, there are a lot of buyers, but not enough homes. This is especially true for “starter homes.”  For example, a home priced at $48,990 in 2011 has jumped to $145,000 as of 2019.

1,412
Homes Sold
$300,000
Avg. Home Price
$1,388
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2019
4.5%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
6.2%
State Unemployment Rate
Metro Area Unemployment
Asheville, NC
5.9%
Burlington, NC
6.0%
Charlotte-Concord-Gastonia, NC-SC
6.0%
Durham-Chapel Hill, NC
5.3%
Fayetteville, NC
8.3%
Goldsboro, NC
5.9%
Greensboro-High Point, NC
7.0%
Greenville, NC
6.0%
Hickory-Lenoir-Morganton, NC
6.1%
Jacksonville, NC
5.9%
Myrtle Beach-North Myrtle Beach, SC-NC
5.6%
New Bern, NC
5.6%
Raleigh, NC
5.3%
Rocky Mount, NC
8.2%
Virginia Beach-Newport News, VA-NC
5.9%
Wilmington, NC
5.5%
Winston-Salem, NC
6.0%

Market Activity

Orlando, FL
Market Overview

Since July, Florida has shown positive signs of recovery. For example, year-over-year single-family home sales have increased by 11.7 percent since July 2019. According to Florida Realtors Chief Economist Dr. Brad O’Connor, the main reasons for this increase are a slow spring buying season and record-low interest rates. Since there are no signs of interest rates increasing, the market forecast is that demand will continue to increase throughout early 2021.

1,299
Homes Sold
$285,000
Avg. Home Price
$1,442
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2019
7.0%
Rental Vacancy Rate
1.6%
Homeowner Vacancy Rate
6.4%
State Unemployment Rate
Metro Area Unemployment
Cape Coral-Fort Myers, FL
5.5%
Crestview-Fort Walton Beach-Destin, FL
3.9%
Deltona-Daytona Beach-Ormond Beach, FL
5.9%
Gainesville, FL
4.3%
Homosassa Springs, FL
6.5%
Jacksonville, FL
5.0%
Lakeland-Winter Haven, FL
7.3%
Miami-West Palm Beach, FL
7.7%
Naples-Immokalee-Marco Island, FL
5.1%
North Port-Sarasota-Bradenton, FL
5.0%
Ocala, FL
5.6%
Orlando-Kissimmee-Sanford, FL
8.0%
Palm Bay-Melbourne-Titusville, FL
5.1%
Panama City, FL
4.6%
Pensacola-Ferry Pass-Brent, FL
4.9%
Port St. Lucie, FL
5.5%
Punta Gorda, FL
5.2%
Sebastian-Vero Beach, FL
5.7%
Sebring, FL
6.0%
Tallahassee, FL
5.1%
Tampa-St. Petersburg-Clearwater, FL
5.6%
The Villages, FL
5.8%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.

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