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Is the U.S. Housing Shortage Poised to Get Worse?

July 26, 2021 by Marcus & Millichap Research Services

What Is Driving Record Home Price Growth?

  • Median single-family home price grew an astronomical 24.4% nationally over the last 12 months
  • Even the slowest metro price growth was still 13.3% Y-O-Y
  • COVID-19 had an impact, but served more as a catalyst to the underlying demographic and supply trends

Demographic Trends Will Sustain Housing Demand

  • Over next 5 years, nearly 5 million Millennials will turn 33 each year, the median age of first-time home buyers
  • Some young adults forced back home due to the pandemic will move out and create new households
  • Housing construction is elevated, but rising costs and material shortages likely to keep supply short of demand

Strong Apartment Outlook Drawing Investor Interest

  • Looming wave of demand is motivating investors to engage in aggressive bidding for Apartments
  • Bid climate is driving up prices and may put downward pressure on cap rates

* Through June
Sources: Marcus & Millichap Research Services, National Association of Realtors

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Filed Under: Research Brief Tagged With: #housing, #multifamily, CRE, research

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap and Limon Net Lease Group

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