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Real Estate - Residential

BIZTALK: Why Is The Housing Market Booming During The Pandemic?

By Cece Nunn, posted Aug 26, 2020

As unemployment remains high and the economy struggles in other areas, the national and local housing market is booming. The Cape Fear region saw pending sales jump 54% last month compared to July 2019, with closed sales increasing 34%.

In Brunswick County alone, the residential real estate market saw an 86% increase in sales volume last month compared to July 2019.

But while the numbers are high, the challenge remains of having enough supply to meet demand.

On Wednesday's BizTalk, Anne Gardner, CEO of Wilmington-based Cape Fear Realtors, and Cynthia Walsh, CEO of the Brunswick County Association of Realtors, discussed why the housing market is doing so well and what the market is facing as Realtors continue to work through the coronavirus pandemic.

Walsh and Gardner explained the demand driving the dwindling supply, especially in Wilmington and New Hanover County and other aspects of the housing market as its numbers continue to show increases.

 

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