MARKET & TRENDS
RESIDENTIAL
On the Radar: Top Flip States
A YEAR IN REVIEW OF BIGGEST GAINS AND BUSIEST MARKETS
by Aaron Norris
esidential real estate was the hot ticket in 2020. Tight inventory meant bidding wars, price increases,
data capturing sales from both the listed and unlisted off-market, only three states — Indiana, Maryland, and South Dakota — did not experience double-digit sales growth in 2020. Of the top 10 states that experienced the largest percentage increase in sales growth, Idaho, Minneso - ta, Iowa, and the Washington DC markets were the only states that had increased sales two years running. The remaining six states reversed negative sales trends in the prior year, making the growth more impressive. For example, Montana had a 65 percent decrease in sales from 2018 to 2019, only to see the pandemic drive sales past 2018 levels. (see fig. 1)
R
and properties were pending and sold in record time. As we jump into the new year, let’s review where the biggest gains occurred and where investors were the busiest as we plot the year ahead. LARGEST INCREASE IN SALES News headlines continually covered the lack of real estate inventory across the country. Despite the lack of inventory, 2020 was a very exciting year national - ly for real estate sales. Reviewing the residential sales
FIG. 1
PERCENTAGE CHANGE IN SALES
300.0%
TOP 10 PERCENTAGE INCREASE
BOTTOM 10 PERCENTAGE SALES INCREASE/DECREASE
250.0%
200.0%
150.0%
100.0%
50.0%
0.0%
-50.0%
-100.0%
ID
MT
MN
UT
ND
WI
TX
IA
HI
DC
MS
CT
MI
GA
AZ
WV
AL
IN
MD
AD
2019
2020
Provided by PropertyRadar.
78 | think realty magazine :: march 2021
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