Sometimes, it can be difficult to make market predictions from one day to the next, so it goes without saying that forecasting market conditions a decade into the future with 100 percent certainty can’t be done. However, we can look at market cycles, which provide us with insight into how the market ebbs and flows during major events or periods (e.g. around presidential elections or after periods of high inflation). Data, trends, and history can tell us a great deal about what might lie ahead in the future, and those who find major success in the market are typically ones who do their research and heed expert advice.

If there’s anything the 2020s have taught us, it’s that the world is unpredictable. However, this article from Norada Real Estate Investments is an interesting look into how the market could play out over the next 10 years. Read on for some of the biggest takeaways.

1. The Baby Boomer Effect

One thing is certain—a big portion of the country, and particularly one that makes up a large home-buying demographic, will be 10 years older in 10 years. That seems like an obvious fact, but the effects of baby boomers growing older will definitely play into the market. We’ll likely see single-story homes and “downsizing” properties increase in popularity as accessibility and homes that require less maintenance become more important to these homebuyers.

2. Going Green

Sustainability is only becoming more and more popular in the industry—which is great news! The Norada article points out that the demand for eco-friendly features and energy efficiency/green ratings in cities will continue to be big selling points in the coming years. More buyers will prioritize living in a home that leaves the least possible harmful footprint on our planet. As building development and technology advance, we’ll likely see a surge in demand for sustainable and locally sourced materials, intentional layouts, and energy-reducing features. I have decades of experience in green building, development, and certification, and would be happy to chat with you about this any time!

3. Multi-Family Housing/Adaptive Reuse

As cities become more densely populated and affordable housing unfortunately remains elusive for many would-be buyers, we may expect to see expansive urban development. This might look like more multi-family buildings being developed (think about House Bill 1110’s massive impacts here) or converting former office buildings into housing now that remote work has caused some companies to ditch the overhead costs and forgo their corporate offices, leaving these spaces open and empty.

Wherever the next 10 years take us, I have faith that our region’s residents, agents, developers, and city officials will adapt to the new times and continue to find innovative methods to improve livability. If you’re curious about what current trends I’m seeing in the market, please reach out to me today!