Markets likely to recover post-pandemic
Our regular ways of comparing real estate markets are pretty much out the window because EVERY market is now beset with heavy job losses, and jobs drive demand for real estate.
Instead of jobs as they are now, let’s think about jobs a couple of years down the road. Which markets are most likely to have a good recovery once the coronavirus crisis abates?
We can start by excluding some: those with a large tourism industry (Las Vegas), with a large aircraft industry (Seattle), with a large government or public university sector (budgets will be tight), and ironically, those with a large healthcare sector (hospitals will streamline their staff).
On the bright side, a number of markets were growing at above-average rates in the past year, so I expect they’ll have the best chance at an early recovery. Some have a prominent technology sector, others provide business services, and most had good population inflow in recent years.
Our Investors Metro Monitor shows you the risks and opportunities in 200 markets across the country, at www.LocalMarketMonitor.com.