The demand for real estate services soared in 2021 amid record-low mortgage rates and the remote working culture. The U.S. housing market’s existing-home sales hit their highest level in approximately 15 years. According to a NAR report, existing home sales totaled 6.12 million, representing an 8.5% increase year-over-year, reaching its highest level since 2006.
Despite increasing mortgage rates, the rise in employment and moderate house price growth are expected to boost real estate services sector demand. The Infrastructure Investment and Jobs Act is expected to provide further impetus to the real estate services industry. According to a SpendEdge report, the real estate agents and brokerage services market is expected to grow at a 4.8% CAGR by 2024.
