The COVID-19 pandemic sped up demand in the U.S. housing market due to low-interest rates and the Federal Government’s stimulus packages, leading to the highest level of home sales in 15 years. Even with monetary policy tightening, the real estate industry should continue to face considerable demand amid a shortage in supply, which ranges between 5.5 million and 6.8 million.
Furthermore, the pandemic substantially increased the digitalization processes across all industries, which led to various integration of technology-powered solutions in the real estate market, thus further improving its efficiency. With that, the IT market in real estate is estimated to hit $13.46 billion in the final year, expanding at a 12.2% CAGR between 2020 and 2026.
