The COVID-19 pandemic has created a lasting economic impact, notably a surge in housing costs, with median home prices rising by $121,000 since March 2020.
New-home construction hasn't met demand due to pandemic-related work restrictions and supply chain issues, worsening a decades-old housing shortage requiring millions of new homes.
The shift to remote work during the pandemic drove a spike in home sales, with new single-family home sales reaching over 1 million in October 2020.
In Tennessee alone, the median list price for homes rose by 49.5% since the pandemic began, underscoring the widespread nature of the housing market crisis.
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