– Despite the pandemic, it has been a good year for the housing market, with home prices rising in over 90% of U.S. metro markets.
– The industry saw a surge in sales of home furnishings, in part due to remote work and the increased time people spend at home.
– Homeowners have been making changes to their spaces to accommodate work-from-home setups, thus increasing the demand for furniture.
– Major furniture retailers reported an increase in sales, showing peoples’ willingness to invest in their homes during these unprecedented times.
– Home staging companies also benefitted from this, as the demand for staging homes for sale increased significantly.
– Many homeowners have also taken a DIY approach to improve their homes and have been frequent buyers at home improvement retailers.

A Banner Year for Furniture and Housing Industries

A Surge in Home Investments

Despite an economic downturn caused by the global pandemic, the U.S. saw an unexpected rise in home prices in over 90% of metro markets. This affected a surge in home furnishings demand as homeowners took to investing in their spaces to accommodate changes brought about by remote work.

Boosted Furniture Sales

Major furniture retailers experience a boom in sales. The shift to work from home has undoubtedly shaken up the home goods industry, prompting individuals to invest more to make their homes more liveable and comfortable during these times.

Home Staging Companies Thriving

Home staging companies also felt the uplift in the market. With an increase in the sales of homes, there’s an increased demand for staging these spaces, turning them into desirable properties for potential buyers.

DIY Projects on the Rise

Another trend that has emerged during this time is the rise of DIY home projects. Many homeowners have turned to home improvement retailers to provide them with everything they need to revamp their spaces.

To wrap things up, 2020 could be dubbed “the year of the home.” Even amid a pandemic, homeownership and home improvement have proven to be a priority for many. With an unusual escalation in home prices across the majority of U.S. metro markets, the resulting domino effect on the furniture and home goods industry has been substantial. It indeed has been a year of changing trends, shifting demands, and most importantly, cherishing the comfort of our homes.

originial article https://www.furnituretoday.com/?p=316775

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