Updated October 2026. What the COVID-19 pandemic did to the housing market, told with dated public data from NAR, Freddie Mac and the Census Bureau, and how today’s market compares. All figures read October 29, 2026.
The pandemic sped the housing market up, then left it tight and expensive. Mortgage rates hit a record low of 2.65% in January 2021 (Freddie Mac), and 2021 home sales reached 6.12 million, the most since 2006 (NAR). If you bought a house during coronavirus, see what that low rate means for you now. As of October 2026, the market is slower: a median of 33 days on market and a 7.24% mortgage rate.
Jump to: ⏱️ What happened · 💲 Rates · 🏠 Remote work · 🏢 Commercial property · 📍 Today vs 2021 · ❓ FAQ
Key takeaways
- 2021 existing-home sales: 6.12 million, up 8.5% and the highest since 2006 (NAR, January 2022).
- Inventory fell to a 1.8-month supply in December 2021, a record low. In September 2026 it was 4.8 months.
- The share of people mainly working from home rose from 5.7% in 2019 to 17.9% in 2021 (Census Bureau).
- The 30-year rate went from 2.65% (January 7, 2021) to 7.24% (October 29, 2026), per Freddie Mac.
We wrote this as a record, not a forecast. Every number below comes from a dated public source. Where the data doesn’t say why something happened, we say so.
What happened to the housing market during the pandemic?
In the first weeks of 2020, lockdowns paused showings and open houses in many places. Then demand came back fast. By 2021, the market was running hotter than at any time since the mid-2000s.
NAR’s annual report, released in January 2022, put total 2021 existing-home sales at 6.12 million. That was up 8.5% from 2020 and the highest yearly level since 2006. In December 2021, the median existing-home price was $358,000, up 15.8% from a year earlier. Homes typically sold in 19 days, and 79% sold in less than a month.
Supply couldn’t keep up. At the end of December 2021, unsold inventory fell to 910,000 homes, a 1.8-month supply. NAR called both figures all-time lows. This is the classic relationship between the supply and demand at work: many buyers, few homes, rising prices.
Why did mortgage rates matter so much?
Cheap money pulled buyers in. On January 7, 2021, Freddie Mac’s weekly survey showed the 30-year fixed rate at 2.65%, the lowest in the survey’s history, which goes back to 1971.
Low rates made monthly payments smaller, so buyers could stretch to higher prices. Many owners also refinanced or bought at those rates.
By October 29, 2026, Freddie Mac’s survey had the 30-year rate at 7.24%, up from 6.17% a year earlier. Higher rates mean fewer buyers qualify at the same price.
How did remote work change where people buy?
The Census Bureau’s American Community Survey found that the share of people mainly working from home tripled between 2019 and 2021, from 5.7% (about 9 million people) to 17.9% (27.6 million). In Washington, D.C., it reached 48.3%.
Workers who don’t commute every day can live farther out. NAR’s Confidence Index for September 2026 shows 84% of buyers purchased in suburban, small-town, rural or resort areas. NAR doesn’t link that share to remote work, so treat the connection as likely, not proven.
Some habits from that time stuck. NAR says 4% of buyers in September 2026 bought a home based only on a virtual tour, showing or open house without visiting in person. E-signatures and online offers also became normal. Every Beycome listing package includes electronic signature, so offers and forms can be signed from anywhere.
What happened to commercial real estate?
Commercial property felt it differently. With more people working from home, offices emptied and some stores closed. Many investors and owners started asking is commercial real estate in trouble, and that debate kept going long after the lockdowns ended.
This page focuses on homes, where the public data is clearest. Commercial markets vary a lot by city and property type, so local reports are the better guide there.
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Buy a home →Was the pandemic like past housing crashes?
No, not in the data. Past downturns, like the 2007 to 2008 crash, saw prices fall and foreclosures rise. During the pandemic, prices rose. NAR said December 2021 marked 118 straight months of year-over-year price gains, the longest streak on record.
The US has a long history of booms and busts. For a look back at real estate market crashes since the 1800s, Business Insider has a readable history. The difference this time was supply: too few homes, not too many.
How does today’s market compare with 2021?
Here are NAR’s numbers side by side.
| Measure | December 2021 | September 2026 |
|---|---|---|
| Median existing-home price | $358,000 | $417,500 |
| Months of supply | 1.8 | 4.8 |
| Typical days on market | 19 | 33 |
| 30-year fixed rate (Freddie Mac) | 2.65% (January 7, 2021 low) | 7.24% (October 29, 2026) |
Prices are higher, but homes take longer to sell and buyers have more choice. NAR’s September 2026 report showed price growth of 1.3% from a year earlier, the 39th month in a row of gains, but much slower than in 2021.
What does this mean if you’re selling now?
The 2021 playbook, list high and wait for a bidding war, fits less well today, when pricing in a buyer’s market starts with fresh sales. Only 16% of homes sold above list price in September 2026 (NAR). Price from recent sold comps, prepare the house, and expect to negotiate. Our guides on what to sell your home for and why selling can take longer than planned go into the details. If the market feels slow, see selling in a slow market. To plan around a move date, use our plan-back-from-your-move guide, and for the dollar size of commission today, see commission by state.
Many owners who bought in 2020 and 2021 now have real equity. Keeping more of it is where selling costs matter. Beycome lists your home on the major home search sites and the MLS from $99, with $0 due to Beycome at closing. 22,000+ homeowners have sold with Beycome and saved over $225 million (Beycome internal data, October 2026). See the flat fee MLS packages.
Buying too? Beycome’s buyer program has no upfront fee on homes listed by other agents. Beycome keeps 1% of the price (minimum $1,499) and credits the rest of the buyer-agent commission at closing, with lender approval. It can’t apply where no buyer-agent commission is offered, like most FSBO homes, or on homes listed by Beycome sellers.
The pandemic and real estate: questions
How did COVID-19 affect the housing market?
It sped it up. Record-low rates and remote work pushed 2021 sales to 6.12 million, the most since 2006, while supply fell to a record-low 1.8 months (NAR).
Did home prices drop during the pandemic?
No. The median price was up 15.8% year over year in December 2021, to $358,000 (NAR).
What was the lowest mortgage rate during the pandemic?
2.65% for a 30-year fixed loan on January 7, 2021, the lowest in Freddie Mac’s survey since 1971.
How many people started working from home?
The share mainly working from home went from 5.7% in 2019 to 17.9% in 2021, about 27.6 million people (Census Bureau).
Is the housing market back to normal in 2026?
It’s slower than 2021. In September 2026, homes sold in a median 33 days with a 4.8-month supply, and rates were above 7% in October.
Did the pandemic change how people buy homes?
Some habits stuck. In September 2026, 4% of buyers bought based only on a virtual tour, showing or open house without visiting in person (NAR).
2021 figures come from NAR’s annual existing-home sales release of January 20, 2022, as republished by the Greater Albuquerque Association of REALTORS. Where the data doesn’t show a cause, the text says so.
Beycome prices as of November 2026: Basic $99, Enhanced $399, Concierge $1,399. Basic is $129 in California and Illinois. “$0 at closing” means no Beycome fee at closing; other closing costs still apply. Beycome lists in 17 states and DC. Buyer credit: Beycome keeps 1%, minimum $1,499, lender approval needed, not on FSBO homes or homes listed by Beycome sellers.
Sources
- NAR, Annual existing-home sales hit highest mark since 2006 (January 2022 release, via GAAR), read October 29, 2026.
- Freddie Mac, Mortgage rates hit a new record low the first week of 2021, January 7, 2021, read October 29, 2026.
- Freddie Mac, Primary Mortgage Market Survey, October 29, 2026, read October 29, 2026.
- Census Bureau, People primarily working from home tripled between 2019 and 2021, September 15, 2022, read October 29, 2026.
- NAR, Existing-Home Sales, September 2026, read October 29, 2026.
- NAR, REALTORS Confidence Index, September 2026, read October 29, 2026.
- Beycome, listing package features, October 2026.
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