The pandemic is likely to cause the real estate market to become depressed for a while (somewhat lower prices and longer sales times). Buyers are afraid they’re losing their jobs and/or paying too much for properties that might drop in value. Sellers are uneasy about what the future holds for them as well as not getting full value for their homes. Who knows how long it will last but there will definitely be a negative effect on home prices for the next year to 18 months or longer.
For buyers this could be a great opportunity to get a deal on a house at incredibly low interest rates!