A real estate boom occurs when there is a significant increase in property demand, leading to rising prices and rapid sales. This surge can be driven by factors such as low interest rates, economic growth, and population increases. During a boom, buyers often compete for limited properties, which can create a sense of urgency in the market. As prices escalate, investors may see opportunities for profit, further fueling the boom. However, these periods can be followed by corrections or downturns, where prices stabilize or decline. Understanding the dynamics of a real estate boom is essential for buyers, sellers, and investors alike.