This week's real estate report highlights two key metrics: median listing price for residential homes and buying activity across the market.
- Median List Price: Last week we analyzed whether now is a good time to sell a property. Data collected this week proves that now is better than ever. The market saw a wild increase in the median listing price for residential homes this year — 10.9% equating to $345k. This is the highest increase in years. We believe that the spike is a direct result of the trends that we've noticed over the past few months: decreasing inventory, increasing demand, and low interest rates. Will this continue? It's hard to tell. But what we do know is that unrealized year-over-years returns are very high across the nation for sellers.
- Buying Activity: You know those trends we just listed? Yeah, it seems that one of them, demand, is starting to cool off. Could it be the lack of inventory—a 37% annual decline from 2019—scaring people off? Who knows. But the market is starting to balance out a bit since the frenzy that occurred throughout the summer. This could make selling a property much harder, although with the scarcity in supply, one should not worry too much about that reality just yet.