The median home sale price increased 15% year over year to $318,280, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
Below are other key housing market takeaways for more than 400 U.S. metro areas during the 4-week period ending January 24.
“Buyers are incredibly hungry for listings, but unfortunately there isn’t much to choose from, and that scarcity is making buyers all the more frenzied,” said Redfin chief economist Daryl Fairweather. “As a result, the majority of the homes that hit the market are getting multiple offers right away. Not only do you have to be fast to win a home, you have to be prepared and resourceful. I recommend that buyers on a tight budget target homes that are priced 5 to 10 percent below their maximum price so they have room to increase their offer in a bidding war.”
“The inventory is there; it’s lying in wait,” said Seattle Redfin real estate agent Scott Petrich. “Now that the end of the pandemic is in sight, people will gradually start listing homes for sale. And once more companies and workplaces start calling employees back to the office, some homebuyer demand will shift back toward apartments and townhomes. Right now all the pressure is on single-family, suburban homes.”
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-55pct-of-sales-within-2-weeks/
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer’s favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we are the #1 nationwide brokerage website, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in the United States and Canada. Since our launch in 2006, we have saved our customers over $800 million and we’ve helped them buy or sell more than 235,000 homes worth more than $115 billion.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email email@example.com.