The median home sale price increased 17% year over year to $330,250—an all-time high—according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. This is the largest increase on record in this data set, which goes back through 2016.
Below are other key housing market takeaways for more than 400 U.S. metro areas during the 4-week period ending March 14.
“This time last year, the housing market was shutting down as many cities implemented strict shelter in place orders. A year later the pandemic is still with us, but the housing market is red-hot. It’s so hot some buyers are acting irrationally,” said Redfin Chief Economist Daryl Fairweather. “Some people are willing to do whatever it takes to win a bidding war to the point they may be overpaying. Still, I wouldn’t call this a housing bubble because the demand for homes is truly there and the buyers can afford these high prices. Bubbles burst; I don’t see that happening. The best hope buyers have is that home prices start to grow at a slower pace, but I don’t expect prices to fall.”
In the coming weeks, as the nation’s housing market enters the period where comparisons to a year ago overlap with a steep decline in homebuying demand at the start of the pandemic, many housing demand measures will begin to show very large year-over-year increases. Redfin will provide context around those measures in its reporting as new data becomes available.
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-one-year-pandemic/
Redfin (www.redfin.com) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. We sell homes for more money and charge half the fee. We also run the country’s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Since launching in 2006, we’ve saved customers nearly $1 billion in commissions. We serve more than 95 markets across the U.S. and Canada and employ over 4,100 people.
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.