New housing data shows 2021’s feverish home sales pace broke a yearly record in October, even as fall sales activity followed steadier seasonal patterns. With last month marking the eighth straight month of buyers snatching up homes more quickly than the fastest pace in previous years and fewer new sellers entering the market than last year, inventory took a slight step back from recent months’ improvements, according to the Realtor.com® Monthly Housing Report released today.
“The year may be winding down, but 2021’s feverish pace of home sales continues to hit new records. Despite returns to more typical pre-COVID seasonality which means a slower fall versus summer season, October housing data suggests that demand is still unseasonably high,” said Realtor.com® Chief Economist Danielle Hale. “A number of factors could be enabling buyers to persist, including rising mortgage rates and surging rental prices. Looking at the bigger picture of the pandemic, increased adoption of technology could be playing a key role in helping buyers move further along in the process virtually. With these ‘serious searchers’ – some of whom have been planning to buy since before the pandemic – better prepared to jump on new listings quickly and keeping inventory tight, mismatched supply and demand will continue to challenge buyers eager to move on to the next phase of life.”
2021’s feverish pace of home sales hits eighth month record
Fall buyers have a few more days to make decisions relative to the competitive spring and summer, but home shoppers still need to be prepared to act quickly. In each month from March-October 2021, the typical U.S. home spent fewer days on market than in the fastest-selling month in 2016-2020. Additionally, homes sold within a month or less in nearly one-quarter of the 50 largest U.S. markets, while buyers in just four metros saw an increase in time on market in October.
Inventory improvements stall as the number of buyers overwhelmed the number of fall sellers
The number of homes for sale in the U.S. continues to lag, reflecting the mismatch of strong buyer demand with more typical fall seller activity levels. While October saw fewer new sellers than last year, a number of factors suggest that buyers are still relatively active, including the record-fast home sales pace. Additionally, every month in 2021 since January has seen a higher number of pending listings on Realtor.com® – where the seller has already gone under contract with a buyer – than active listings, or those without a contract. With buyers still searching, the majority of for-sale homes already under contract and fewer new listings coming onto the market in October, active inventory took a step back from yearly improvements seen since June.
“Emerging tech hubs like Raleigh have seen a rise in housing demand in recent years, exacerbated by increased mobility during the pandemic. Recent Realtor.com® data shows that over one-third (35.3%) of Raleigh home shoppers are from major metros like NYC, DC and LA. Also home to one of our 2021 Hottest ZIP Codes, Brentwood, N.C., the Raleigh area is increasingly popular with first-time buyers like tech-savvy millennials,” Hale added. “Home shopping from out-of-state comes with added challenges, so it’s particularly important to do your due diligence. Sites like Realtor.com® offer digital tools like its Real Estate app to help you find a home remotely, from taking virtual tours to learning about local crime and noise levels, and more.”
Sellers continue to ask for near-record high prices as home price gains continue
For the third straight month, the U.S. median listing price remained near record-highs and steadily increased at a strong single-digit pace in October. Price gains continue moderating from the double-digit pace seen earlier this year, a potential indication that the housing market is transitioning toward a more sustainable long-term growth pace. However, the spring and summer frenzy has made a lasting impact on affordability challenges as buyers continue to quickly buy up the tight inventory of existing homes, fewer new sellers enter the market and the new home supply gap widens.
Table 1: October 2021 Housing Metrics – National
Metric |
October 2021 |
October 2021 Year-over-Year |
October 2021 over October 2019 |
Median Listing Price |
$380,000 |
+8.6% |
+21.8% |
Share of Price Reductions |
17.4% |
+0.8% |
-4.6% |
New Listings |
378,048 |
-2.3% |
-9.9% |
Inventory of Active Listings |
636,606 |
-21.9% |
-51.9% |
Inventory of Pending Listings |
642,581 |
-6.4% |
+48.8% |
Time on Market |
45 days |
-8 days |
-21 days |
Table 2: October 2021 Housing Metrics – 50 Largest U.S. Metros
Metro |
Median Listing Price |
Median Listing Price YoY |
Active Listing Count YoY |
New Listing Count YoY |
Median Days on Market |
Median Days on Market Y-Y |
Price Reduced Share |
Price Reduced Share Y-Y |
Atlanta-Sandy Springs-Roswell, Ga. |
$395,000 |
11.1% |
-26.6% |
5.7% |
37 |
-9 |
18.3% |
-4.2% |
Austin-Round Rock, Texas |
$550,000 |
32.5% |
-8.1% |
15.3% |
32 |
-14 |
18.5% |
5.0% |
Baltimore-Columbia-Towson, Md. |
$325,000 |
-4.4% |
-5.0% |
-2.7% |
40 |
-3 |
20.6% |
4.1% |
Birmingham-Hoover, Ala. |
$280,000 |
7.7% |
-28.5% |
-5.3% |
48 |
-3 |
15.2% |
-0.1% |
Boston-Cambridge-Newton, Mass.-N.H. |
$689,000 |
3.0% |
-23.4% |
-19.0% |
30 |
-3 |
19.2% |
-1.3% |
Buffalo-Cheektowaga-Niagara Falls, N.Y. |
$225,000 |
4.7% |
-4.7% |
10.7% |
52 |
0 |
17.3% |
-2.1% |
Charlotte-Concord-Gastonia, N.C.-S.C. |
$399,000 |
9.3% |
-27.9% |
-5.1% |
32 |
-11 |
18.0% |
0.1% |
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. |
$330,000 |
-4.4% |
-20.3% |
-8.6% |
41 |
-2 |
20.6% |
0.2% |
Cincinnati, Ohio-Ky.-Ind. |
$310,000 |
0.0% |
-11.3% |
-11.0% |
42 |
3 |
19.7% |
2.1% |
Cleveland-Elyria, Ohio |
$190,000 |
-5.0% |
-4.7% |
0.9% |
44 |
-3 |
24.3% |
-1.5% |
Columbus, Ohio |
$290,000 |
-5.0% |
-3.7% |
8.7% |
30 |
-5 |
25.3% |
-3.4% |
Dallas-Fort Worth-Arlington, Texas |
$398,000 |
11.8% |
-33.9% |
-3.5% |
37 |
-10 |
21.8% |
-3.9% |
Denver-Aurora-Lakewood, Colo. |
$615,000 |
18.3% |
-27.8% |
-8.4% |
28 |
-8 |
22.0% |
-1.2% |
Detroit-Warren-Dearborn, Mich. |
$245,000 |
-8.9% |
-7.2% |
1.0% |
32 |
-6 |
19.6% |
2.1% |
Hartford-West Hartford-East Hartford, Conn. |
$330,000 |
10.0% |
-57.1% |
-30.2% |
40 |
-1 |
13.0% |
5.3% |
Houston-The Woodlands-Sugar Land, Texas |
$360,000 |
7.9% |
-20.0% |
-1.6% |
45 |
-7 |
19.6% |
0.8% |
Indianapolis-Carmel-Anderson, Ind. |
$275,000 |
0.0% |
-24.9% |
5.1% |
38 |
-5 |
30.5% |
-7.1% |
Jacksonville, Fla. |
$370,000 |
16.3% |
-27.8% |
10.3% |
38 |
-17 |
18.5% |
3.2% |
Kansas City, Mo.-Kan. |
$325,000 |
-1.5% |
-6.1% |
-11.3% |
46 |
-1 |
20.2% |
-0.6% |
Las Vegas-Henderson-Paradise, Nev. |
$439,000 |
27.2% |
-31.5% |
-6.1% |
31 |
-10 |
19.2% |
-2.8% |
Los Angeles-Long Beach-Anaheim, Calif. |
$975,000 |
-2.0% |
-25.3% |
-17.9% |
49 |
0 |
13.3% |
-2.5% |
Louisville/Jefferson County, Ky.-Ind. |
$250,000 |
-3.1% |
-3.7% |
3.6% |
31 |
-4 |
24.2% |
-1.2% |
Memphis, Tenn.-Miss.-Ark. |
$275,000 |
4.3% |
-10.2% |
14.8% |
29 |
-16 |
17.9% |
-2.9% |
Miami-Fort Lauderdale-West Palm Beach, Fla. |
$475,000 |
15.9% |
-47.9% |
-16.7% |
62 |
-31 |
13.2% |
-2.0% |
Milwaukee-Waukesha-West Allis, Wis. |
$275,000 |
-8.3% |
-6.3% |
2.0% |
39 |
-3 |
22.0% |
5.8% |
Minneapolis-St. Paul-Bloomington, Minn.-Wis. |
$350,000 |
0.6% |
-10.5% |
-14.9% |
36 |
-1 |
17.8% |
2.8% |
Nashville-Davidson–Murfreesboro–Franklin, Tenn. |
$450,000 |
12.5% |
-37.1% |
-9.8% |
22 |
-10 |
17.4% |
-1.7% |
New Orleans-Metairie, La. |
$340,000 |
3.3% |
-16.4% |
-13.3% |
75 |
11 |
20.1% |
-3.0% |
New York-Newark-Jersey City, N.Y.-N.J.-Pa. |
$619,000 |
-3.1% |
-14.9% |
-18.4% |
63 |
5 |
14.2% |
-2.3% |
Oklahoma City, Okla. |
$271,000 |
0.4% |
-21.5% |
-2.7% |
44 |
-4 |
22.0% |
-3.8% |
Orlando-Kissimmee-Sanford, Fla. |
$390,000 |
20.0% |
-46.5% |
-9.4% |
42 |
-17 |
22.8% |
-5.2% |
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. |
$320,000 |
-8.3% |
-1.7% |
-0.5% |
49 |
1 |
20.9% |
3.0% |
Phoenix-Mesa-Scottsdale, Ariz. |
$485,000 |
16.7% |
-16.3% |
0.1% |
32 |
-4 |
23.4% |
-4.2% |
Pittsburgh, Pa. |
$226,000 |
-7.9% |
-10.4% |
1.7% |
50 |
-7 |
23.4% |
3.3% |
Portland-Vancouver-Hillsboro, Ore.-Wash. |
$550,000 |
7.8% |
-13.9% |
8.0% |
37 |
-12 |
30.7% |
0.5% |
Providence-Warwick, R.I.-Mass. |
$430,000 |
7.5% |
-12.7% |
0.2% |
35 |
-7 |
13.1% |
2.2% |
Raleigh, N.C. |
$425,000 |
9.0% |
-50.7% |
-15.8% |
19 |
-30 |
14.9% |
-3.0% |
Richmond, Va. |
$350,000 |
-1.9% |
-21.6% |
-3.2% |
43 |
-2 |
14.2% |
2.0% |
Riverside-San Bernardino-Ontario, Calif. |
$549,000 |
16.8% |
-6.3% |
-4.1% |
36 |
-5 |
12.1% |
2.3% |
Rochester, N.Y. |
$211,000 |
-7.7% |
-28.5% |
-11.9% |
23 |
-8 |
14.5% |
-1.4% |
Sacramento–Roseville–Arden-Arcade, Calif. |
$595,000 |
8.4% |
-1.6% |
-2.5% |
32 |
-3 |
15.4% |
3.1% |
San Antonio-New Braunfels, Texas |
$349,000 |
16.4% |
-24.4% |
0.3% |
44 |
-9 |
20.7% |
0.7% |
San Diego-Carlsbad, Calif. |
$839,000 |
5.6% |
-26.6% |
-21.8% |
47 |
N/A |
13.5% |
-2.2% |
San Francisco-Oakland-Hayward, Calif. |
$995,000 |
-5.1% |
-25.2% |
-9.4% |
31 |
-4 |
13.7% |
-2.8% |
San Jose-Sunnyvale-Santa Clara, Calif. |
$1,250,000 |
4.3% |
-31.9% |
-13.7% |
34 |
0 |
13.6% |
-4.4% |
Seattle-Tacoma-Bellevue, Wash. |
$680,000 |
8.8% |
-43.3% |
-12.2% |
34 |
-1 |
16.9% |
-3.8% |
St. Louis, Mo.-Ill. |
$243,000 |
-2.0% |
-19.3% |
1.0% |
50 |
-6 |
20.5% |
-2.4% |
Tampa-St. Petersburg-Clearwater, Fla. |
$375,000 |
21.8% |
-39.9% |
-12.5% |
37 |
-11 |
22.8% |
-2.9% |
Virginia Beach-Norfolk-Newport News, Va.-N.C. |
$314,000 |
-3.4% |
-17.9% |
-2.7% |
30 |
-9 |
10.6% |
4.4% |
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. |
$510,000 |
1.6% |
8.3% |
-0.9% |
35 |
-1 |
16.9% |
4.4% |
Methodology
Realtor.com® housing data as of October 2021. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via the MLS.
In this release, price adjustments are defined as home listings that had their price reduced in October 2021. Listings that had their prices increased during the month are excluded.
Media Contact
rachel.conner@move.com