All Time High Home Prices
Are you a seller looking to get the absolute highest price for your home? Now may be the best time ever for you to capitalize on the high home priced market conditions.
According to recent data from realtor.com, the median home listing price in the United States has now hit $370,000 this March. That is a 15.6% increase from March 2020 and the highest median home listing price on record since realtor.com started tracking prices in 2012.
So, what is one of the major causes of increasing home prices? It is the lack of inventory! According to realtor.com’s data, the number of homes on the market is down 52% than this time last year, and each month, 117,000 fewer homes are hitting the market than in the previous years. Is your mind blown yet? And not only is the lack of inventory driving up the prices, but it is also causing the homes to sell faster. In today’s market, the typical home is selling in 54 days. This is a full week faster than it was last year.
So, what does this mean for you? Low inventory is driving up home prices throughout the country. So if you are thinking about selling your home and want to sell it quickly, now is a really good time to sell while the inventory is low, with little competition and strong buyer demand.
If you have any questions about the home buying or selling process, reach out to any of our knowledgeable NextHome TriState Realty agents. 712-224-6398