Interesting Facts About The Real Estate Market

Interesting Facts About The Real Estate Market

Here are some stats from a recent update on the housing market:

• The median home sale price was up 15% year over year to $354,762. This was up 30% from the same time in 2020.
• The median asking price of newly listed homes increased 16% year over year to an all-time high of $381,000. This was up 26% from the same time in 2020.
• The monthly mortgage payment on the median asking price rose to an all-time high of $1,997. This was up 27% from a year earlier when mortgage rates were 2.73%, and was up 31% from the same period in 2020 when rates were 3.47%.
• Active listings (the number of homes listed for sale at any point during the period) fell 27% year over year, dropping to an all-time low of 447,000. Listings were down 49% from the same period in 2020.
• 57% of homes that went under contract had an accepted offer within the first two weeks on the market, an all-time high. This was up from the 51% rate of a year earlier and 43% in 2020.
• 44% of homes that went under contract had an accepted offer within one week of hitting the market, an all-time high. This was up from 38% during the same period a year earlier and 29% in 2020.
• Homes that sold were on the market for a median of 29 days, down from 38 days a year earlier and 60 days in 2020.
• 41% of homes sold above list price, up from 33% a year earlier and 19% in 2020.

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