The median list price for homes nationwide this March have now topped a record high set in 2017. The median list price was $280,000, up 8 percent year over year in March, topping last July’s record of $275,000, realtor.com® reports.
Not only are home prices higher but homes are also selling faster this year. Days on the market dropped 7 percent compared to last year, reaching a median of 63 days in March. There are also fewer homes for sale, with inventories of homes for sale dropping 8 percent, according to realtor.com®’s report, which is based on for-sale data culled from U.S. MLSs.
“Our latest inventory data tells us buyers are out in full force this spring,” says Javier Vivas, director of economic research for realtor.com®. “Never in history have there been more eyes on fewer homes than today.”
Vivas says that half of the homes selling this summer will likely be listed above $300,000.
“Buyers are not just paying more for the same home; the mix of homes in the market is rapidly changing,” he adds.
Housing inventories between $200,000 and $350,000 remain low, and homes under $200,000 are even harder to find, realtor.com® notes.
“March housing trends show the inventory depletion we’ve seen over the last two buying seasons is carrying over to this year,” realtor.com® notes in a release. “It’s going to be a languid search for buyers this season as they face the harshest, most competitive buying conditions yet.”
Source: realtor.com®
