Home Prices Show Biggest Increase in Four Years
May 24, 2018
Home buyers…in March it was reported that home prices across the nation have increased by 8.9 percent versus this time a year ago. The median home price is now at $297,000 in over 174 markets across the United States. Inventory is also down by 11.9 percent, which affects how many homes have sold – a decrease of 3.7 percent.
The number of new homes for sale in March decreased by 5.6 percent, which offers some issues with inventory levels and the number of homes that buyers have to chose from.
Even though sellers are listing, buyer demand is still high, which means some stiff competition for prospective buyers. The typical home was on the market for around 43 days, which is 8 days quicker than the average same time last year. That’s also faster than any March on record! Looking at the homes that sold in March, 23.9 percent sold above their list prices, which is also up 22.3 percent from last March. Twenty percent of homes went into contract within two weeks of being listed, compared to 18.4 percent this time last year.
Here’s a full run-down of March statistics:
Source: https://www.redfin.com/blog/2018/04/market-tracker-march-2018.html
For other March highlights including information on competition, pricing, sales, inventory and pricing strategy – check out RedFin’s full report.
And, as always, when you’re ready to move – please let our team at Beltmann do the heavy lifting. Give us a call for a free, no-obligation in-home estimate.
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