The national median home-sale price shot up 14.4% year-over-year to $336,200 last month in the most substantial increase since July 2013, according to a report by real estate brokerage Redfin.
The national median home-sale price increased 14.4% year-over-year to $336,200 last month, according to a report by Redfin. (iStock)
Indeed, bidding wars are happening in markets across the country as many Americans working remotely seek larger spaces. As a result, up to 36% of homes that sold last month went for over their asking price, Redfin data shows, while uneven supply and demand continues to send home prices soaring.
“This is the strongest seller’s market since at least 2006,” Redfin Chief Economist Daryl Fairweather said in the report. “Buyers outnumber sellers by such a huge margin that many homeowners are staying put because they know how hard it would be to find a place to move to. It seems like the only move-up buyers who are confident enough to list their homes are those who are relocating to a more affordable area where they’ll have an edge on the local competition.”
Across the country, the median sale prices increased in all of the largest metro areas in the country tracked by Redfin except for San Francisco. Meanwhile, Connecticut cities like Bridgeport and New Haven along with Camden, N.J. saw the largest price hikes, per the findings. Pittsburgh, Penn. and West Palm Beach, Fla. also saw some of the largest increases in home price growth, too.
And when it comes buying a new home, single women seem to be leading the charge. Unmarried women made up 15.7% of total home purchases throughout the U.S. for the fourth quarter of 2020, that’s compared with 15.3% in the previous year, a separate Redfin report published earlier in March shows.