Hot, hot, hot: Resi market sets new price records in March

Median price hit $353K, a 17% increase from 2020

National /
Apr.April 16, 2021 09:00 AM
(iStock)
(iStock)

The residential real estate market set all kinds of records in March.

The median home price hit an all-time high of $353,000, a 17 percent increase from the same time in 2020, according to a new Redfin analysis first reported by Inman. Forty-two percent of the homes that sold in March netted more than their listing price, also a record high. And for the first time since Redfin began tracking, the sale-to-list ratio was above 100 percent.

Despite those record highs, the average listing sold within 25 days. The number of active listings declined in March for the 20th consecutive month, down 29 percent from February and 7 percent from the same time last year.

A mismatch between supply and demand is fueling the red-hot housing market. Some observers have called the sharp increase in housing values a pricing bubble. But Redfin’s chief economist says that’s not the case.

“Fundamentals like low mortgage rates and high demand for housing are fueling the record-high price gains, so I don’t believe that homes are overvalued,” said Marr.

Still, by some estimates, the U.S. needs four million more homes just to meet current demand, according to mortgage lender Freddie Mac, meaning homebuilders would need to construct as many as 1.2 million single-family homes per year to meet long-term demand.

[Inman] — Orion Jones


Related Articles

arrow_forward_ios
Plans for the Woodland Hills project with Urban Stearns co-founder Shy Cohen (Togawa Smith Martin, Urban Stearns)
Urban Stearns plans apartment, hotel project in Woodland Hills
Urban Stearns plans apartment, hotel project in Woodland Hills
State Senator Scott Weiner is the primary author of Senate Bill 9 (Getty, California Legislative)
Study: California’s “upzoning” bill would not lead to widespread redevelopment
Study: California’s “upzoning” bill would not lead to widespread redevelopment
Los Angeles housing market reaches new heights (Getty)
Los Angeles home prices, sales soar to new records in Q2
Los Angeles home prices, sales soar to new records in Q2
The L.A. County median of $790,000 was 23 percent higher than last June (Getty)
SoCal home prices reach yet another record high in June
SoCal home prices reach yet another record high in June
Nine-agent Compass team bolts for The Agency
Nine-agent Compass team bolts for The Agency
Nine-agent Compass team bolts for The Agency
Steven and Alex Hakim, Marilyn Monroe and Humphrey Bogart with Hollywood Tower (Getty, Facebook via Hollywood Tower)
Buyer revealed for Hollywood Tower where Monroe, Bogart once lived
Buyer revealed for Hollywood Tower where Monroe, Bogart once lived
L.A. County property assessor Jeff Prang (iStock, L.A. County Assessor)
Despite pandemic, LA County property values rise by $63B
Despite pandemic, LA County property values rise by $63B
Helen Mirren and Taylor Hackford with their Hollywood home (Getty, Redfin)
Helen Mirren and Taylor Hackford list storied Hollywood estate for $18.5M or $45K per month
Helen Mirren and Taylor Hackford list storied Hollywood estate for $18.5M or $45K per month
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...