There’s a new and interesting trend in real estate that is very good news for anyone that is looking to sell a house soon.
Bidding wars are so common right now in hot real estate markets across the U.S., that 36% of homes that sold in February went for more than their asking price.
Home prices are soaring, and are up 14.4% year-over-year, with the median home-sale price now at $336,200.
With so many Americans working from home, a lot of people are looking to move into a house with more space, which is one of the reasons for the increased demand.
Redfin Chief Economist Daryl Fairweather said he hasn’t seen anything like this in 15 years.
“This is the strongest seller’s market since at least 2006. 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.”
Redfin data shows that sale prices have increased in every single large metro are in the country except for one. San Francisco.
Markets showing big gains were Pittsburgh, West Palm Beach, Camden, New Jersey, along with Hartford and New Haven in Connecticut.