With the kickoff of the spring real estate market just around the corner, experts are finding that the demand for housing has continued to fuel impressive year-over-year increases. Recent MRED data shows that listings under contract saw a 39% uptick as compared to previous year.
This trend has continued despite seeing a slight dip in new and closed listings recently, with many expecting the demand for housing to continue its growth as the area enters the official spring market season in February, just after Super Bowl LV.
Home sale prices continued to soar, a trend that experts have seen hold steady throughout 2020. The median sale price for the week of January 25, 2021 reached $244,750, with homes attaining a median sale price of $201,900 for the same period last year—a 19% increase—demonstrating the robust nature of real estate.
Low interest rates will continue to allow buyers more flexibility in budgeting, while low inventory is finding shorter listing times and highly competitive offers for sellers.Source: MRED