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A Year-Over-Year Comparison of Market Data

Here’s a quick update on our red-hot real estate market.

We’ve seen some crazy activity in the market since the beginning of the year. I put two listings on the market recently; one of them had over 45 showings, 13 offers, and we sold it as is for more than asking price—without inspections of appraisals. 

This same time last year, we had 4,557 homes available on the market. This year, we only have 3,124, which is a 31.4% decrease in supply year over year.

Demand is up 1.18% over last year—we sold 1,829 homes at the beginning of 2020 and 2,045 this year.

The median home price jumped up 12.2% year over year to $241,277. For reference, 10 years ago, that number was $140,000. That’s a phenomenal rate of return in just a decade! The average price also rose, but by 15.4% over last year, leaving us at $296,220. Remember that the average price is often skewed by high-priced sales, so it’s not as reliable as the median, but it’s still good to be aware of.

If you’re thinking about selling your house soon, now is the time. We can help you pick the best offer out of a multiple-offer situation and get you the very best price possible. Don’t hesitate to reach out to us with any questions you have. We’d be glad to help.

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Our agents write often to give you the latest insights on owning a home or property in the local area.