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Homes Are Selling Faster Than Ever and Prices Are Surging

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Homes Are Selling Faster Than Ever and Prices Are Surging

The median home-sale price increased 17% year over year to $341,250, an all-time high. Asking prices reached an all-time high of $353,750.


April 19, 2021
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As March 2020 was an unreliable aberration to use for comparison because of pandemic stay-at-home orders, Redfin broke down sales price and time-on-the-market data into two sections: metrics that are OK to compare with the last year’s period and metrics that make more sense to compare with March 2019.

Some of the metrics to compare with March 2020 include the following:

* The median home-sale price increased 17% year over year to $341,250, an all-time high. Asking prices reached an all-time high of $353,750.
* Homes that sold during the period were on the market for a median of 23 days, the shortest time on market since 2012. This was 15 days fewer than the same period in 2020.
* 43% of homes sold for more than their list price, an all-time high. This was 17 percentage points higher than the same period a year earlier.

And metrics to compare with 2019: 

* Pending home sales were up 22% from the same period in 2019. 
* New listings of homes for sale were down 13% from the same period in 2019.
* Active listings (the number of homes listed for sale at any point during the period) fell 47% from the same period in 2019 to a new all-time low.

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