It can be hard to say anything about the housing market with much confidence. Things fluctuate and are revised and reversed frequently. But here is something that can be said now with the utmost confidence; it is a seller’s market.
According to MarketWatch, Americans who sold their homes in March saw the largest price increases since December 2007 with the average homeowner selling their home for $30,500 more than they bought it for. This averages out to a 17 percent price gain. The largest gains were in San Francisco, where homeowners saw an average increase of 72 percent.
March also saw seven markets reach their all-time peak median prices. Boulder, Colo., a city that saw homeowners sell for an average of 53 percent higher than their purchase price, hit its peak with a median price of $451,250. Denver, Fort Collins, and Greeley were other Colorado markets that reached new peaks. Other cities that saw March bring new highs were Portland, Ore., Austin, Texas, and Cincinnati, Ohio.
Things are not so sunny for sellers everywhere, though. Some markets are still struggling. Rockford, Ill. saw its sales prices average 11 percent lower than purchase prices, the lowest average in the country.
Another interesting note from March is that the average time a homeowner owned their home before selling increased to 7.67 years, a four percent increase from March 2015.