Currently Reading

Record High Home Prices Create a Thanksgiving Seller’s Market

Advertisement
Market Data + Trends

Record High Home Prices Create a Thanksgiving Seller’s Market

Home prices continue to rise throughout the third quarter of 2021 and more sellers are reaping the benefits


November 29, 2021
New home for sale
Image: Stock.adobe.com

Median home prices reached an all-time high of $359,975 at the end of a four-week period ending on November 21, a 14% year-over-year increase driven by limited supply and rising inflation. Higher home prices benefit sellers and suggest quick turnover with available homes lasting an average of 24 days on the market and 32% of homes under contract accepting an offer after just one week, according to Forbes. 

Sellers are also receiving more offers above asking price as a result of tighter competition in a market with low inventory. Over the past month, the average home sold for 0.5% above its list price, a motivating factor for new sellers entering the market.

Prices have risen in the past month nearly four times faster than they did at the same time last year. The unseasonable surge in home prices appears to be drawing in more sellers, as the number of homes lsted for sale was down less than 3% from 2020 and up 11% from 2019. 

“Rising rents and rising prices on everything from gas to groceries may be motivating more people to buy homes now,” said Redfin chief economist Daryl Fairweather. “Buying a home is a type of hedge against inflation, especially with mortgage rates still near historic lows. If high inflation persists, a large home mortgage could seem a lot less expensive in just a few years.”

Read More

Related Stories

Build to Rent

Built to Rent Is Booming, But Operational Challenges Loom for This Overheated Housing Sector

Don’t let the current hype about single-family B2R communities obscure the need to create long-term sustainability and asset value

Housing Markets

Florida, Ohio Among the Nation's Most Overvalued Housing Markets

As more Americans migrate from major cities like New York and San Francisco, states like Florida, Ohio, and Idaho are seeing higher populations as well as much higher prices

Market Data + Trends

Sustainably Increasing the Homeownership Rate May Be More Difficult Than Ever Post-Pandemic

The U.S. homeownership rate has stayed the same for half a century, but housing-related fallout from the COVID-19 pandemic could change that

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.