Between low interest, fierce competition, and rising home prices, 2020 was a challenge for buyers, but offered serious advantages to sellers—and it looks like that dynamic is continuing into 2021.
According to recent data from realtor.com, the number of homes for sale in the US in January 2021 dropped below 600,000—a whopping 43 percent decrease from January 2020 and the lowest number of homes for sale since realtor.com started collecting data in 2012. The median listing price was $346,000, up 15.4 percent year-over-year, and the typical home sold, on average, in 76 days—10 days faster than this time last year.
So, what does this mean for you? It may be a new year, but markets across the country are still experiencing historically low inventory, which is continuing to drive up both competition and home prices—so if you’ve been thinking about selling your home, now is a great time to make a move.