Will 2020's hot seller's market continue into 2021?
|CBSA Name||Sept. 2019 - Closed Listings Avg DOM||Sept. 2020 - Closed Listings Avg DOM|
|Anaheim-Santa Ana-Irvine CA||69||64|
|Chicago-Naperville-Arlington Heights IL||58||49|
|Dutchess County-Putnam County NY||110||90|
|Fort Lauderdale-Pompano Beach-Deerfield Beach FL||106||96|
|Fort Worth-Arlington TX||61||60|
|Lake County-Kenosha County IL-WI||70||53|
|Los Angeles-Long Beach-Glendale CA||60||53|
|Miami-Miami Beach-Kendall FL||140||134|
|Montgomery County-Bucks County-Chester County PA||62||52|
|Nassau County-Suffolk County NY||91||84|
|New York-Jersey City-White Plains NY-NJ||98||82|
|Rockingham County-Strafford County NH||50||37|
|San Francisco-Redwood City-South San Francisco CA||47||54|
|San Rafael CA||60||60|
|Silver Spring-Frederick-Rockville MD||58||53|
|Warren-Troy-Farmington Hills MI||60||50|
|West Palm Beach-Boca Raton-Delray Beach FL||96||91|
Since last summer, even in the midst of the COVID-19 pandemic, the nation's real estate market has remained warm if not hot. Historically low interest rates, a lack of new construction and an inventory shortage are contributing to fewer Days On Market (DOM) and increased sales.
This is occurring in spite of the fact that the competition over smaller inventories is increasing home prices dramatically. For instance, the national median home price has increased on new listings Year-over-Year (YOY) from September 2019 to September 2020 by $31,000 — from $289,000 to $320,000! This is an unprecedented 10.7% yearly increase, compared to a typical home value annual gain of 3% to 4%.
1 Corelogic, Inc. (2020). Real Estate Listing Trends data, September 2019-2020. Accessed November 2020.
2 "BLACK KNIGHT REPORTS HOME PRICE GROWTH CONTINUES TO SLOW, FALLING BELOW 25-YEAR AVERAGE FOR FIRST TIME SINCE 2012; AFFORDABILITY AT STRONGEST POINT IN MORE THAN A YEAR," Black Knight Inc., Press Release, June 3, 2019.
MAP3372677 | 12/2020