It has been just over two years since the Coronavirus pandemic was officially declared. A recent report from Redfin takes a look at how drastically the housing market changed since that moment in time. They illustrate this with multiple data charts that include: Housing supply, home prices, sales over list price, days on the market, bidding wars, migration and mortgage rates.
- House hunters have half as many homes to choose from after surging demand driven by remote work and low mortgage rates intensified a housing shortage.
- Homes are 34% more expensive, with the median sale price now at $369k.
- Buyers are twice as likely to pay above list price as they face fierce competition. More than two-thirds of home offers face bidding wars.
- Houses are selling twice as fast, with the typical home sitting on the market for 25 days. Nearly half of all homes sell in just one week.