Housing marketing data for the four-week period ending March 7 reflect a market filled with high demand as median home prices jumped, inventory dropped, and the sale-to-list price ratio advanced. Median home prices are now $328,350, a 17% increase compared to one year ago. According to Redfin, this is the largest increase on record. Pending home sales are 19% higher than last year and 3% higher compared to the previous four-week period. The average sale-to-list price ratio also reached 100.1%, which marks the first time on record the average home sold above asking price.
- New listings of homes for sale were down 17% from a year earlier.
- Active listings (the number of homes listed for sale at any point during the period) fell 41% from 2020 to a new all-time low. This is the largest decrease on record in this data, which goes back through 2016.
- 56% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 45% rate during the same period a year ago. This is another new all-time high for this measure since at least 2012 (as far back as Redfin’s data for this measure goes). During the 7-day period ending March 7, 59% of homes sold in two weeks or less.
- 44% of homes that went under contract had an accepted offer within one week of hitting the market, up from 32% during the same period a year earlier. This is also an all-time high for this measure. During the 7-day period ending March 7, 48% sold in one week or less.
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