The typical home that went under contract in March was on the market for 47 days, according to new data report from Redfin (NASDAQ: RDFN). This is the longest days on the market period for any March since 2019.
Redfin noted that more than one-quarter (27%) of homes sold for over their list price last month, the lowest March share since 2020. The median home-sale price in March was $431,057, up 2.5% from a year earlier, the slowest growth since September 2023. The typical home that sold in March sold for roughly 1% less than its list price.
However, active listings hit the highest level in five years in March via a 0.1% month-over-month uptick on a seasonally adjusted basis and a 14.1% year-over-year surge. New listings hit the highest level since July 2022, rising 0.7% month over month on a seasonally adjusted basis and 6% year-over-year.
“There’s a growing disconnect between what sellers think they can get for their homes and the direction the market is actually moving,” said Redfin Senior Economist Elijah de la Campa. “Tariff fears and widespread economic uncertainty are making homebuyers nervous, so if sellers don’t lower their price expectations, home sales may slow in the coming months.”
DROP THE PRICES!!!!