The typical home for sale is listed for 9% more (or $38,672) than the typical home is selling for, according to a data report from Redfin (NASDAQ: RDFN), which noted this was biggest gap between asking and sales prices since May 2020.
During March, Redfin determined the typical newly listed home was listed at $469,729, a record high. However, the typical home that sold in March went for $431,057, down from the record high of $442,529 set last June.
Redfin also noted that while the median list price rose 6.2% year-over-year in March – the biggest increase since September 2022 – the median sale price only rose by 2.5%, the smallest increase since September 2023.
“Homebuyers today have the upper hand because they’re outnumbered by sellers, and that’s a tough pill for sellers to swallow,” said Redfin Senior Economist Elijah de la Campa. “When buyers and sellers are on different planets, one side eventually has to give in, and it’s looking like it’s going to be sellers this time. Rising inventory, price drops and seller concessions indicate this is already starting to happen, and sale-price growth will likely continue to slow as a result.”
Really? There’s no inventory in my market.
All real estate is LOCAL.
There is tons of inventory. Time to educate your sellers. Drop the prices.
Give it till September when they knock off all the forbearance programs. You’ll have plenty of foreclosures.
Because of the storms , mortgage companies gave forbearances to the sellers. With 80% of Florida homeowners having mortgages under 4%, they are not in distress.
When the forbearance period ends, then you have true motivation and the sellers market ends.
That title is for a snap shot in time for a very specific location area.