Prices are up and inventory is down. Those have been the resounding headlines when it comes to the national real estate market for the better part of two years now, but with this week’s second anniversary of the World Health organization declaring COVID-19 an official pandemic, Redfin analysts took a look at the impact on the housing market.
Whether you were in Los Angeles or small town NorCal, you had to notice that prices have been skyrocketing. In fact, Redfin found that homes are 34 percent more expensive today than compared to March 11, 2020.
Today’s median home sale price is $369,125, the highest on record and up from $276,225 two years ago. That’s a significantly larger jump than the prior two-year period, when home prices grew about 10 percent.
And yes, the number of homes on the market has significantly shrunk over the last two years. In fact, the number of homes on the market is down 49.9 percent from two years ago to a record low of roughly 456,000.
The homes that are on the market are also selling twice as fast. Redfin found that the typical home sells in 25 days, down from 53 days two years ago. A record 44.7 percent of homes sell within just one week, compared with 30.8 percent in early 2020.
For more on Redfin’s Pandemic analysis, click here.