The third quarter of 2021 saw a record increase in affordable housing supply, according to new data from Redfin. Inventory of America’s “most affordable” homes for sale jumped 13 percent year-over-year, with a median sale price of $126,500.
The “affordable” market also saw a small increase in supply over Q3, increasing 1.6 percent. “Affordable” homes for sale had a median price of $210,000 last quarter.
Even still, housing supply in both the “most affordable” and “affordable” price tiers remains below historic levels.
So-called “mid-priced,” “expensive” and “luxury” markets all saw supply diminish between July-September, according to Redfin, at rates of -10.1 percent, -17.9 percent and -21.2 percent, respectively, compared to the same time period last year. “Mid-priced” homes sold the fastest last quarter, averaging just 16 days on the market, while “luxury” homes took the longest to exchange hands at an average of 30 days.