The United States housing market has seen high prices, extraordinary offers, and exceedingly low inventory during the first two quarters of 2021. However, the frenzy could settle ever so slightly as more sellers list their homes in the coming months. Realtor.com conducted a survey showing that around 10% of current homeowners plan to list their homes this year, and an additional 16% are expected to list within the next two to three years. According to the same source, on average, only 8% of homeowners put their homes up for sale a year. This anticipated increase could translate to around 1.5 million more homes nationwide.
In March 2021, the median list price in the U.S. was $370,000, up 16% annually. Some 58% of sellers who plan to list their homes this year have homes valued below $350,000, which may benefit first-time homebuyers looking to purchase something more affordable.
According to Realtor.com Senior Economist George Ratiu, “A large influx of homes for sale would be welcome news for housing, especially as shrinking affordability has placed a wedge between many young buyers and their desired neighborhoods. More new homes would mean less competition, which would translate into a slowdown in the steep price growth we’ve experienced.”
To read more about the current housing market, click here.
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