Luxury real estate expert Katrina Campins discusses an increase of almost 10% in women buyers during the coronavirus pandemic.
Here is more evidence of a seller’s market.
The national average selling price of a home skyrocketed 14.4% year on year to $ 336,200 last month, the most substantial increase since July 2013, according to a report by real estate broker Redfin.
The national average selling price of a home increased 14.4% year on year, to $ 336,200 last month, according to a report by Redfin. (iStock)
In fact, bidding wars are taking place in markets across the country, as many Americans who work remotely are looking for larger spaces. As a result, up to 36% of homes sold last month exceeded the asking price, data from Redfin show, while uneven supply and demand continue to drive house prices up.
SINGLE WOMEN BECOMING ‘POWERFUL FORCE’ IN REAL ESTATE, SPECIALISTS SAY
“This is the strongest sales market since at least 2006,” said Redfin’s chief economist, Daryl Fairweather, in the report. “Buyers outnumber sellers by such a large margin that many homeowners are standing still because they know how difficult it would be to find a place to move. It appears that the only rising buyers who are confident enough to list their homes are those who are moving to a more accessible area, where they will have an edge over local competition. “
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Across the country, average sales prices have increased in all major metropolitan areas in the country monitored by Redfin except San Francisco. Meanwhile, Connecticut cities like Bridgeport and New Haven, along with Camden, NJ, have seen the biggest price increases, according to the findings. Pittsburgh, Penn. and West Palm Beach, Florida, also saw some of the biggest increases in home price growth.
And when it comes to buying a new home, single women seem to be leading the movement. Single women accounted for 15.7% of total home purchases in the United States in the fourth quarter of 2020, compared with 15.3% in the previous year, shows a separate Redfin report published in early March.