How the Pandemic Has Rocked the U.S. Housing Market
It has been just over two years since the Coronavirus pandemic was officially declared. A recent report from Redfin takes a look at how drastically the housing market changed since that moment in time. They illustrate this with multiple data charts that include: Housing supply, home prices, sales over list price, days on the market, bidding wars, migration and mortgage rates.
Key takeaways:
- House hunters have half as many homes to choose from after surging demand driven by remote work and low mortgage rates intensified a housing shortage.
- Homes are 34% more expensive, with the median sale price now at $ 369k.
- Buyers are twice as likely to pay above list price as they face fierce competition. More than two-thirds of home offers face bidding wars.
- Houses are selling twice as fast, with the typical home sitting on the market for 25 days. Nearly half of all homes sell in just one week.
Click here to read the full report at Redfin.com.
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