This year has seen a variety of changes across several industries due to the coronavirus, and that includes the real estate market. The environment has been busy but hindered by a lack of inventory and is now seeing more sellers get involved.
According to a new Zillow’s recently Weekly Market Report pending sales are up 25.5 percent compared to the same week last year, and while total inventory is still tight, new for-sale inventory is up 16.2 percent month-over-month, increasing 17.6 percent since the previous week—this is the highest level since March 22.
Total for-sale inventory is down 29 percent YoY and down 3 percent since last month. It has decreased for 14 consecutive weeks. Demand is still there, however, and that’s driving prices up. The median sale price for the week ending July 25 was $181,844 (7.8 percent higher than last year). The median list price is currently $345,824—up 9.3 percent YoY.
With few homes on the market, properties are going fast. According to Zillow, homes typically sell after 13 days on market—14 days faster than last year and the shortest time since 2019.
For more information, please visit www.zillow.com.