Key Highlights
- Redfin found national median home price jumped to $335,519 in November, +14% higher than one year ago and biggest annual gain since July 2013
- Record 35% of homes sold over asking price
- Average days on the market hit record low of just 27 days
Not only has the COVID pandemic inflicted economic, income and job losses for untold millions across the country, it has also inflated real estate prices across the country. A recent Redfin report indicated that the median home price increased some +14% compared with one year ago to $335,519 in November. This +14% increase is the biggest annual gain in median home prices since July 2013.
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On top of this jump up in median home price, a record 35% of all homes sold in November sold over the listing asking price. Demand was so strong that homes sold in an average of just 27 days, a new record low.
Just as middle- and lower-income wage earners have been hit hardest by the economic impacts of the pandemic, home sale prices in lower-priced markets have tended to increase the most and made it even more difficult for buyers with less income to save for a down payment and afford a mortgage. Redfin indicated in this latest report that among 20 of the markets with the highest price increases in November, 14 had home prices that were below the national median.
That’s not to say that some of the most expensive markets didn’t have price increases. Oakland CA, on one hand, saw a +17% y/y home price increase and it had more than 71% of its homes sell for over the asking price. On the other hand, San Francisco, the country’s most expensive housing market with a median sale price of $1.4M, had just a 1.8% price increase y/y, the smallest price increase among all the cities Redfintracks.
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Also noteworthy in Redfin’s report was the fact that the supply of for sale homes in all markets in this study was down an eye-popping -23% in November compared to one year earlier, the lowest supply level on record for a November in any year.
Top 20 Metro Areas with Largest Median Home Price Increases from November 2019 to November 2020
– Bridgeport CN $465,000 +22%
– Newark NJ $435,000 +22%
– Memphis TX $220,000 +20%
– Cincinnati OH $219,000 +20%
– Camden NJ $240,000 +20%
– Charleston SC $325,000 +20%
– Tulsa OK $205,000 +20%
– Louisville KY $225,800 +19%
– Indianapolis IN $221,800 +19%
– Worchester MA $324,500 +18%
– New Haven CN $250,000 +18%
– Tucson AZ $265,000 +18%
– Austin TX $365,000 +18%
– Nassau County NY $534,900 +18%
– Allentown PA $245,500 +18%
– Baton Rouge LA $232,500 +17%
– Tacoma WA $440,000 +17%
– Greensboro NC $205,000 +17%
– Baltimore MD $321,500 +17%
– Oakland CA $840,000 +17%
Thanks to Redfin and The New York Times.
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