Real Estate Trends
Home prices have risen nationally three times faster than incomes since the turn of the century, which has made home ownership an impossibility for more Americans than ever before.
Now millennials make up the largest share of homebuyers in the US, according to a 2020 survey from the NAR. According to a new study by Realtor.com, buying is more cost-efficient than renting in a growing number of the largest cities in the country. This is encouraging news for the millions of millennials who are approaching peak homebuying age.
In 2021, so far, the housing market continues to be competitive for buyers resulting in higher home prices and quick-selling homes. In March 2021, the median home listing price reached an all-time high of $370,000, up 15.6% compared to last year. The large metros saw an average price gain of 12.1% compared to last year.
We are now in a period where we can compare housing trends against the early days of the pandemic when the real estate market was largely halted. The differences between today's frenetic housing market and last year's frozen market are quite significant. Realtor.com's data for last April shows that while home prices never fell, they were flat this time last year. That's the main reason we’re seeing home prices register such large gains compared to that time — almost 19 percent over last year for the week ending April 10.
Welcome to the COVID pandemic real estate market in New Jersey, where homes are selling as soon as they are listed, often with multiple offers. Low inventory — coupled with the increased appeal of suburban living — has created a fiercely competitive market for buyers. Even as COVID restrictions about showing homes lifted, properties are still not coming on the market.