Redfin report shows median home price sell increased 15%. | Adobe Stock
Redfin report shows median home price sell increased 15%. | Adobe Stock
The median home sale price in metro markets increased 15% year-over-year to nearly $320,000, a report from Redfin found.
The report looked at 400 metro areas for four weeks, ending on Feb. 7.
"There is a serious lack of new listings," Redfin chief economist Daryl Fairweather said in the release. "Although prices are through the roof, homeowners are reluctant to sell because it's so hard to buy again unless you are moving to a less expensive area where you can afford to outbid other buyers."
New listings asking prices, the report found, also increased. Those listings were up 10% year-over-year for a median price of $334,770. During that time, most homes under contract, 52%, OK'd a deal within two weeks after the listing was posted.
"Sellers who are concerned about finding their next home are asking buyers for a rent-back agreement, which allows the seller to stay in the home until they can move into their next one," Fairweather said. "Offering a rent-back agreement can also be a winning strategy for buyers with flexible timelines."
Alerts Sign-up