If you are thinking about selling your home, now might be a good time! The market currently favors sellers because of the increased demand and the low inventory of houses on the market, leading to fierce competition among buyers. Part of what is driving this seller's market is that there is 43% less inventory on the market as compared to the market last year.
What does this mean for you as a seller?
Your home can sell twice as fast as it would have last year.
In January 2020 houses were on the market an average of 43 days, in January 2021 the average was just 21 days! Houses are also seeing more showings, the rate of showings has increased 47.2% since January 2020!
You may end up with more than one offer.
In January 2020 the average number of offers per house was about 2.3, in January 2021 that average jumped to 3.7 offers!
You may end up selling your house for more.
The median sales price is up 14.1%! In January 2020 the median price was $266,300, which has jumped to $303,900 in January 2021.
*Data provided by ShowingTime, Realtor.com, and NAR