9 Stats About This Wild Real Estate Market That May Make You Weep Gently
There’s been no shortage of bad news over the past 18 months. While some things did seem to be on the upswing for a minute there, it’s important to note that the real estate market is still as hot as ever. This is good news for sellers, of course, but spells trouble for buyers who keep getting out-bid (and out-maneuvered) while competing for the same small pool of available homes.
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And yes, okay, if you’ve been house hunting for a while, you may have grown weary of reading all of the statistics about this absolutely bonkers real estate market. I’m here to tell you that not every statistic has to be a huge downer. These wild trends? They’re all about perspective. Kind of.
The bad news: There are now more real estate agents than available listings.
The good news: It’s easy to find a real estate agent!
The bad news: The price of newly listed homes has risen 32.6 percent since the beginning of the pandemic (in some areas, like New York, that number is even higher).
The good news: If you already own a home, your equity is booming.
The bad news: On average, listings are only on the market for 37 days.
The good news: You don’t have to wait too long to find out if your offer has been accepted.
The bad news: Supply levels dropped so low during winter in 2020, that if no new homes were built, the existing inventory would only last 1.9 months.
The good news: While still incredibly low, the supply levels are creeping back up from those 2020 numbers.
The bad news: The average age of a homebuyer in both 2020 and 2021 was 47.
The good news: Someday you will be 47. (OK, obviously this one isn’t 100% true, but look, I had to stretch to find a silver lining here.)
The bad news: A 2021 study conducted by Bankrate shows that 66 percent of millennials have at least a few regrets about their home purchase.
The good news: There were millennials who were able to purchase a home in 2021, so it wasn’t just 47-year-olds buying real estate.
The bad news: Lumber prices are up 300 percent.
The good news: Now you have a really good excuse to put off that home improvement project (and save up for it) for a little while longer.
The bad news: Some lenders are now calling employers to verify that hopeful homeowners will still be allowed to work remotely if they are relocating. A “no” could cost some borrowers their mortgage approval.
The good news: You will have a clear answer on what your employer plans to do about an eventual return to the office.
The bad news: These stats will keep changing, and nobody really knows where they’ll go next.
The good news: These stats will keep changing, and nobody really knows where they’ll go next… which means if you’re not actively looking to buy today, there’s no real reason to get too worried about what the future might hold. If the past 18 months have taught us anything it’s that nobody really knows what’s coming. Maybe there’s comfort in that!