Prices are rising due to fewer people putting their homes on the market.
How has inventory affected home prices in our market? According to Realtor.com, “Since the beginning of the COVID pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory. As a result, home prices are accelerating at double last year’s pace.” However, as more people are vaccinated, we should start seeing more homes come on the market, which should slow price appreciation.
At 0:58 in the video, you can see a graph I’ve included that demonstrates the relationship between inventory and home prices since 2010. If you have questions about this topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.