U.S. Housing Market Overview
The U.S. housing market is currently extremely competitive, in March:
- U.S. homes sold in 18 days
- The bidding-war rate was 64.0%
- The median U.S. home price was $329,100
(Sources: The New York Times, The National Association of Realtors, Redfin)
Hot Real Estate Market Trends
The U.S. housing market’s growth is predicted to increase from 2021 to 2022. According to Zillow, U.S. home values have gone up 11.6% in one year and Zillow predicts U.S. home values will rise 11.7% by April 30th, 2022.
The U.S. real estate market is currently a seller’s market with hot real estate markets in Austin, TX, Raleigh, NC, and Stamford, CT.
High U.S. Bidding-War Rates & Cash Offers
It is also becoming increasingly difficult for individuals to join bidding wars in hot housing markets. “Nearly two-thirds (64.0%) of home offers written by Redfin agents in March faced competition up from a revised rate of 62.1% in February,” Lily Katz of Redfin reported.
CNN reported in May that “the median sale price for existing homes climbed 16% from the first quarter of 2020 to $319,200.”
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