Here’s how this year’s market compares to what we saw last year.
We’re already over halfway through 2021, so now’s a great time to talk about how our market has changed. Today, we’ll be going over the latest market statistics and what they mean for buyers and sellers in our area.
The national market is still incredibly frenzied, and home prices are increasing by 24% on average each year. In our local area, inventory is very low, which is also causing prices to rise. Last year, we had 947 listings through June. This year, we had a 14.9% increase to 1,088. Last year’s pending sales were 694, and we had 965 this year—a 39% increase. There was also a 30.5% rise in the number of closed sales; there were 583 last year and 761 this year.
Homes spent an average of 82 days on the market before selling last year, and now they spend 56 days on the market. This time last year, our average sale price was $146,000. This year, it’s $178,811, which is an increase of 22.3%. Our list-to-sale-price ratio also rose from 95% to 98%.
The last thing I’d like to talk about is the affordability index, which indicates how affordable homes are. The higher the number, the more affordable things are. This number dropped from 261 last year to 218 this year, and it’s likely due to inflation.
The things to keep an eye on are interest rates, affordability, and inflation—it’s important to understand how changes in these numbers can affect your home buying and selling goals. If you have any questions or would like more information about our market, feel free to reach out to me. I look forward to hearing from you soon.