Selling Lightning Fast Amid a Continuing Crunch

Blog Post Image
Market Trends

The national inventory of active listings declined by 53.0% over last year, while the total inventory of unsold homes, including pending listings, declined by 21.9%.
Newly listed homes on the market are up 32.6% nationally compared to the onset of the COVID-19 pandemic a year ago and by 43.0% for large metros over the past year. Sellers are still listing at rates lower than previous years, however. 
The April national median listing price for active listings was $375,000, up 17.2% compared to last year. Large metros saw an average price gain of 11.6% compared to last year.
Nationally, the typical home spent 43 days on the market in April, 20 days less than the same time last year. 
Realtor.com®’s April housing data release indicates that homes are selling at historical speed, with the time on market for a typical listing dropping down to a low of 43 days. Relief is not yet on the horizon for buyers as inventory continues to shrink. While sellers are listing homes at a far greater rate than the initial onset of the COVID-19 pandemic, the rate of newly listed homes still remains far below rates seen in 2017 to 2019.   

Sellers Listing More Than Last April, but Pace Is Still Historically Low

Nationally, the inventory of homes actively for sale in April decreased by 53.0% over the past year, a slightly higher rate of decline compared to the 52.0% drop in March. This amounted to 554,000 fewer homes actively for sale on a typical day in April compared to the previous year. In April, newly listed homes grew by 32.6% on a year-over-year basis compared to the onset of the COVID-19 pandemic last year. While it’s promising that new listings have improved compared to the previous year, they are still down 25.5% from the typical rate of newly listed homes in 2017 to 2019. 

One reason home sales can continue to occur at high levels despite relatively limited inventory is that homes are selling lightning-fast. The total number of unsold homes nationwide–a metric that includes active listings and listings in various stages of the selling process that are not yet sold– is down 21.9% percent from April 2020. 

The inventory of homes actively for sale in the 50 largest U.S. metros overall decreased by 51.1% over last year in April, a small further deceleration compared to last month’s 50.5% decrease, hopefully signaling a leveling off in the rate of decline. Since the South was the last region to be affected by the initial COVID-19 outbreak and its April 2020 numbers reflected a less COVID-affected environment, it is still seeing the largest year-over-year decline in active listings (-61.9%), compared to other regions across the country. For the same reason, southern metros are also seeing the lowest year-over-year growth in newly listed homes (+7.9%), compared to the Midwest (+46.4%), West (+49.2%), and Northeast (+117.6%).

Markets that are seeing the largest year-over-year growth in newly listed homes include mostly northeastern and midwestern metros which were first and hardest-hit at the outset of the COVID-19 pandemic including Pittsburgh (+229.3%), Detroit (+178.8%), Buffalo (+178.0), and New York (+175.5%). Markets that are still seeing a decline in newly listed homes compared to last year include southern metros such as Oklahoma City (-30.1%), and Nashville (-30.0%).

Homes Are Selling Lightning-Fast

Homes for sale in April continued to sell more quickly than last year, as buyer demand remains strong and the housing market laps slow conditions last April. The typical home spent 43 days on the market this April, which is 20 days less than last year. It is also 18 days less than the typical time on market in April 2017 to 2019, indicating continuing record-setting demand for housing. 

In the 50 largest U.S. metros, the typical home spent 34 days on the market, and homes spent 17 days less on the market, on average, compared to last April. Among these 50 largest metros, the time a typical property spends on the market has decreased most in the Northeast (-21 days), followed by the South (-18 days), the Midwest (-16 days), and the West (-15 days). 

Among larger metropolitan areas, homes saw the greatest decline in time spent on the market compared to last year in Pittsburgh (-40 days), Buffalo (-33 days), and Detroit (-32 days). Only New York (+13 days) saw time on the market increase.  

Listing Prices Continue to rise

The median national home price for active listings grew by 17.2% over last year and reached $375,000 in April, higher than last month’s growth rate of 15.6%. The median listing price of $375,000 is a new all-time high. 

Active listing prices in the nation’s largest metros grew by an average of 11.6% compared to last year, but is slightly lower than last month’s rate of 12.1%, indicating a slight cooling in the nation’s largest metros compared to the rest of the country. Among the largest 50 metros, listing prices are increasing most in western markets, where they are now growing at an average rate of 15.2% over last year, compared to a growth rate of 11.7% for southern metros, 10.6% for northeastern metros, and 8.6% for midwestern metros.  

Austin (+40.6%), Los Angeles (+23.6%), and Riverside (+22.0%) posted the highest year-over-year median list price growth in April. Memphis (-4.0% year-over-year), Milwaukee (-2.4%), and Louisville (-0.9%) were the only top 50 metros to see their median listing price decline year-over-year in April.   

Regional Statistics (50 Largest Metro Combined Average)

Region
Active Listing Count YoY
New Listing Count YoY
Median Listing Price YoY
Median Days on Market Y-Y
Midwest
-50.0%
46.4%
8.6%
-16 days
Northeast
-37.8%
117.6%
10.6%
-21 days
South
-61.9%
7.9%
11.7%
-18 days
West
-42.2%
49.2%
15.2%
-15 days
 

April 2021 Inventory Data – 50 Largest Metros

Metro
Median Listing Price YoY 

 
Median Listing Price
Median Days on Market Y-Y (Days)
Median Days on Market
New Listing Count YoY
Active Listing Count YoY
Atlanta-Sandy Springs-Roswell, Ga.
20.7%
$392,000
-18
31
2.8%
-63.4%
Austin-Round Rock, Texas
40.6%
$515,000
-25
18
19.1%
-72.7%
Baltimore-Columbia-Towson, Md.
2.4%
$336,000
-20
29
51.9%
-53.2%
Birmingham-Hoover, Ala.
6.4%
$277,000
-20
41
15.2%
-51.4%
Boston-Cambridge-Newton, Mass.-N.H.
13.3%
$699,000
-24
22
97.7%
-25.1%
Buffalo-Cheektowaga-Niagara Falls, N.Y.
15.7%
$254,000
-33
31
178.0%
-41.3%
Charlotte-Concord-Gastonia, N.C.-S.C.
18.6%
$403,000
-12
32
-14.4%
-66.9%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
9.6%
$356,000
-17
34
46.8%
-43.4%
Cincinnati, Ohio-Ky.-Ind.
15.8%
$352,000
-10
38
-15.1%
-54.4%
Cleveland-Elyria, Ohio
17.0%
$234,000
-17
43
13.3%
-54.5%
Columbus, Ohio
1.7%
$315,000
-27
16
45.7%
-48.8%
Dallas-Fort Worth-Arlington, Texas
12.0%
$380,000
-22
28
6.7%
-69.7%
Denver-Aurora-Lakewood, Colo.
5.1%
$575,000
-19
15
58.9%
-56.8%
Detroit-Warren-Dearborn, Mich
16.3%
$285,000
-32
28
178.8%
-53.5%
Hartford-West Hartford-East Hartford, Conn.
8.8%
$310,000
-24
32
48.5%
-35.5%
Houston-The Woodlands-Sugar Land, Texas
14.1%
$355,000
-15
40
10.0%
-54.9%
Indianapolis-Carmel-Anderson, Ind.
0.9%
$287,000
-13
39
19.2%
-59.5%
Jacksonville, Fla.
11.9%
$349,000
-24
35
-10.9%
-72.6%
Kansas City, Mo.-Kan.
8.1%
$368,000
-21
40
22.7%
-55.5%
Las Vegas-Henderson-Paradise, Nev.
15.3%
$379,000
-14
29
10.6%
-51.1%
Los Angeles-Long Beach-Anaheim, Calif.
23.6%
$1,114,000
-10
49
66.2%
-22.1%
Louisville/Jefferson County, Ky.-Ind.
-0.9%
$272,000
-21
30
25.1%
-54.0%
Memphis, Tenn.-Miss.-Ark.
-4.0%
$240,000
-17
40
11.3%
-58.0%
Miami-Fort Lauderdale-West Palm Beach, Fla.
4.8%
$418,000
-19
72
63.3%
-46.0%
Milwaukee-Waukesha-West Allis, Wis.
-2.4%
$332,000
-9
36
20.7%
-54.9%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.
0.2%
$366,000
-8
30
4.6%
-44.5%
Nashville-Davidson–Murfreesboro–Franklin, Tenn.
11.2%
$417,000
-15
20
-30.0%
-70.6%
New Orleans-Metairie, La.
19.2%
$345,000
-17
51
16.9%
-50.7%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.
9.3%
$629,000
13
67
175.5%
-18.1%
Oklahoma City, Okla.
19.7%
$313,000
-5
40
-30.1%
-67.1%
Orlando-Kissimmee-Sanford, Fla.
6.2%
$332,000
-15
43
9.2%
-61.7%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
13.3%
$340,000
-23
39
140.1%
-36.8%
Phoenix-Mesa-Scottsdale, Ariz.
21.9%
$457,000
-15
24
-2.4%
-68.0%
Pittsburgh, Pa.
N/A
$272,000
-40
44
229.3%
-49.9%
Portland-Vancouver-Hillsboro, Ore.-Wash.
12.9%
$540,000
-14
28
28.2%
-54.6%
Providence-Warwick, R.I.-Mass.
5.3%
$420,000
-26
28
42.0%
-57.9%
Raleigh, N.C.
12.6%
$412,000
-25
26
-6.9%
-72.6%
Richmond, Va.
11.0%
$375,000
-9
38
14.3%
-55.5%
Riverside-San Bernardino-Ontario, Calif.
22.0%
$512,000
-28
28
33.9%
-63.7%
Rochester, N.Y.
5.8%
$264,000
-29
19
108.8%
-41.6%
Sacramento–Roseville–Arden-Arcade, Calif.
18.6%
$592,000
-17
21
29.8%
-54.4%
San Antonio-New Braunfels, Texas
9.0%
$324,000
-21
37
-8.9%
-70.7%
San Diego-Carlsbad, Calif.
17.3%
$852,000
N/A
48
34.2%
-31.5%
San Francisco-Oakland-Hayward, Calif.
13.6%
$1,062,000
-13
27
106.9%
-6.2%
San Jose-Sunnyvale-Santa Clara, Calif.
3.3%
$1,238,000
-13
22
112.3%
-10.8%
Seattle-Tacoma-Bellevue, Wash.
13.2%
$679,000
-10
22
62.2%
-44.6%
St. Louis, Mo.-Ill.
13.5%
$266,000
0
61
33.4%
-43.9%
Tampa-St. Petersburg-Clearwater, Fla.
17.3%
$327,000
-23
32
3.2%
-72.5%
Virginia Beach-Norfolk-Newport News, Va.-N.C.
1.4%
$323,000
-24
25
10.2%
-53.5%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.
1.2%
$506,000
-7
29
60.6%
-33.0%
*Some data for Pittsburgh and San Diego has been excluded due to data quality.