Skip to main content

Redfin: Median Home-Sale Price Hits Record High, Homes Sell At Record Pace

Navi Persaud
Apr 12, 2021
Photo of a suburban house.

Data from Redfin showed that the median home-sale price increased 17% year-over-year to an all-time high of $338,225. Additionally, the company reported that 59% of homes that went under contract had an accepted offer within the first two weeks on the market, yet another all-time high since the company began tracking this measure in 2012. While these numbers are impressive, Redfin notes that these numbers do not necessarily reflect how the housing market has changed over the past year, due to the fact that this time last year, stay-at-home orders pretty much halted both home-buying and selling activity.

"The housing market is more competitive than we've ever seen it, but a couple indicators are causing us to ask whether we're nearing a peak in terms of how fast demand and prices can grow," said Redfin chief economist Daryl Fairweather. "Sellers' asking prices may be starting to flatten in what so far appears to follow a typical seasonal pattern. And the drop in mortgage purchase applications tells me that some buyers are dropping out due to the lack of affordable homes for sale. If these trends continue we can feel more assured that we are not in the midst of runaway home price speculation or a housing bubble."

According to the report, asking prices of newly listed homes rose 16% year-over-year to $351,851, an all-time high. However, asking prices of newly listed homes were flat from the four-week period ending March 28. Pending home sales are up 47% from the same period in 2020 and up 24% from the same period in 2019.

Additionally, 42% of homes sold for more than their list price, an all-time high. This is 16 percentage points higher than the same period a year earlier, and 20 points higher than the same period in 2019. Also, the average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased to 100.5%, an all-time high and 2 percentage points higher than a year earlier.

Click here to read more from the Redfin report. 

Apr 12, 2021
400 Mortgage Loan Originators Caught Trying To Skip School

400 mortgage loan originators nationwide deceptively claimed to have completed their annual continuing education as required by state and federal law.

Industry News
Jan 19, 2022
Infamous CEO Is Back And Employees Are Upset

After a month-long hiatus or “break” as Garg likes to call it, the CEO is back at the helm of the company.

Industry News
Jan 19, 2022
Capacity Closes $38M In Series C Funding, Surpasses $62M In Total Capital Raised

AI-powered automation platform, Capacity, announced an additional $27 million in Series C funding, closing out the round at more than $38 million.

Jan 19, 2022
Millennials Are Still Powering The Housing Market

First American Financial Corporation's Potential Home Sales Model for Dec. 2021 revealed that millennial demand is propelling the housing market, thanks to low rates and increased geographic flexibility.

Analysis and Data
Jan 19, 2022
Open Mortgage Adds A Chief Revenue Officer

Scott Harkless will spearhead all wholesale and retail sales functions for the national multi-channel mortgage lender.

Industry News
Jan 19, 2022
Home Builder Confidence Dips Due To Inflation And Supply Chain Concerns

Home builder confidence in the market for newly built, single-family homes fell by one point to 83 in January 2022, according to the National Association of Home Builders and Wells Fargo's Housing Market Index report.

Jan 18, 2022