Nationwide, almost half of homes sold above list price. These and several other record-breaking measures made April a historic month for housing.
Note: Pandemic lockdowns significantly slowed home buying and selling in April 2020, which means the year-over-year trends for home prices, pending sales, closed sales and new listings are somewhat exaggerated.
April was another history-making month for housing, with homes selling for higher prices and in fewer days since at least 2012. The following measures all hit new records:
- The national median home-sale price hit a record high of $370,528, up 22% from 2020.
- The number of homes for sale fell to a record low.
- The typical home sold in just 19 days, a record low.
- 49% of homes sold above their list price, a record high.
- The average sale-to-list ratio, a measure of how close homes are selling to their asking prices, hit a record high of 101.6%.
“To put the scarcity of housing into context, there is plenty of room for supply to increase and demand to taper off, and we would still find ourselves in a historically strong seller’s market,” said Redfin Chief Economist Daryl Fairweather.
“While Americans brace themselves for a lot of changes as workplaces and schools reopen, the story of the housing market will largely remain the same. There simply aren’t enough homes for sale in America for everyone with the desire and the means to buy one right now. Until new construction takes off–over the course of years, not months–home prices will continue to increase. This housing boom is nowhere close to over.”
Indianapolis is home to the country’s fastest housing market. The typical home in the Indianapolis metro went under contract after just four days on the market in April, down from 10 days a year earlier.
“I’m helping buyers understand the current market by advising them that it’s no longer unusual for a home to sell for up to $50,000 above asking price,” said Indianapolis Redfin agent Andrea Ratcliff. “Builders have waiting lists of at least a year and people are hesitant to sell their homes because there are so few options available for them to buy. Plus, remote workers are moving into the Indianapolis area, fueling even more homebuyer demand. Those factors are exacerbating our local housing shortage and fueling the competitive cycle.”
Homes in Seattle also sold exceptionally fast in April, with half of all homes pending sale in just 5 days in each of those metros.
Three of the five most competitive markets of the month were in California. In Oakland, 81.5% of homes sold above list price, a higher share than any other metro. It’s followed by San Jose (78.2%), Tacoma, WA (73.7%), Austin (73.7%) and Sacramento (72.5%).
~Tim Ellis, Redfin
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