Realtor.com® Housing Report: Homes Sell Faster Than Ever as Sellers Return to the Market in April

Rhea-AI Summary

The April 2021 realtor.com® Monthly Housing Trends Report reveals a surge in new sellers, with listings increasing by 32.6% year-over-year. However, total listings are still nearly 26% lower than pre-pandemic levels, exacerbating competition and driving the median U.S. home price up by 17.2% to an all-time high of $375,000.

Homes are selling faster, averaging 43 days on the market, nearly three weeks quicker than typical rates from 2017 to 2019. Despite an expected increase in listings, a significant inventory shortage could keep prices rising, with a predicted peak around July or August 2021.

Positive

• New listings surged by 32.6% year-over-year, providing more options for buyers.
• Median U.S. home price rose 17.2% to a record high of $375,000.
• Homes sold 20 days faster than last year, indicating strong demand.

Negative

• Active listings down 53% year-over-year, indicating a severe inventory shortage.
• Total inventory, including pending sales, is 21.9% lower than last year.
• 130,000 fewer homes listed than the pre-pandemic average (2017-2019).

SANTA CLARA, Calif., April 29, 2021 /PRNewswire/ -- The number of new sellers surged in April compared to last year when most cities had shelter-in-place orders in effect. However, with the number of new listings still nearly 26% below pre-pandemic levels, buyers saw little relief as the median U.S. home listing price soared 17.2% year-over-year to a new high of $375,000 and homes sold lightning fast in a record low 43 days, according to the realtor.com^® Monthly Housing Trends Report released today.

"After stay-at-home orders brought the housing market to a halt last spring, especially for sellers who re-thought their plans, 2021 is shaping up to be more typical," said realtor.com^® Chief Economist Danielle Hale. "That lack of activity is causing this year's more normal trends to look like a huge improvement, and it is. However, when compared to pre-pandemic levels it is very clear we are still not on par with the number of sellers we saw in 2017 through 2019, which is helping to drive one of the most competitive seller's markets of all time. Home prices are continuing to surge and sales are occurring nearly three weeks faster than a normal spring home-buying season."

Hale said she expects more homeowners to put their homes on the market in the coming months. However, with 554,000 fewer homes available for sale on a typical day in April this year compared to last year and buyer demand at all-time highs, home prices are expected to continue to reach new highs before peaking in July or August.

Nationally, new listings increased 32.6% in April compared to last year, which provided some relief in the form of more choices for weary home shoppers. At the same time, new listings still trail pre-pandemic levels with 130,000 (25.5%) fewer homes listed this April than the average rate in 2017 to 2019. As sales occurred at a record pace, the number of active listings was down 53% year-over-year, while total inventory, which includes pending sales, was 21.9% lower.

The Northeast and Midwest -- regions that were first and hardest-hit at the outset of the pandemic -- posted the largest year-over-year growth in newly listed homes in April with  Pittsburgh, Detroit and Buffalo, N.Y., showing the biggest gains. Southern markets, such as Oklahoma City and Nashville, Tenn., both saw 30% newly listed homes decline by 30% year-over-year.

Homes sales are occurring nearly three weeks faster than 2017-2019
Not surprisingly, homes across the U.S. are selling more quickly than last year when most of the country was on lockdown. The typical home in the U.S. spent an average 43 days on the market this April, 20 days less than last year. Notably, it was 18 days less than the typical time on market in April 2017 to 2019 and faster than any time since 2012, underscoring the continuing record-setting demand for housing.

Homes sold even faster in the 50 largest U.S. metros at 34 days on average, down from 50 in April 2020. In Denver, homes sold in an average of 15 days, while the median time on market in Columbus, Ohio, was just 16 days and 18 days in Austin, Texas. Five of the top 50 largest markets are seeing homes sell in less than three weeks on average. Of the nation's largest markets, only New York saw time on market increase, up 13 days.

Listing prices continue to rise
The median national home price for active listings grew by 17.2% over last year to a new all-time high of $375,000 in April. In the 50 largest metros, the median home price was up 11.6% compared to last year. This was slightly lower than the 12.1% increase in March, potentially signaling slowing price growth in the larger markets.

Austin (+40.6%), Los Angeles (+23.6%) and Riverside, Calif., (+22%) posted the highest year-over-year median list price growth in April. Memphis, Tenn., (-4%), Milwaukee (-2.4%), and Louisville, Ky., (-0.9%) were the only top 50 metros to see their median listing price decline year-over-year during the month.

April Housing Overview By Market

Metro	Median Listing Price YoY	Median Listing Price	Median Days on Market YoY (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.

About realtor.com^®
Realtor.com^® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com^® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com^® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com^® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS^®. For more information, visit realtor.com^®.

Media Contact
Janice McDill, janice.mcdill@move.com

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SOURCE realtor.com

FAQ

What was the increase in new listings for April 2021 compared to last year?

New listings increased by 32.6% in April 2021 compared to April 2020.

What is the median price of U.S. homes as of April 2021?

The median U.S. home listing price reached an all-time high of $375,000 in April 2021.

How fast are homes selling in April 2021?

Homes sold in an average of 43 days in April 2021, which is 20 days faster than last year.

What is the expected trend for home prices in mid-2021?

Home prices are expected to continue rising and may peak around July or August 2021.

How does the current listing inventory compare to pre-pandemic levels?

The number of new listings is nearly 26% below pre-pandemic levels from 2017 to 2019.