In the 40th annual Profile of Home Buyers and Sellers Report by the National Association of Realtors (NAR), market trends and buyer preferences were impacted by the COVID-19 pandemic. Some recent data stayed on track with years past, while other new market developments showed significant year-over-year change.
Tenure in home dropped to just eight years, its lowest level in the past 11 years, a change largely driven by a smaller share of married adults in the U.S. as well as lower birth rates. The 2021 NAR profile also revealed that the number one motivator to sell a home was to move closer to friends and family during the pandemic.
3. Homes are selling at a median of 1 week on market, with fewer offering incentives.
For sellers who may have been antsy to be close to friends and family and to acquire more space, their home likely moved quickly. With low housing inventory, homes sold at an all-time low of just one week compared to three weeks last year. Additionally, only 26% of sellers offered home buyers incentives (home warranty policies, assistance with closing costs, etc.) compared to 46% a year ago.
4. The typical seller received the asking price for their home.
Home sellers typically received 100% of their list price for the homes they sold. This is the highest median percent since the data series started in 2002. Thirty-five percent of sellers received more than asking price. Among sellers who sold under one week, 43% received more than asking price.
For more market trends from 2021 …
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