The Seller’s Market Continues, with One Silver Lining for Buyers

 2021 has been a seller’s market for sure, with the unusually low supply of homes coming on the market affecting pretty much the entire country. Even with that, local home sales in the Houston area this year still managed to outpace 2020’s sales by nearly 20%. In addition, the average sales price increased by 15% and the median sales price rose 14%. Houston-area single family home inventory was hovering at a 1.8 month’s supply, compared to the national supply of 2.6 month’s supply.

Homes were on the market much less time, too. In Houston, 26 days was the average time, decreasing from about 56 days last year. Unfortunately for some buyers who are financing, this seller’s market has been deluged by cash buyers and investors. More and more, buyers are finding it necessary to make super-strong offers, in many cases over asking price. If there is a silver lining for buyers, it has to be the super low mortgage interest rates.

 One thing is for sure: if you’re a homeowner who is looking to sell and then purchase another home, you’re in a really great position. The strong seller’s market will help you get the old home sold faster, and the extremely low interest rates will benefit you in purchasing the new home.