Realtor.com released its latest numbers regarding the COVID-19 impact on the housing market.
March started out strong and, predictably, took a dive as the month closed out. Buyers are feeling little pressure to jump on active listings and sellers are reconsidering listing their properties.
New listings are decreasing with each passing week.
Homes for sale declined 15.7% year-over-year. Despite the decline, the national median listing price grew 3.8% to $320,000. In the weeks ending March 21 and March 28, newly listed properties decreased by 13.1% and 34.0%, compared with the year before.
Staying up to date on the market trends can help investors gauge their next potential purchase, or help to inform their current holding strategies.
“Hale says the dynamics of the market for buyers are positive: “For people that have to buy right now, they are more likely to get a good deal since there are fewer people out there.” Conversely, sellers who must sell know this and must respond to these current market dynamics.”