With a low inventory of homes and a high number of buyers, it has become a sellers market amidst the coronavirus pandemic.
Buyers are competing for the low number of homes on the market and are entering into bidding wars to get the property that they want.
“In the second quarter of 2020, a whopping 96 percent of metro areas showed home price appreciation, and 15 cities reported double-digit growth, according to data from the National Association of Realtors.
The national median home price increased to $291,300 as inventory levels shrank and mortgage rates remained low.”