A new report by Construction Coverage, with data compiled from Zillow of the 95 largest U.S. markets, looked at the hottest real estate markets of 2020. In spite of Covid-19, the national housing market remained very strong last year. Record low home inventories in tandem with historically low mortgage interest rates will most likely ensure home prices continue to rise in 2021. From 2019 to 2020, the median home price in DFW increased by 3.3% to $263,688. Over the next 12 months the median home price is expected to increase by another 5.3%.
In addition to the overall home price increase, the study found that the median price cut in DFW is 1.9% and average length of time on the market was 30 days. In the U.S., the median home price was $254,404 which is up 4.7% from the previous year. Average time on the market is 21 days. Fueled by growth in the West and Southwest, home prices are project to increase by 7.9%.
At the city level, Western state locations are also disproportionately represented among the nation's hottest real estate markets. In these areas, prices are growing quickly, homes are moving off the market fast, and buyers are typically paying very close to asking prices.
If you are thinking of selling your home, now is the perfect time. I am happy to provide you with a report that will show you your home's current market value!
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