Median home price rose by 1.8% in May over April, now hovering just under $500K ($498,500). Year over year, the median home price increased 26.2% over May of 2020 when it stood at $395K.
Number of properties available for sale rose in May over April by 25.9%, consistent with expected upward seasonal trend. By historical standards, inventory remains extremely tight; down, for example, nearly 30% from last year at this time.
Sales were virtually unchanged in May, standing at 1,540 and up almost 50% (49.2%) over last year. In short, buyers are snapping up everything in sight. And they're paying a premium: over half of all sales in May closed at between 1% and 10% over the list price.
Bottom Line:
Sellers, if you've been thinking about taking advantage of this extraordinarily strong market, this is the time to do it. Even with unprecedented buyer demand, two things are critical to achieving the highest possible sales price: 1) professional marketing, and 2) listing at a price that hits the "sweet spot" (this is both a science and an art). Buyers, you need to be flexible and creative in crafting your offers. Be patient and prepared to move quickly when the right home hits the market.