Record Median Home Price Exceeds $370,000

According to a report published by Redfin the national median home price was $370,528 for the month of April. This represents a 22% increase year-over-year from 2020. This also represents a new all-time high record for the month of April.

Another interesting metric in the report was that approximately 50% of all homes sold above listing price. This is also a new record.

Inventory continues to plague buyers and cause sellers to receive significant increases over list price as well as bidding wars.

The housing shortage, the limited amount of new constructions, the increased cost of lumber, and the shortage of buildable plots continues to drive home prices ever higher and the days-on-market ever higher.

This is a classic scarcity market.

The numbers only prove the intensity of the demand that’s out there: April’s average sale-to-list-price ratio climbed above 100% to a new record high of 101.6%.

The general opinion within the industry is that this current trajectory is going to remain steady for the next two months, May and June, as they are typically the strongest selling months of the year.

The number of closed sales in April increased dramatically year-over-year up 34%. Some regions posted crazy number such as San Francisco, which was up 184%, and Miami, Florida was up 120% year-over-year.

Another interesting metric from the Redfin report was that median home prices increased from 2020 in all 85 of the largest metro areas that Redfin tracks. The largest home price increases were found in Austin, Texas, which was up 42% and Miami, Florida, which was up 26%.

There was one regional anomaly, and that was for Indianapolis which saw the largest decline in days on market over the past year: in 2020 homes sold in 10 days on average; in 2021 homes were selling in 4 days on average.