Uncategorized July 7, 2020

Median Sales Price Up 7.4 Percent Year Over Year

Much of the country was still under stay at home orders during the month of April. But that didn’t stop buyers, including first-time buyers, from hitting the market. It also didn’t stop sellers from successfully selling their homes—many for a higher price than they may have anticipated.

According to data from the National Association of Realtors outlined in a recent article from REALTOR® Magazine, the median sales price for existing homes in April 2020 was $286,000—up 7.4 percent year-over-year. And of the homes that sold in April, more than one-third (36 percent) were first-time buyers—a jump of 4 percent from April 2019.

The Takeaway:

So, what does that mean for you? Home prices are holding strong. As states continue to lift restrictions, more buyers will likely hit the market. Despite the challenges, the housing market emerged strong in April, and should continue to get stronger as we move forward—so if you’re thinking about selling your home, now is a great time to make a move.