Key Takeaways
- Data from Redfin shows that home listings are increasing rapidly, but these properties are also sitting on the market longer.
- The share of homes sold within two weeks and those sold above the list price were down. In December, the median number of days a house was on the market was up to 47.
- High prices could be discouraging would-be buyers, as the median sale price grew the most since fall 2022.
New data shows that home buyers have many options, but the price tags are turning off some.
A report from real estate data firm Redfin showed that the number of houses listed for sale in December was 9.7% higher than a year earlier, lifted up by a 7.7% jump in new listings. That comes after a November in which active listings reached their highest levels in four years.
But the data hasn’t necessarily been good news for a housing market that has struggled to make enough options available to buyers. Many of these houses are overpriced, leaving these less-than-desirable listings to languish, wrote Redfin data journalist Lily Katz.
“I explain to sellers that their house will sit on the market if it’s not fairly priced,” said Meme Loggins, a Redfin Premier real estate agent in Portland, Ore. “Homes that are priced well and in good condition are flying off the market in three to five days, but homes that are overpriced can sit for over three months.”
Homes Sitting Longer as Prices Go Higher
December data showed that compared with last year, the share of homes sold in two weeks and sold above list price was down, while the median number of days a house was on the market was up six to 47.
That could be because buyers are weighing higher prices. The median sale price in December was up 6.4% year-over-year to $383,750, the Redfin data showed. That was the biggest increase since fall 2022.
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