The real estate market has had its ups and downs in 2020. When COVID hit in March, the market all but came to a standstill. But that changed in the summer—and buyers are now out in full force, driving major increases in both home sales and home prices, and ushering in one of the most active fall markets in recent history.
According to data from the National Association of REALTORS®, in October, existing home sales were up nearly 27 percent from October 2019. And the median existing home sale price in October was $313,000. That’s up from $271,100 in October 2019—an increase of nearly 16 percent.
And all of that growth? It’s projected to continue through the holidays and into the new year.
“The surge in sales in recent months has now offset the spring market losses,” said Lawrence Yun, chief economist for the National Association of REALTORS®, in a recent article for REALTOR® Magazine. “With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to hover around 3% in 2021, I expect the market’s growth to continue into 2021.”
So, what does that mean for you? Buyer demand is extremely high right now, which is driving up sales, competition, and prices—so if you’ve been thinking about selling your home, now is a great time to make a move.