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Here’s a look at the latest developments in the real estate market.
- The Spring buying season (aka "homebuying season”) is extra hot in Austin, Phoenix, Nashville, Tampa, and Denver
- The national median listing price hit an all-time high of $370,000 in March
- Austin, the top market, saw a year-over-year median listing price increase 26%
Spring is springing across the country, but it's been a hot real estate market in many places all year. According to new data from Zillow, Austin is outperforming the national market by the largest margin, followed by a handful of neighboring cities across the sun belt—including Phoenix, Nashville, Tampa, and Denver.
Better Real Estate Agent Amanda Moreno weighs in on the Austin market: “Austin, Texas is HOTTER THAN HOT. I have been selling homes in Austin since 2012, and I have never seen it like this before. We went from just simply an inventory shortage to the highest demand that we have ever seen before from people wanting to move to the Austin Area.”
Zillow ranks the top 5 metros with the highest year-over-year median listing price increases
| Metros | 2020 (Feb) | 2021 (Feb) | YoY increase |
|---|---|---|---|
| Provo, UT | 403,544 | 533,458 | 32% |
| Austin, TX | 345,576 | 434,802 | 26% |
| Rochester, NY | 221,926 | 274,983 | 24% |
| Boise City, ID | 379,900 | 467,819 | 23% |
| Allentown, PA | 250,684 | 305,884 | 22% |
Industry trend
As the traditional spring buying frenzy kicks off in another unusual year, sales and listing prices continue to skyrocket in markets across the country.
According to realtor.com’s Monthly Housing Trends Report, the national median listing price hit a historic high of $370,000 in March. “The current homebuying climate is reflecting the typical economic problem of supply and demand. There are many more buyers than available inventory currently,” explains Senior Economist George Ratiu at realtor.com. Ratiu and other economists expect inventory numbers to increase as previously reluctant sellers decide to enter the market this summer. “As more vaccines are distributed and hopefully COVID numbers decrease, I think more sellers will come back,” Ratiu observes.
According to Redfin , the top 10 fastest growing metro areas include Akron, Ohio; Delray Beach, Florida; and neighboring Fort Lauderdale, Florida.
Metros with the highest sales price increases Year-over-Year
| 1. Akron, OH | 38.9% |
| 2. Delray Beach, FL | 37.8% |
| 3. Detroit, MI | 37.6% |
| 4. Baltimore, MD | 32.1% |
| 5. Dallas, TX | 29.0% |
| 6. Fort Lauderdale, FL | 28.8% |
| 7. St. Louis, MO | 28.7% |
| 8. Alpharetta, GA | 27.8% |
| 9. Spokane, WA | 27.6% |
| 10. Buckeye, AZ | 26.4% |
What we’re seeing at Better Mortgage
Here are the top 3 cities with the highest number of approved applications at Better Mortgage
| City | 2020 (Jan & Feb) | 2021 (Jan & Feb) | Relative Percent Increase in 2021 vs. 2020 |
|---|---|---|---|
| Los Angeles | 456 | 1,379 | +202% |
| Austin | 403 | 1,327 | +229% |
| Seattle | 519 | 1,291 | +249% |
Seattle Better Real Estate Agent Jennilee Bennett: “Current climate in the Seattle market hasn’t changed much since January. Many sellers are still electing to do offer review dates; however, the current trend that I’m seeing now is homes priced where they need to be with offers due upon receipt, where sellers and listing agents are expecting buyers to submit their highest/best and cleanest offer. My advice to buyers is: be prepared to put your best foot forward- I have seen listings with an average of 10-30 offers where winning offers still have zero contingencies, non refundable earnest money, and solid escalations. My advice to sellers is: list now while inventory is still low; buyers are still outnumbering listings so it’s a prime time to list and get top dollar for your home. Make sure that if you want a complimentary rent back or if you have other expectations for offers submitted on your home, please be explicit and disclose that in your offer instructions.”
What real estate agents can do next
- Even if you’re not located in any of these red hot markets, follow and share what’s trending on social media. People (including existing and potential clients) love to talk about real estate news.
- Share valuable industry insights and homebuying tips on social channels to establish yourself as a local market expert.
- Offer strategies and best practices (such as waiving contingencies) that can help clients secure winning bids in a competitive market.
- Schedule a call with an Agent Experience Partner to discuss any questions.