Buying Home NJ Real Estate News Selling Home

October 2021 Housing Market Trends Report – News

  • The national inventory of active listings declined by 21.9% over last year, while the total inventory of unsold homes, including pending listings, declined by 14.8%. The inventory of active listings is down 51.9% compared to 2019.
  • Newly listed homes are down 2.3% nationally compared to a year ago, and down 4.8% for large metros over the past year. Sellers are still listing at rates 11.6% lower than typical 2017 to 2019 levels. 
  • The October national median listing price for active listings was $380,000, up 8.6% compared to last year and up 21.8% compared to 2019. In large metros, median listing prices grew by 5.2% compared to last year, on average. 
  • Nationally, the typical home spent 45 days on the market in October, down 8 days from the same time last year and down 21 days from 2019.®’s October housing data release reveals that the housing market is settling into a pattern of steady, high single-digit price growth, fast-moving inventory, and a consistently shrinking inventory of homes for sale. While almost 3 in 4 consumers- as indicated by Fannie Mae’s National Housing Survey– believe it is a good time to sell, this sentiment has yet to translate to increased selling activity. As many sellers are also homebuyer hopefuls, the low supply of to move into also makes the decision to list a home more difficult. It can be challenging for the housing market to lift itself out of this holding pattern, and we look to increased construction to help supply meet demand in the next year. 

New Seller Activity Remains Below Last Year

Nationally, the inventory of homes actively for sale in October decreased by 21.9% over the past year, a similar rate of decline compared to the 22.2% drop in September. Earlier this fall we saw consistent improvements in inventory as the rate of decline compared to last year shrank. In October, this progress stalled as it became increasingly less likely that inventory would catch up to last year’s levels, let alone more typical 2017 to 2019 levels. This rate of decline amounted to 179,000 fewer homes actively for sale on a typical day in October compared to the previous year. The total number of unsold homes nationwide—a metric that includes active listings and listings in various stages of the selling process that are not yet sold—is down 14.8% percent from October 2020. 

Active Listing Count

In October, newly listed homes declined by 2.3% on a year-over-year basis and sellers are still listing at rates 11.6% lower than typical of 2017 to 2019 levels. Last month we noted a change in direction where fewer new sellers were listing homes than the previous year, and this month this trend continued.

Newly Listed Homes

The inventory of homes actively for sale in the 50 largest U.S. metros overall decreased by 20.5% over last year in October, an increase in the rate of decline compared to last month’s 18.5% decrease. Regionally, the inventory of homes in large southern metros is still showing the largest year-over-year decline (-25.8) followed by the West (-22.7%), Northeast (-17.9%) and Midwest (-10.5%).

Markets which are seeing the largest year-over-year growth in newly listed homes include Austin (+15.3%), Memphis (14.8%) and Buffalo (+10.7%). Markets which are still seeing a decline in newly listed homes compared to last year include Hartford (-30.2%),  San Diego (-21.8%), and Boston (-19.0%). 

Homes Continue to Sell 8 Days Faster Than Last Year

The typical home spent 45 days on the market this October, which is 8 days less than last year and two days more than last month as the housing market slows down into the late fall and winter off-season. Despite typical seasonal slowing, homes still sold more quickly than any other October in recent history. 

In the 50 largest U.S. metros, the typical home spent 39 days on the market, and homes spent 6 days less on the market, on average, compared to last October. Among these 50 largest metros, the time a typical property spends on the market has decreased most in large metros in the South (-10 days), followed by the West (-5 days), and Midwest and Northeast (-3 days). 

Among larger metropolitan areas, homes saw the greatest yearly decline in time spent on market in Miami (-31 days), Raleigh (-30 days), Jacksonville (-17 days) and Orlando (-17 days). Four metros saw time on market increase: New Orleans (+11 days), New York (+5 days), Cincinnati (+3 days), and Philadelphia (+1 day). However, time on market in all of these markets was still shorter than more typical levels seen in 2019. 

Days on Market

Listing Price Growth Remains Consistent

The median national home price for active listings remained the same from September through October, at $380,000. The median listing price again grew by 8.6% over last year, the same growth rate as last month. As we noted previously, while median listing price growth is now below double-digits, this trend reflects a change in the mix of inventory available for sale compared to last year, with more small homes available for sale this year. The median listing price for a typical 2,000 square-foot single family home is currently up 16.7% compared to last year. 

Median Listing Price

For the past three months, the share of homes which have had their price reduced has increased compared to the same time period last year. In October, the share of price reductions increased over last year by 0.8 percentage points, catching up to 2016 levels. However, the share of price reductions is still 4.6 percentage points lower than in 2018 and 2019.

Price Reduced Share

Active listing prices in the nation’s largest metros grew by an average of 5.2% compared to last year, slightly higher than last month’s rate of 4.1%. Price growth in the nation’s largest metros has been lower than other areas across the country, but much of this can still be attributed to new inventory bringing relatively smaller homes to the market this year.

Austin (+32.5%), Las Vegas (+27.2%), and Tampa (+21.8%), posted the highest year-over-year median list price growth in October, while Milwaukee (+5.8 percentage points), Hartford (+5.3 percentage points) and Austin (+5.0 percentage points) saw the greatest increase in their share of price reductions compared to last year. 

October 2021 Regional Statistics (50 Largest Metro Combined Average)

RegionActive Listing Count YoYNew Listing Count YoYMedian Listing Price YoYMedian Days on Market Y-YPrice Reduced Share Y-Y
Midwest-10.5%-2.5%-3.9%-3 days0.4%
Northeast-17.9%-8.5%1.0%-3 days1.4%
South-25.8%-2.7%9.4%-10 days-0.2%
West-22.7%-8.0%9.7%-5 days-1.6%
MetroMedian Listing PriceMedian Listing Price YoYActive Listing Count YoYNew Listing Count YoYMedian Days on MarketMedian Days on Market Y-YPrice Reduced SharePrice Reduced Share Y-Y
Atlanta-Sandy Springs-Roswell, Ga.$395,00011.1%-26.6%5.7%37-918.3%-4.2%
Austin-Round Rock, Texas$550,00032.5%-8.1%15.3%32-1418.5%5.0%
Baltimore-Columbia-Towson, Md.$325,000-4.4%-5.0%-2.7%40-320.6%4.1%
Birmingham-Hoover, Ala.$280,0007.7%-28.5%-5.3%48-315.2%-0.1%
Boston-Cambridge-Newton, Mass.-N.H.$689,0003.0%-23.4%-19.0%30-319.2%-1.3%
Buffalo-Cheektowaga-Niagara Falls, N.Y.$225,0004.7%-4.7%10.7%52017.3%-2.1%
Charlotte-Concord-Gastonia, N.C.-S.C.$399,0009.3%-27.9%-5.1%32-1118.0%0.1%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.$330,000-4.4%-20.3%-8.6%41-220.6%0.2%
Cincinnati, Ohio-Ky.-Ind.$310,0000.0%-11.3%-11.0%42319.7%2.1%
Cleveland-Elyria, Ohio$190,000-5.0%-4.7%0.9%44-324.3%-1.5%
Columbus, Ohio$290,000-5.0%-3.7%8.7%30-525.3%-3.4%
Dallas-Fort Worth-Arlington, Texas$398,00011.8%-33.9%-3.5%37-1021.8%-3.9%
Denver-Aurora-Lakewood, Colo.$615,00018.3%-27.8%-8.4%28-822.0%-1.2%
Detroit-Warren-Dearborn, Mich.$245,000-8.9%-7.2%1.0%32-619.6%2.1%
Hartford-West Hartford-East Hartford, Conn.$330,00010.0%-57.1%-30.2%40-113.0%5.3%
Houston-The Woodlands-Sugar Land, Texas$360,0007.9%-20.0%-1.6%45-719.6%0.8%
Indianapolis-Carmel-Anderson, Ind.$275,0000.0%-24.9%5.1%38-530.5%-7.1%
Jacksonville, Fla.$370,00016.3%-27.8%10.3%38-1718.5%3.2%
Kansas City, Mo.-Kan.$325,000-1.5%-6.1%-11.3%46-120.2%-0.6%
Las Vegas-Henderson-Paradise, Nev.$439,00027.2%-31.5%-6.1%31-1019.2%-2.8%
Los Angeles-Long Beach-Anaheim, Calif.$975,000-2.0%-25.3%-17.9%49013.3%-2.5%
Louisville/Jefferson County, Ky.-Ind.$250,000-3.1%-3.7%3.6%31-424.2%-1.2%
Memphis, Tenn.-Miss.-Ark.$275,0004.3%-10.2%14.8%29-1617.9%-2.9%
Miami-Fort Lauderdale-West Palm Beach, Fla.$475,00015.9%-47.9%-16.7%62-3113.2%-2.0%
Milwaukee-Waukesha-West Allis, Wis.$275,000-8.3%-6.3%2.0%39-322.0%5.8%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.$350,0000.6%-10.5%-14.9%36-117.8%2.8%
Nashville-Davidson–Murfreesboro–Franklin, Tenn.$450,00012.5%-37.1%-9.8%22-1017.4%-1.7%
New Orleans-Metairie, La.$340,0003.3%-16.4%-13.3%751120.1%-3.0%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.$619,000-3.1%-14.9%-18.4%63514.2%-2.3%
Oklahoma City, Okla.$271,0000.4%-21.5%-2.7%44-422.0%-3.8%
Orlando-Kissimmee-Sanford, Fla.$390,00020.0%-46.5%-9.4%42-1722.8%-5.2%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.$320,000-8.3%-1.7%-0.5%49120.9%3.0%
Phoenix-Mesa-Scottsdale, Ariz.$485,00016.7%-16.3%0.1%32-423.4%-4.2%
Pittsburgh, Pa.$226,000-7.9%-10.4%1.7%50-723.4%3.3%
Portland-Vancouver-Hillsboro, Ore.-Wash.$550,0007.8%-13.9%8.0%37-1230.7%0.5%
Providence-Warwick, R.I.-Mass.$430,0007.5%-12.7%0.2%35-713.1%2.2%
Raleigh, N.C.$425,0009.0%-50.7%-15.8%19-3014.9%-3.0%
Richmond, Va.$350,000-1.9%-21.6%-3.2%43-214.2%2.0%
Riverside-San Bernardino-Ontario, Calif.$549,00016.8%-6.3%-4.1%36-512.1%2.3%
Rochester, N.Y.$211,000-7.7%-28.5%-11.9%23-814.5%-1.4%
Sacramento–Roseville–Arden-Arcade, Calif.$595,0008.4%-1.6%-2.5%32-315.4%3.1%
San Antonio-New Braunfels, Texas$349,00016.4%-24.4%0.3%44-920.7%0.7%
San Diego-Carlsbad, Calif.$839,0005.6%-26.6%-21.8%47N/A13.5%-2.2%
San Francisco-Oakland-Hayward, Calif.$995,000-5.1%-25.2%-9.4%31-413.7%-2.8%
San Jose-Sunnyvale-Santa Clara, Calif.$1,250,0004.3%-31.9%-13.7%34013.6%-4.4%
Seattle-Tacoma-Bellevue, Wash.$680,0008.8%-43.3%-12.2%34-116.9%-3.8%
St. Louis, Mo.-Ill.$243,000-2.0%-19.3%1.0%50-620.5%-2.4%
Tampa-St. Petersburg-Clearwater, Fla.$375,00021.8%-39.9%-12.5%37-1122.8%-2.9%
Virginia Beach-Norfolk-Newport News, Va.-N.C.$314,000-3.4%-17.9%-2.7%30-910.6%4.4%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.$510,0001.6%8.3%-0.9%35-116.9%4.4%

Subscribe to our mailing list to receive updates on the latest data and research.

Sabrina Speianu, Danielle HaleSabrina Speianu, Danielle HaleDanielle Hale Original Article Appeared at : Source

Are you interested to learn more about the Greater Princeton, New Jersey Market Conditions, feel free to contact me at 609-915-9665.

People also looked for: