Finding a home that you love at the right price – and having an offer accepted at or around the asking price, in some markets, seemed nearly impossible in 2021.
For sellers, 2021 was a year that, for many, meant multiple offers above the asking price, record sales prices, and the chance to make significant profits.
According to a recent Forbes article, cities across the country saw rocketing sales prices – which made for some frazzled home buyers – and some very happy sellers.
In New York City, the average home sale price was $429,288 in 2020 while the average list price was $579,667 in 2021, indicating an increase in average sale price of approximately 3.3%.
The Los Angeles area saw an average sale price of $674,395 in 2020 and an average list price of $864,998 in 2021, indicating an increase in average sale price of 5.49%.
In Seattle, the average home sale price in 2020 was $512,046 while the average list price in 2021 was $651,648, indicating an increase in average sales price of around 6.7%.
Denver indicated an average home sale price in 2020 of $433,268 and an average list price in 2021 of $526,633, reflecting an increase in average sale price of around 4.40%.
San Francisco saw rising prices too, with the average home sale price in 2020 coming in and around $811,787, and the average list price in 2021 being $872,296, marking an increase in average sale price of 2.31% over the course of the year.
Without question, for much of the country, 2021 was an excellent time to sell a home, and perhaps a more difficult time to buy the one you loved at the price you wanted to pay. While that is currently the case, it’s important to remember that the truth about the real estate market is that it’s ever-changing. Trends can change from year to year or even month to month. That’s why it’s important, whether you’re a buyer or a seller, to connect with a real estate agent who understands those trends, and who can help you determine the best strategies to reach your real estate goals.
Thank you Jeff Hammerberg from The Washington Blade.