In 2021, while most of the country was seeing record home sales and prices, driven by low mortgage rates and roaming office workers, New York was on the outside looking in: Sales and rentals plummeted, and doomsayers predicted the city’s demise. Not anymore.
Check out these real estate facts from 2021.
The typical U.S. home sold for nearly $400,000 — up 24.4 percent, year over year.
Home supply dropped to its lowest level in recorded history — down 23 percent, year over year.
The typical home sold in just 15 days — the lowest median number of days on the market in recorded history.
More than 60 percent of homes went off the market within two weeks.
56.5 percent of homes sold above list price — up 29.6 percent from a year earlier.
Mortgage rates dropped to a record low of 2.65 percent.
Investors bought 18.2 percent — or nearly one in five — of all the homes sold in the U.S.
Demand for second homes was up 91 percent over pre pandemic levels.
Nearly a third of all Americans looked to move to a different metro area (based on online home searches) — up from 26 percent a year earlier.
Source: Redfin By The New York Times