Home Sales And Prices Up Dramatically Year-Over-Year
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. Home sales and prices are up dramatically. And buyers are now out in full force, driving major increases in both home sales and home prices. This ushered 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.”
The same holds true for the LOCAL market here in Gainesville FL, and the surround areas throughout Alachua County. Our inventory is low, and the buyer demand is high. Check out our monthly local market reports, they are published each month.
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.