Buyer Demand Driving Up Home Prices

The current real estate market is an excellent example of the law of supply in demand. After a period of slowed activity due to COVID-19, buyers have emerged strong and ready to buy, but the lack of inventory is creating serious demand for properties—and driving up prices in the process. Buyer demand driving up home prices is happening locally here in the Gainesville FL area.

According to realtor.com’s July Monthly Housing Trends report, the national median listing price in the United States is now $349,000. That’s an 8.5 percent increase year-over-year—and the highest listing price on record.

Locally here in the Gainesville (FL) area are showing the same issues.  We’ve been posting the local MONTHLY real estate market reports and you can view the September 2020 Report Here.   Our local inventory is at the lowest it has been in years. Available inventory is now down to 2.2 months.  The Median Time from Listing Date to Contract Pending Date is just 20 days.   Local buyers are patiently waiting for new listings to come on the market and then swarm to new listings.  This creates a multiple offer scenario on many new listings that are priced under $ 300,000.

Please know The Bohn Team is here to watch the market for you!  We want to be YOUR Buyer’s agent.  Give us a call and let’s talk about our plan of attack to make sure that you know about new listings that meet your “wish list” as soon as they come on the market.

The Takeaway for Sellers:

So, what does that mean for you? With listing prices at an all-time high, if you’re thinking about selling your home, now is the great time to make a move, take advantage of the buyer demand, and fetch top dollar for your property.