High demand and low inventory have many real estate analysts predicting a strong sellers’ market in the months ahead. While home inventory was down 39 percent in September from a year ago, historically low mortgage rates have buyers eager to purchase.
71 percent of the houses sold in September were on the market for an average of 21 days, down from 32 just one year ago. Meanwhile, the median price for home sales rose 14.8 percent from September 2019.
As there will likely be multiple offers on homes in the coming months, many agents are suggesting that sellers not rush to accept offers too quickly.