High Prices, Low Supply

Despite having low supply, Redfin reports 10 housing records set this year.

According to Yahoo!, the coronavirus pandemic and the resulting surge in remote work have changed where, when, why and how people buy homes, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. This past year, home-sale prices hit the highest median of all time, the number of homes for sale fell to an all-time low, and there was record demand for second homes.

“The ongoing pandemic, including its seismic effect on the U.S. economy and the way Americans live and work, has made 2021’s housing market anything but typical,” said Redfin Chief Economist Daryl Fairweather. “Remote work, low mortgage rates, a shortage of building materials and wealth inequality that has allowed an influx of affluent Americans to buy vacation homes, to name just a few factors, have come together to create a historic year for real estate. Buyers paid more for homes, bought sooner than they planned, searched outside their hometowns or all of the above. This year’s frenzied housing market has been one for the books—but it may become more balanced in 2022.”

Redfin created 10 charts that illustrate the records set in the 2021 housing market, available in the full report and summarized below.

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