LOS ANGELES (KNX) — It's been a record-breaking year for many things, including the housing market. In 2021 home sales hit the highest median of all time, according to Redfin, with the number of overall homes for sale at an all-time low.
"2021’s housing market has been, in a word, remarkable. The coronavirus pandemic and the resulting surge in remote work have changed where, when, why and how people buy homes," Redfin officials shared in a report.
"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, there was record demand for second homes, a greater share of homebuyers relocated to a different metro than ever before … and the list goes on."
Ultimately, buyers paid more for homes than anyone ever expected more quickly than ever before and often ... out of their hometowns.
Real estate brokerage company Redfin studied the trends and shared the top 10 records broken in the housing market this year.
Record 1: The typical U.S. home sold for nearly $400,000
Record 2: Home supply dropped to its lowest level in history
Record 3: The typical home sold in 15 days
Record 4: Over 60% of homes were off the market in two weeks
Record 5: More than half of homes sold above list price
Record 6: Mortgage rates dropped to 2.65%
Record 7: Investors purchased nearly one in five of all homes bought in the U.S.
Record 8: Demand for second homes nearly doubled from before the pandemic
Record 9: Nearly 1/3 of Americans looked to move to a different metro area
Record 10: Typical luxury homes sold for 25% more than the year before
After sharing all of the records set in the last year, Redfin said it dug deep to see what 2022 could bring. The good news is, company said the next year will be "more balanced."
"But don’t expect a buyer’s market; just more selection, less frenzy and slower price growth," Redfin said in it's 2022 predictions.
"We will see a rush to buy homes at the start of the year before mortgage rates rise. That early onslaught of demand will deplete the supply of homes for sale. In the second half of the year, a much needed increase in new construction will boost sales slightly. In 2022, there will be 1% more sales than in 2021, and by the end of the year, home price growth will slow to 3%."
To read Redfin's full report on 2021 records, click here.
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