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2018 Real Estate Trends What You Need To Know
Real estate season is here, and experts are predicting the hot market conditions will continue throughout the summer in many states. Thinking of buying or selling? Here are the 2018 real estate trends you need to know, and what the hot market means for your house.
Real Estate Trend #1: Homes Are Selling Faster Than Last Year
In February 2018, Realtor.com data showed that properties were selling 8% quicker than the same time last year—staying on the market for a median of only 83 days!(1) In March 2018, the data found that homes sold (at least!) a whole week faster than last year in 36% of the largest housing markets in the country—averaging 63 days on the market.(2)
Real Estate Trend #2: Home Prices Are Higher Than Last Year
What does this look like in dollars? As of March 2018, the median list price hit $280,000. Most new listings tend to be over $350,000, while the rest remain between $200,000–350,000. Only 1 in 3 homes on the market are priced below $200,000, and half of all buyers are competing for homes in that price range!(6)