US median home listing price is at $300,000

April 11, 2019 11:46 am

The US median home listing price is at $300,000 for the first time – just like Cape Coral.

Both figures are based on homes advertised on realtor.com’s website.

Cape Coral-Fort Myers has around 11,600 active listings, up 13% year-over-year, as of March 2019.

The national median listing price is an annual increase of 7%. It has risen due to fewer listings for home prices at $200,000 or less.

Inventory is rising nationally, but the pace of that rise continues to slow. Homes priced $200,000 or below are more difficult to find, with listings falling 9% year-over-year. The inventory of for-sale homes priced above $750,000 increased 11% year-over-year.

Danielle Hale, realtor.com’s chief economist, says, “The typical U.S. home list price has set a new high right on the cusp of the spring homebuying season, and despite a slowing growth rate, home prices will likely continue to set new records later this year.

“Heading into spring, U.S. prices are expected to continue to rise and inventory is expected to continue to increase, but at a slower pace than we’ve seen the last few months as fewer sellers want to contend with this year’s more challenging conditions.”

Approximately 56,000 additional homes were for sale in March compared to last year, a 4% increase year-over-year. The growth was primarily driven by the U.S.’s 50 largest markets. These grew by a more substantial 9% on average year-over-year.

However, the number of newly listed properties hitting the market declined by 0.4% from last year, suggesting that while buyers may have more options to choose from, the share of fresh properties coming up for sale has not increased.

Nationally, homes in the U.S. sold in an average of 65 days in March, two days slower than a year ago.

Source https://www.floridarealtors.org/NewsAndEvents/article.cfm?id=378941 and https://www.realtor.com/research/