Housing markets set 10 different records in 2021, many in DC

The US real estate market remained strong in 2021, but there were more records than the number of sales and median selling prices.

The US real estate market remained strong in 2021, but there were more records than the number of sales and median selling prices.

According to real estate listing company Redfin, at least 10 records have been set for the housing market this year. Among them, a record number of investment buyers, who accounted for nearly one in five sales in 2021.



“Investors are seeing how much home values ​​have gone up. They expect rents to go up. Interest rates are at record highs, so it’s easy for them to borrow money to buy investment property, ”said Daryl Fairweather of Redfin.

Nationally, 18.2% of all residential sales in 2021 were to investment buyers. The DC Metro was actually tracking this statistic, with just 7% of sales to investment buyers, in part due to the lack of good deals in the area.

In March 2021, the DC area recorded the record for most homes sold in less than 14 days, at 65%. The DC Metro also set a record high for median selling price in June 2021, at $ 500,000. Nationally, the median selling price in 2021 is $ 386,000, also a record high.

Tight inventory remained a problem throughout 2021, with housing supply falling to an all-time low, and down 23% from 2020. And more than half of homes under contract in 2021 – 56.6% – sold above the list price, also a record. The average home sold 2.6% more than the listing, according to Redfin.

Another record set both nationally and in neighboring seaside communities in Maryland and Delaware has been the sale of second homes and vacation homes.

“People were able to refinance their current home and they had money left over and people were buying second homes,” Fairweather said.

“I think on top of that, because of COVID, travel limitations, especially international travel, have caused more people to think about having a vacation home to escape as well. And remote working meant more people could just pick up and go elsewhere for a few months. “

Rounding out the top 10 record is the 25% year-over-year jump in the median price of a luxury home sold, and a record 31.5% of Americans looking to relocate to another metropolitan area.

Redfin’s full report of the 2021 records is online.

Leave a Comment