56% of homes sold in April 2020 were on the market for a month or less-NAR
The combination of low inventory and high buyer demand is creating an environment where homes are flying off the market. This is also a good indicator that while certain parts of the economy remain frozen, real estate is not one of them, and the pandemic has not slowed eager buyers from acting.
Zillow recently reported a 5.9% week-over-week rise in homes being listed for sale
At the peak of the pandemic panic, most real estate markets across the country saw little to no new homes being listed for sale. But with economies slowly beginning to open back up, sellers are starting to resume their moving plans.
Before the pandemic, the 2020 real estate market was supposed to be one of, if not the, biggest millennial homebuying years. And new NAR data suggests that strong buyer demand has continued in almost all 50 states despite the pandemic.
While the world hit a giant pause button on most parts of the economy, real estate remained active across most parts of the country.
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