It’s a great time to be a home seller, but home buyers are feeling the competition—which is only growing. Homes sold faster in September than in August, realtor.com® reports in its September Monthly Housing Trends Report. September is usually the best time of year to buy a home since more homes tend to go on the market and there is less competition. Not in 2020.
The pandemic has fueled a buying spree that has led to a very competitive fall market for home shoppers. The average buyer is paying about $20,000 more for a home and facing 25% more competition than at the start of the year, realtor.com® reports. The number of homes on the market also has plunged 39% year over year in September, which equates to 529,000 fewer home listings.
Homes are selling 12 days faster than normal. There are about 25% more buyers in the market compared to the start of the year. Typically, there are only 9% more buyers in the market in September compared to the beginning of the year, realtor.com® notes.
Properties are selling the fastest in the Northeast, where properties are spending 13 fewer days on the market compared to a year ago, followed by the South (11 days faster), the Midwest (9 days faster), and the West (7 days faster).