{"id":2298,"date":"2021-06-17T15:41:32","date_gmt":"2021-06-17T15:41:32","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2021\/06\/17\/time-on-market-drops-six-days-home-values-break-new-records\/"},"modified":"2025-03-13T02:37:51","modified_gmt":"2025-03-13T02:37:51","slug":"time-on-market-drops-six-days-home-values-break-new-records","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2021\/06\/17\/time-on-market-drops-six-days-home-values-break-new-records\/","title":{"rendered":"Time on market drops 6 days, home values break new records"},"content":{"rendered":"\n<p>It can&#8217;t last forever, that&#8217;s what long-time real estate professionals are saying about this market. And, it looks like they may be correct. While home values are breaking records, there&#8217;s been a slight bump in inventory, says a new report.<\/p>\n\n\n\n<p>Continued growth in the housing market paired with a long-awaited bump in inventory in May, according to\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3198342-1&amp;h=1147217240&amp;u=https%3A%2F%2Fwww.zillow.com%2Fresearch%2Fzillow-may-2021-market-report-29635%2F&amp;a=Zillow%27s%C2%AE+latest+Market+Report\" rel=\"noreferrer noopener\">Zillow&#8217;s\u00ae latest Market Report<\/a>. Home value appreciation continues to break records and typical time on market is down to just six days. <\/p>\n\n\n\n<p>A recent homes.com survey found that <strong>82% of homeowners who sold in the last six months accepted offers at listing price (33%) or above (49%)<\/strong>, nearly half of them sold in less than a month, and a quarter of them had five or fewer showings before finding a buyer \u2014 reflecting both the low supply of available homes\u00a0<em>and<\/em>\u00a0the rush to buy when new listings hit the market.<\/p>\n\n\n\n<p>Inventory is finally showing signs of recovery at the national level after nearly a year of steady decline. The 3.9% month-over-month gain in May is the first uptick since&nbsp;July 2020&nbsp;and only the fifth seen in the last 24 months. Of the top-50 largest U.S. markets, only six saw inventory fall from April. Inventory across the U.S. is down 31.2% since&nbsp;May 2020, an improvement over the 32.8% annual decline seen in April. New inventory has trended up since mid-March.&nbsp;<\/p>\n\n\n\n<p>However, the typical time for a newly listed home to go under contract dropped to just six days nationwide, one day shorter than in April. Time on market is the shortest at three days in hot Midwest metros of\u00a0Cincinnati,\u00a0Kansas City\u00a0and Columbus.\u00a0<\/p>\n\n\n\n<p>CoreLogic<sup>\u00ae<\/sup> released the\u00a0<a href=\"https:\/\/www.corelogic.com\/insights\/homeowner-equity-report.aspx\">Homeowner Equity Report<\/a>\u00a0for the first quarter of 2021. The report shows U.S. homeowners with mortgages (which account for roughly 62% of all properties) have seen their equity increase by 19.6% year over year, representing a collective equity gain of over $1.9 trillion, and an average gain of $33,400 per borrower, since the first quarter of 2020.\u00a0<\/p>\n\n\n\n<p>While the coronavirus pandemic created economic uncertainty for many, the\u00a0<a href=\"https:\/\/www.corelogic.com\/insights\/home-price-index.aspx\">continued acceleration in home prices<\/a>\u00a0over the last year has meant existing homeowners saw a notable <a href=\"https:\/\/www.realtrends.com\/blog\/the-pandemic-shuffle-sees-influx-of-florida-gold-coast-agents-in-the-thousand-top-20\/\" target=\"_blank\" rel=\"noreferrer noopener\">boost in home equity<\/a>.\u00a0The accumulation of equity has become critically important to homeowners deciding on their post-forbearance options. <\/p>\n\n\n\n<p>In contrast to the financial crisis, when many borrowers were underwater and home values dropped, borrowers today who are behind on mortgage payments can tap into their equity and sell their home rather than lose it through foreclosure. These conditions are reflected in\u00a0a\u00a0recent\u00a0CoreLogic\u00a0survey, with 74% of\u00a0current homeowners with mortgages\u00a0noting they are not concerned with owing more on their home than it is worth within the next five years. \u00a0<\/p>\n\n\n\n<p>Annual home appreciation reached 13.2% in May while monthly growth was 1.7%, both of which are new records within Zillow data reaching back through 1996. Typical home values now stand at&nbsp;$287,148. Month over month growth accelerated in 47 of the 50 largest U.S. markets and decelerated in just three &#8212; roughly matching the local market heat in April.&nbsp;<\/p>\n\n\n\n<p>Austin&nbsp;retained its lead in annual appreciation with a blistering 30.5% increase over 2020, followed by&nbsp;Phoenix&nbsp;(23.5%) and&nbsp;Salt Lake City(20.6%). Even the metros with the lowest annual appreciation &#8212;&nbsp;Orlando,&nbsp;New Orleans&nbsp;and&nbsp;Oklahoma City&nbsp;&#8212; still put up historically strong numbers above 9%.&nbsp;<\/p>\n\n\n\n<p>Zillow&nbsp;<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3198342-1&amp;h=3313005954&amp;u=https%3A%2F%2Fwww.zillow.com%2Fresearch%2Fhome-value-sales-forecast-may-2021-29617%2F&amp;a=economists+forecast\" rel=\"noreferrer noopener\">economists forecast<\/a>&nbsp;home values to increase by 14.9% by&nbsp;May 2022, an upward revision from the April forecast. Home sales are expected to reach 5.91 million in 2021, a 4.8% increase over 2020.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It can&#8217;t last forever, that&#8217;s what long-time real estate professionals are saying about this market. And, it looks like they may be correct. While home values are breaking records, there&#8217;s been a slight bump in inventory, says a new report.<\/p>\n","protected":false},"author":15802,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[19],"class_list":["post-2298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Time on market drops 6 days, home values break new records - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"While home values are breaking records, there&#039;s been a slight bump in inventory, says a new report by Zillow.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realtrends.com\/blog\/2021\/06\/17\/time-on-market-drops-six-days-home-values-break-new-records\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Time on market drops 6 days, home values break new records\" \/>\n<meta property=\"og:description\" content=\"While home values are breaking records, there&#039;s been a slight bump in inventory, says a new report by Zillow.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.realtrends.com\/blog\/2021\/06\/17\/time-on-market-drops-six-days-home-values-break-new-records\/\" \/>\n<meta property=\"og:site_name\" content=\"RealTrends - 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