While some normalcy continues to return to the market, prices increased significantly in November with the area housing market flirting with a $400,000 median price. Total sold dollar volume increased by 22% fueled by a more than 16% rise in median sold price and a nearly 8% increase in units sold over last November’s equally hot market. Total sold dollar volume settled at approximately $305.6 million this November compared to $249.7 million in November of 2020. Median sold price came in at a near-record high $395,500, a more than 16% year-over-year increase from 2020. In November of 2021, 715 homes were transacted versus 664 in November of last year, representing an 8% increase.
“Things are slowing down, but not in the traditional sense,” states FAAR Board of Director Kardin Lillis. “We are still seeing a very fast-paced market, especially for accurately priced, well-maintained homes, but the days of large escalation clauses and dozens of offers seem to have passed.”
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, actually increased for first time since September of 2019. Average days on market rose from 16 days in November of 2020 to 20 days on market this year, representing a 25% year-over-year increase.
Overall active listings were up 23% this November compared to last year, with 704 homes available in the entire FAAR footprint at the end of November versus just 572 last year. New listings were up nearly 4%, with 668 homes coming on the market this November compared to 643 last November. New pending sales held steady with a slight 1% decrease, showing that buyer demand remains strong as we return to more normal market conditions.