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Statistics About Home Sales During Covid-19

The Profile of Home Buyers and Sellers is a yearly report of data compiled from a survey of recent home buyers and sellers that the National Association of Realtors performs annually. The 2020 report contains survey data from buyers and sellers who sold or purchased a home between July 2019 to June 2020. This year’s report offers unique insights into how the Coronavirus pandemic has affected the housing market and the home-selling process.

Reasons For Selling

Overall, the most commonly cited reason for selling was a desire to move closer to friends and family, and the second most common reason was that their current house was too small. However, sellers who sold their home after March 2020 were more likely to cite size as their top reason for selling. This is likely due in part to people having to spend more time in their homes following Coronavirus-related shut downs. Home sellers after March also felt a greater sense of urgency in their need to sell, with 46% reporting their need was “somewhat urgent” compared to 39% before April.

The Selling Process

The majority (89%) of sellers worked with a real estate agent to sell their home. Almost all sellers (91%) listed their home on MLS. The internet continues to become a more important tool in the selling process, and the covid-19 pandemic further supported this – post-March sellers were more likely to use technology to market their home. Specifically, we saw open houses decrease and virtual tours increase following March.

Sales Prices

The median sales price of all recently sold homes was 99% of the final listing price. 46% of all sellers offered incentives to attract buyers. The percentage of sellers offering incentives increased during the pandemic, but so did median home sale prices. The median before April was $270,000, while the median after March rose to $300,000. The median selling price of homes sold by owner was up from last year but still lower than the median price of homes sold with the assistance of an agent.

Are you ready to sell your home right now? Even in the midst of a global pandemic, we have you covered. Blue Ridge Properties’ agents have the digital experience, industry expertise, and hyper-local knowledge necessary to sell your house fast. Browse our agents here: https://brphomes.com/agent or contact us online, by phone (423-247-4181), or in person at one of our offices.