Somehow the year is almost halfway over. Almost as equally shocking? How high housing prices have gotten. Nationwide, home prices in March were up 17.1% from last year—which was already well above average. We’re now seeing a median price of $412,156.
Every region has been affected, as inventory across the US continues toward record lows. So while the number of homes sold declined by 7.8% and the number of homes for sale fell 12.2%, it’s not from a lack of buyers. In fact, homes that entered the market sold in under 20 days and 54% of those homes sold above listing price.
It's been a shock in a market that felt like it couldn’t get more shocking. March’s bidding-war rate sits at 69.3%! This is especially true in some of Ribbon’s hottest housing markets.
Let’s take a look.
In the last year, Atlanta home prices have risen over 16%. A median home price is now $400,000—and they’re often selling for 5% above listing price. Atlanta’s housing market has struggled to keep up with incoming new residents and investors as more people head to the city. According to Redfin, homes are selling after only a week on the market and the bidding-war rate in the metro area in March reached 60.2%—driven by a 14.5% drop in available homes due to shrinking housing supply.
Meanwhile in Charlotte, home prices were up 20.3% compared to last year, selling for a median price of $382,000. Charlotte ranks among the hottest housing markets on almost every list and is among the fastest-growing cities in the country. So it’s no surprise that bidding-war rates are at 72% and high value homes in the area are selling for 8% above listing price and go pending in 4 days.
Home prices in Nashville climbed a staggering 25% in March, selling for a median price of $445,000. The average home sat on the market for 19 days compared to 36 days last year and sold for 3% above list price. The hottest homes only sat on the market for 5 days and went for 8% above list price. This has been driven by a significant lack of inventory. The number of homes sold dropped over 10% in March. There’s just not enough to go around. And there’s no sign that housing price growth in the Music City will slow down in the second half of the year, with bidding-war rates hovering around 57%.
Then there’s Memphis. Compared to the other cities on our list, Memphis had the largest price growth with the lowest median price.
Home prices were up 36.0% in March 2022, putting the median selling price at $207,000. On average, homes sat on the market for 28 days, down from 31 days last year. The hottest homes sold for 6% above list price and go pending within 9 days.
In Memphis, first-time buyers are competing against investors for the best homes, which is particularly difficult as there is a terribly low amount of available housing. For example, only 726 homes sold in March.
Lastly, but definitely not least is what’s going on in Texas.
The Dallas market has been extremely competitive in 2022. Most homes are going to multiple offer negotiations with waived contingencies. Home prices were up 10.1% and are often selling for 3% above listing. The hottest houses on the market? Selling for 8% above listing, in as few as 10 days. The median price hovering around $410,000. Like the rest of the country, inventory is an issue in this Lone Star city. Homes on the market dropped significantly in Dallas, from 34 days to 17 days, and the number of homes sold in March was down 14.7% year-over-year.
Meanwhile, buyers in Fort Worth also face some major competition. Homes stay on the market for an average of 15 days, down from 34 days. Prices are up 21.4%, with a median price of $340,000.
Despite massive price increases, big jumps in mortgage rates, and dwindling inventory most areas continue to experience a competitive housing market. Buyers need to make their offers stand out—going in strong with their best offer. That’s where Ribbon comes in.
RibbonCash Offers is a non-contingent offer backed by Ribbon’s cash. Cash offers have no financing or appraisal contingencies and are 3x more likely to win. RibbonCash Offers are also guaranteed to close on time, so there’s no need to worry about appraisal or financing delays.
Sellers can also take advantage of Ribbon’s buy before you sell program, allowing them to buy their dream home before selling their current home.
Speak with one of our experts to learn more about Ribbon.