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First, more buyers are using agents in 2023 than in 2003. Second, buyer agreements are not new. We found that more than 99% of newlistings in March included offers to pay the buyer’s agent. Furthermore, more than 96% of all listings included offers of 2% or more, and more than 67% are offering to pay 2.5%
The median list price of homes in the US is $435,000; the median price of newlistings is $435,900. Vacancy rates from 2003 to 2024 (Source: Census Bureau ) As of February 2025, the national median rent price is $1,375. The average days homes stay on the market is 117 days; the median days on market is 77 days.
If sales are working from an elevated number, like what we saw from 2003-2005, it’s a different subject altogether. When we look at active listings today, we are still at 980,000, near all-time lows, even with the recent massive hit to demand. To get more inventory you need more Americans to list their homes.
2023 Sees the Lowest Number of Homes Listed in Twenty-Two Years In 2023, there was an 12% decrease in listings compared to 2022, with 20,546 homes listed compared to 23,342 in the previous year. Contrary to popular belief, interest rates don’t just impact buyers, they impact sellers as well as demonstrated in 2023.
The number of newlistings of all home types (single-family, townhome and condo) in King County climbed 6.4% (1866 units) from January to February, as expected, and total inventory at the start of March (2064) was 111% higher than a year ago. each month between 2003 and 2022.)
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