National Real Estate Trends

I thought I would take a moment to touch on some of the real estate trends that are occurring not just here in the mountains, but all across our nation.

Remote workers (or digital workers as some are called) are renting AirBnB or VRBO vacation homes so they can still work while on vacation.  Remote computer work and meetings on Zoom gives these workers the flexibility to work from any location.  This seems to have been one of the reasons vacation rentals have been and continue to be so popular.

The median price of homes sold nationally has reached $341,600.  This represents a new record price for the median home sale.

8 of 10 homes sold in the last 6 months sold at or above the listing price.  Offers below the listing price are unlikely to be competitive in the current market.

Homeowners saw a nearly 20% jump in their home equity in the last 12 months.  (Equity is what your home is worth on the current market minus any mortgage you may have.)

Lumber prices have increased more than 200% over the last 12 months.  Some good news though, futures prices for July deliveries dropped to $1158 per thousand board feet.  That is down 30% from the record high of $1711 per thousand board feet on May 10th.  Hopefully builders will begin building new homes again, as many builders have been waiting on material prices to decrease.

Our homes are getting older.  The average age of a home in this nation has risen to almost 40 years.  This is due to the decreases in new home sales in the last few years.

If you are looking for a home in the mountains, or that special piece of land for your dream home, please let us know.  We can help.