The median sales price of homes in the 53 metro areas covered by RE/MAX‘s National Housing Report rose 4.5% month over month in March to $303,000, marking the first time in the 13-year history of the report that it topped $300,000.
March’s increase comes atop the previous record for the measure, which was $290,050 and set in February. Year over year, the median price was up 14.3%, according to a press release.
In Chicago, the median sales price jumped 9.3% between February and March to $295,000.
“It’s definitely a seller’s market right now, and homes are selling at a feverish pitch, further crimping this historically low inventory situation,” RE/MAX Holdings Inc. CEO Adam Contos said in the press release. “On average, homes that sold last month had been on the market just 38 days, nearly three weeks less than the March average of 59 days from the past four years.”
National housing inventory hit a new low for the ninth consecutive month and was down 45.2% year over year, while the average months supply of inventory also set a record, of 1.1 months. There were 2.8 months supply of inventory in Chicago.
Nationally, home sales were brisk, with the average days on market of 38, just two more days than the record 36 days set in November 2020. In Chicago, homes were on the market for an average of 39 days.
The overall average number of home sales was up 34.3% compared to February and 15% compared to March 2020. In Chicago, home sales rose 52.8% month over month and 25.3% year over to 10,907.