The latest data from Redfin reveals a surprising twist for the 2024 U.S. real estate market. This spring, we’re seeing a significant spike in inventory and price cuts, hinting at potential changes ahead.
According to Redfin, the median sale price for a single-family home in the U.S. has hit an all-time high of $434,000. That's a whopping 6% increase from last year’s prices, showcasing the incredible run housing has had over the past seven years, over 75% increase from 2017. What’s driving these prices up, you ask? It’s the obvious relationship between supply and demand. Despite a sluggish market compared to the pandemic boom, there just aren’t enough new listings to meet the demand, keeping prices high.