It’s a Seller’s Market: Home Prices on the Rise

With so many events cancelled and restrictions in place, it may feel like the world is spinning more slowly, or even coming to a halt. The truth is that real estate for sellers is booming, and home prices are rising.

According to the National Association of REALTORS® (NAR), during the first quarter of 2020, the national median price for single-family homes increased by 7.7% to $274,600. According to Zillow, the median price of homes currently listed in Dripping Springs is $475,396.

“We’re seeing home prices grow faster than pre-COVID-19,” says Danielle Hale,®’s chief economist. “In fact, they are on pace with the home price growth we saw this time last year.”

Home buyers eager to purchase are sparking bidding wars as they compete for limited inventory. “Multiple offers could be fairly common over the next few months,” says Lawrence Yun, NAR's chief economist.

Record low mortgage rates boost buying power, Yun adds. “And when combined with a lack of supply will result in higher and higher home prices,” he says.

Dripping Springs Real Estate Professionals attest to this for Texas Hill Country and urban Austin areas as well. If you are considering selling your home, now is not only a good time to do so, it is an ideal time to take advantage of the low inventory of homes available.

A quick consultation with a real estate professional is the perfect place to start. Contact one of our expert agents.