Capital Region’s Median Home Price Jumps – Again

Throughout the Capital Region, July’s real estate market continued to challenge buyers and motivate sellers. More than 1770 new listings came on the market and sold within an average of 28 days and obtaining 101.7 percent of the original list price.

Greater Capital Association of REALTORS® president, Jeffery Decatur, of Re/Max Capital, stated, “Buyers looked to new construction for additional inventory but found only 75 new homes at a median sale price of $425,714 added to the mix due to delays in availability of materials and builders backing off-contract commitments as a result of the pandemic’s residual impact.”

The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.

As a result of the continued buyer demand, inventory levels remained strained with a market-wide decrease in a year-over-year comparison of 23.5 percent to 2,963 units.   Overall pending sales at 1,202 decreased by 31 percent while closed sales increased by 5 percent to 1,344 for the month. Buyers are certainly present in this market, but inventory and affordability are having a challenging impact on sales causing the median sale price to increase by 13 percent to $260,000 for existing single-family homes.

Laura Burns, CEO of the Greater Capital Association of REALTORS® reported, “In July there were more than 16,000 showings in our reporting region keeping local REALTORS® and lenders busy. As the law of supply and demand plays out, buyers may choose to wait it out or more sellers may jump in. We’ll have to see what the Fed and the pandemic offer up in the coming months.