Redfin: Value of Homes on the Market Hits Record

(Image courtesy of Redfin; Breakout image courtesy of Thai Dang/pexels.com)

Redfin, Seattle, released a new report finding that there are $698 billion in homes currently on the market–the highest dollar amount ever recorded.  

The metric is up 20.3% from April 2024, and based on the list prices of homes posted on Redfin’s platform.

The lowest total value of listings (in records going back to 2012) was $309 billion, in January 2022.

The number of homes on the market nationwide also grew in April year-over-year–to 16.7%. That’s the highest number in five years.

And, homes are sitting on the market longer, with the typical home sold in April taking 40 days to go under contract.

Forty-four percent of listings in April had been on the market for at least 60 days without going under contract, up from 42.1% a year earlier and representing the highest April share since the start of the pandemic.

Redfin categorizes homes that have been sitting for more than 60 days as “stale inventory”–the 44% currently in that category are worth $331 billion, up 20.5% year-over-year.

“The record-high dollar value of all homes listed for sale is one way to quantify this buyer’s market,” said Chen Zhao, Redfin’s Head of Economics Research. “Not only are there more homes for sale than there have been in five years, but the value of those homes is higher than it has ever been. We expect rising inventory, weakened demand and the prevalence of stale supply to push home prices down 1% by the end of this year, which should improve affordability for buyers because incomes are still going up.”