If you're selling a high-end home, you've got company. More pricey houses are up for sale this year, pushing listing prices to record highs.
The median asking price for a U.S. home hit $300,000 for the first time ever in March, according to housing data from Realtor.com to be released later Thursday and provided early to USA TODAY. That topped the previous peak of $299,000 reached in June and July of last year.
Still, there are signs that things are slowing for sellers. Year over year, the median list price increased 7% in March, slightly lower than the growth rate of 8% from the same month in 2018.Why are sellers asking for more?
The reason for the jump in list price isn’t necessarily because sellers are overly optimistic. Instead, higher-priced homes tend to come onto the market in the spring, pushing up the overall median, and this year, more of these pricier homes are hitting the sales block.
The number of houses priced above $750,000 jumped 11% from last year, while the supply of entry-level homes sunk by 9%.
“We’re seeing this shift toward more home available in the higher price points,” Hale says.
Overall, there were 56,000 more homes for sale in March versus last year, up 4%. The inventory growth largely occurred in the 50 largest U.S. markets mostly on the pricey West Coast West, including San Jose (up 114%), Seattle (up 77%) and San Francisco (up 44%).