Since COVID-19 landed on our shores nearly two years ago, the housing market has
bucked all expectations and thrived in an environment many thoughts would be impossible.
Indeed, the pandemic caused a number of sellers to hold off on listing their homes, decreasing
supply of homes; served as a catalyst for the inevitable paradigm shift to remote work, increasing
demand for homes; and caused median home prices to climb higher by virtue of the fact that only
individuals with financial stability were able to make the investment required to purchase a
home. All of this formed the perfect storm, with favorable winds for the housing market as a
whole.
On the other end of the spectrum, the new construction sector of the housing market
began seeing gains as the price of existing homes, and newly constructed homes began to
approach each other, with many buyers deciding that a minor additional investment was worth an
entirely new property. The numbers from October 2021 suggest the trend in favor of new
construction is continuing, albeit slowly.
The sale of new homes increased by .4% between September 2021 and October 2021
(roughly 3,000 homes), with a median price of $407,700.00 nationwide. Moreover, new
construction saw substantial gains in inventory, growing 3.3% between September 2021 and
October 2021; there is currently a 6.3 -month supply of new homes on market.
At the Chernov Team we understand that knowledge is power, and knowledge of how
various sectors of the housing market are performing is powerful knowledge indeed. At the
Chernov Team we know that whoever comes to the table most prepared leaves with the most,
and the Chernov Team always leaves the table with the most.