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Months at home have people across the country reconsidering their living situations—some are in search of more space, others are determined to find their dream backyard, and many are considering buying a home for the very first time. All these factors have placed homeowners looking to sell in a particularly favorable position.
According to the National Association of Realtors, existing home sales rose 20.7 percent in June—a record jump. Inventory remains low, so in many cases, sellers are reaping the benefits of bidding wars and getting offers over asking price. If you’re currently looking to downsize or relocate, the incentive to sell is there—especially when paired with the record low mortgage rates that attract prospective buyers.
But the housing market is far from uniform across the country. The most recovered markets—aka the best places to sell right now—according to Realtor.com‘s measures of online search activity, asking price, time on the market, and new listings include Seattle, Boston, Denver, Philadelphia, and New York. The ones that are least recovered—and therefore the toughest places to sell right now—are Milwaukee; Oklahoma City; Minneapolis; Louisville, Kentucky; and Birmingham, Alabama.
There’s no guarantee this trend will continue, and the housing market as a whole remains tumultuous for many, especially renters. But for those on the fence about selling, the potential benefits of the moment are clear.
Introducing Domino’s new podcast, Design Time, where we explore spaces with meaning. Each week, join editor-in-chief Jessica Romm Perez along with talented creatives and designers from our community to explore how to create a home that tells your story. Listen now and subscribe for new episodes every Thursday.