--- title: For Buyers, the Housing Market Feels 'Like 2021 All Over Again' description: For home buyers, the housing market is starting to look "like 2021 all over again." authors: - name: Leslie Cook role: Editor, Real Estate url: https://money.com/author/leslie-cook/ bio: Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips. education: Bryn Mawr College, BA History at_money_since: 2019 articles: 797 covers: - Housing - Banking - Credit - Economy and Politics - Identity Theft - Insurance - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Taxes social: - https://twitter.com/LeslieLCook - https://www.linkedin.com/in/leslie-cook-9829b9198/ editors: - name: Kristen Bahler role: Managing Editor url: https://money.com/author/kristen-bahler/ bio: Kristen Bahler has spent more than a decade turning culture, work and consumer spending trends into conversation-driving stories. Today, she leads Money's sponsored content channel and reader-favorite franchises like Best Places to Live and Best Places to Travel. education: Northeastern University, MA Journalism at_money_since: 2016 articles: 52 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://www.linkedin.com/in/kristen-bahler/ published: '2023-07-06T19:35:28.000Z' modified: '2024-01-10T14:59:45.000Z' section: Housing tags: - housing - mortgages - real estate word_count: 440 canonical: https://money.com/homes-selling-over-list-price-again/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Person sets up "For Sale" sign outside a house](https://img.money.com/2023/07/News-Typical-Home-Selling-Over-List-Price.jpg?crop=0px%2C186px%2C2880px%2C1620px&quality=85) Potential buyers hoping home prices will come down to earth will have to wait a little longer. The lack of housing supply is shoring up both asking and sales prices. For the first time in almost a year, the typical home on the market is selling above the list price, according to a [new report](https://www.redfin.com/news/housing-market-update-homes-selling-above-asking-price/) from brokerage Redfin. During the four weeks ending July 2, nearly 37% of homes sold above their list price, the highest number in ten months. “Almost every home is getting multiple offers and selling over asking price,” Jeremy Lucas, a Redfin agent in Portland, Oregon, said in a press release. “The lack of supply is making it feel almost like 2021 all over again.” Although housing sales have [cooled significantly](https://money.com/cities-housing-market-costs-cooling/) from their frenetic pandemic pace, home prices haven’t followed suit. Homebuyer interest continues to outpace the number of homes for sale in many markets. The [number of active listings](https://money.com/number-homes-for-sale-record-low/) (or how many homes are for sale at any given time during the month ending July 2) was down by more than 11% year-over-year, the largest decline since April 2022. The [inventory shortfall](https://money.com/why-are-there-no-houses-for-sale/) is partly due to homeowners who purchased or refinanced their homes when mortgage rates were at 3% or lower. With [current mortgage rates](https://money.com/current-mortgage-rates/) averaging close to 7% or higher, many owners [feel trapped](https://money.com/low-mortgage-rates-trap-home-sellers/) by that low rate, and buying another home at a much higher one doesn’t make sense unless the owner absolutely needs to sell. Thanks to the lack of housing supply, home prices have avoided a meaningful decline. The current median home sales price is $383,800, according to Redfin, which is just $1,000 lower than the median in May 2022, when prices were near their peak. Newly-listed homes are even more expensive. The median asking price for houses recently put on the market is $395,725, Redfin says. ## Bottom line People still want to buy homes, even in a housing market as tough as this one. According to Redfin, requests for home tours and other homebuying services are up 11% compared to last year. The number of tours taken was also higher, rising by 6% compared to the start of 2023. When homebuyer interest will wane is anybody's guess. But with mortgage rates hovering around 6.8%, most buyers will have to [get creative](https://money.com/how-to-lower-your-mortgage-rate/) to afford a home purchase — or be patient and wait until prices finally cool. More from Money: [The 10 Cities with the Biggest Drops in Rent Prices Since Last Year](https://money.com/cities-with-biggest-rent-drops/) [The Number of Homes for Sale Just Reached a Record Low](https://money.com/number-homes-for-sale-record-low/) [A Record-High Share of Homebuyers Are Looking to Relocate Right Now](https://money.com/homebuyers-relocate-sun-belt-cities/?ref=/current-mortgage-rates/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/homes-selling-over-list-price-again/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Housing", "item": "https://money.com/housing/" }, { "@type": "ListItem", "position": 3, "name": "Home Buying", "item": "https://money.com/home-buying/" }, { "@type": "ListItem", "position": 4, "name": "For Buyers, the Housing Market Feels 'Like 2021 All Over Again'" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/homes-selling-over-list-price-again/#webpage", "url": "https://money.com/homes-selling-over-list-price-again/", "name": "For Buyers, the Housing Market Feels 'Like 2021 All Over Again'", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-07-06T19:35:28.000Z", "mainEntity": { "@id": "https://money.com/homes-selling-over-list-price-again/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/homes-selling-over-list-price-again/#breadcrumb" }, "dateModified": "2024-01-10T14:59:45.000Z" }, { "@type": "Article", "headline": "For Buyers, the Housing Market Feels 'Like 2021 All Over Again'", "articleSection": "Housing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/07/News-Typical-Home-Selling-Over-List-Price.jpg?crop=0px%2C186px%2C2880px%2C1620px&quality=85", "width": 1012, "height": 569, "caption": "News-Typical-Home-Selling-Over-List-Price" } ], "author": [ { "@type": "Person", "name": "Leslie Cook", "url": "https://money.com/author/leslie-cook/", "@id": "https://money.com/author/leslie-cook/#author", "description": "Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. 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