Although the pandemic took its toll in too many ways, real estate transactions stayed right on track.
The industry needed to adjust, and adjust we did. We minimized risks to our clients and ourselves. (I haven’t held an open house since March.) Still, we rolled on.
I often report on the number of homes currently for sale in Lincoln (only 135 at the moment). This is an all-time low, at least in the last 20 years that I’ve been watching. Also, weekly tabulation of homes under contract shows that despite very low inventory, homes are coming on the market and selling quickly.
In fact, almost 4,000 residential, existing homes were sold in Lincoln this year — more than in any of the last five years. And, the prices keep going up. In 2015, the median price home sold was $155,000, which was $2,000 under asking price. In 2020, the median sold price was $205,000, which was $5,000 MORE than asking price. In 2019, $186,800 was the median price. So, this past year, the sold price of a home went up by double digits.
Looking forward, I can only predict that the need for existing homes here in Lincoln will stay strong. Low, low interest rates can make up for having to pay a little more for the right home.
For a personal assessment of your home buying or selling needs, please give me (or my team partner, Kim Soucie) a call.