The Midwest Real Estate Data (MRED), one of the nation’s largest multiple listing services covering much of Illinois and parts of Wisconsin and Indiana, announced 2020 was a record year in sales from its subscribers. Agents through MRED’s marketplace conducted more than $43 billion of business in 2020, the most since MRED was founded in 2008.
That also marks a 14% increase over the previous record set in 2018 ($37.7 billion).
Many real estate professionals have been reporting their best production numbers ever in 2020. Despite the COVID-19 pandemic, a buying frenzy for a limited number of homes for sale nationwide has prompted home prices to rise rapidly.
“The real estate professionals in our market proved their incredible resilience beyond a doubt in the unprecedented year of 2020,” says Rebecca Jensen, MRED’s president and CEO. MRED serves more than 46,000 real estate professionals from more than 7,500 offices.
Other MLSs across the country are still tallying their 2020 numbers but are poised to report escalated sales for 2020, too. For example, the MLS of the Houston Association of REALTORS®, which services 40,000 REALTORS®, reported homes selling at a record-setting pace toward the end of the year. In November, the Houston MLS reported a 25.6% increase year-over-year in single-family home sales with homes priced at $750,000 or higher jumping 88.4% annually in sales.
“In my 50 years in the real estate business, I have never seen a market defy supply and seasonality the way Houston has—amid a pandemic, no less,” HAR Chairman John Nugent said in a statement.
MRED says 2020 was marked by a record year for median home prices, a record number of sales, and near-record selling times, as well as the tightest housing inventories ever. MRED subscribers closed a record-high 139,000 residential listings, a 4% increase over the previous record set in 2017 of 133,000. Also, the median sales price for residential properties in MRED’s connectMLS system was $248,000 in 2020—the highest median sales price recorded in the last decade. Properties sold in an average of 81 days in the MRED database—the second-lowest annual number since MRED was founded (just behind 2018’s average of 79 days).
Source: Realtor Magazine, Midwest Real Estate Data (MRED)
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