If you’re looking to get the highest price possible for your house when you sell, now may be the best time ever for you to capitalize on market conditions.

According to recent data from realtor.com, the median home listing price in the United States hit $370,000 this March. That’s a 15.6 percent increase from March 2020—and the highest median home listing price on record since realtor.com started tracking prices in 2012.

One of the major causes of increasing home prices is a lack of inventory. According to realtor.com’s data, the number of homes on the market is 52 percent lower than this time last year—and each month, 117,000 fewer homes hit the market than in previous years. And not only is this lack of inventory driving up prices, but it’s also causing homes to sell faster; in today’s market, the typical home sells in 54 days—a full week faster than last year.

The Takeaway:

So, what does this mean for you? Low inventory is driving up home prices around the country. So if you’re thinking about selling your home—and want to sell it quickly and profitably—now is a great time to sell while there is little competition and strong buyer demand.