Housing Affordability Archives

Out-of-Towners Moving to Austin Spend $22,500 More on Homes Than Locals

July 26, 2021

Homebuyers who relocated to Austin during the pandemic paid an average of 7.8% above asking price, versus 3.7% above asking price for locals. This Redfin report analyzes the difference in homebuying finances between out-of-towners and locals in 11 popular migration destinations. The typical homebuyer moving to Austin from out of town buys a more expensive […]

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Investor Home Purchases Hit Record, Surpassing Pre-Pandemic Levels

July 22, 2021

Investors took the housing market by storm in the second quarter—buying up $49 billion worth of homes—as surging property prices and rental demand created opportunities for hefty profits. Multifamily properties remain the most popular among investors, but single-family homes and condos are gaining steam. Relatively affordable metros including Phoenix and Miami, which have jumped in

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Homebuyers Are Turning Back to Condos After Pandemic-Driven Slump

July 21, 2021

Condos are selling above asking price for the first time in at least nine years, and the typical condo is selling in a record 22 days. The typical condo in the U.S. sold above its asking price in June for just the second time since at least 2012. The first time was in May, signaling

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Interest in Relocating Remains Elevated, With Nearly 1 in 3 Redfin.com Users Looking to Move to a Different Metro

July 20, 2021

Phoenix, Las Vegas and Sacramento are among the most popular destinations as remote work allows people the freedom to move from expensive job centers to more affordable areas. Nationwide, 31.1% of Redfin.com users looked to move to a different metro in the second quarter, up from 27.6% during the same time period last year. Movement

Interest in Relocating Remains Elevated, With Nearly 1 in 3 Redfin.com Users Looking to Move to a Different Metro Read More »

Share of Homes Bought With All Cash Hits 30% for First Time Since 2014

July 15, 2021

Cash is on the rise as affluent Americans benefit from a surging stock market and the flexibility to relocate to more affordable parts of the country. Nearly one-third (30%) of U.S. home purchases this year were paid for with all cash. That’s up from 25.3% during all of 2020 and represents the largest share since

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Homebuyer Competition Eases in June as More Homes Hit the Market

July 13, 2021

The bidding-war rate remains higher than it was a year ago, but has dropped to 65% from its peak earlier this year. That’s partly because new listings have returned to pre-pandemic levels, giving buyers more options. In June, 65% of home offers written by Redfin agents faced competition, down from a revised rate of 72.1%

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Housing Affordability