{"id":68917,"date":"2020-05-08T08:25:19","date_gmt":"2020-05-08T15:25:19","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=68917"},"modified":"2020-10-07T13:49:36","modified_gmt":"2020-10-07T20:49:36","slug":"coronavirus-transformed-us-housing-markets","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/coronavirus-transformed-us-housing-markets\/","title":{"rendered":"How the Coronavirus Is Transforming the Housing Market: A Tale of Four Metros"},"content":{"rendered":"<h2><em><span style=\"font-weight: 400;\">Even in places where COVID-19 continues to worsen, supply and demand are showing signs of recovery. But markets that placed restrictions on real estate are lagging behind.<\/span><\/em><\/h2>\n<p><span style=\"font-weight: 400;\">To better understand how the coronavirus pandemic is impacting local housing markets across the country, we identified four of the U.S. metropolitan areas that were hit hard by COVID-19 and analyzed how buyers and sellers are reacting. Specifically, we examined delistings, new listings and home sales in <\/span><a href=\"https:\/\/redfin.com\/city\/29470\/IL\/Chicago\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Chicago<\/span><\/a><span style=\"font-weight: 400;\">, where COVID-19 continues to trend upward; <\/span><a href=\"https:\/\/redfin.com\/city\/16163\/WA\/Seattle\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Seattle<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/redfin.com\/city\/14233\/LA\/New-Orleans\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">New Orleans<\/span><\/a><span style=\"font-weight: 400;\">, which have flattened the curve; and <\/span><a href=\"https:\/\/redfin.com\/city\/5665\/MI\/Detroit\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Detroit<\/span><\/a><span style=\"font-weight: 400;\">, which has also flattened the curve but did not deem real estate essential.<\/span><\/p>\n<ul>\n<li><b>Chicago:<\/b><span style=\"font-weight: 400;\"> The metro area hasn\u2019t yet experienced a peak in COVID-19 cases. There were still nearly 3,000 new cases a day as of May 4.<\/span><\/li>\n<li><b>Detroit: <span style=\"font-weight: 400;\">The only metro in our analysis where real estate was<\/span><i><span style=\"font-weight: 400;\"> not<\/span><\/i><span style=\"font-weight: 400;\"> deemed an <\/span><a href=\"https:\/\/redfin.com\/blog\/stay-at-home-shelter-in-place-real-estate\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">essential service<\/span><\/a><span style=\"font-weight: 400;\">\u2014meaning agents are unable to show homes and visit with clients while the state\u2019s stay-at-home order is in place\u2014Detroit flattened the curve in early April. This week, Michigan began <\/span><a href=\"https:\/\/www.michigan.gov\/whitmer\/0,9309,7-387-90499_90640-527845--,00.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">easing<\/span><\/a><span style=\"font-weight: 400;\"> restrictions on real estate.<\/span><\/b><\/li>\n<li><strong>New Orleans:<\/strong><span style=\"font-weight: 400;\"> The area experienced a relatively dramatic rise\u2014and subsequent fall\u2014in coronavirus cases, surpassing 2,000 daily new cases on April 2 and then quickly falling to below 500 about a week later.\u00a0<\/span><\/li>\n<li><b>Seattle:<\/b><span style=\"font-weight: 400;\"> The first reported epicenter of the U.S. coronavirus outbreak, it was also the first metro in our analysis to flatten the curve\u2014in late March\u2014thanks to early social distancing and testing.<img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-68918\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/Case-study-Daily-new-Covid19-by-cbsa-1.jpg\" alt=\"\" width=\"1200\" height=\"873\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/Case-study-Daily-new-Covid19-by-cbsa-1.jpg 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/Case-study-Daily-new-Covid19-by-cbsa-1-300x218.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/Case-study-Daily-new-Covid19-by-cbsa-1-1024x745.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/Case-study-Daily-new-Covid19-by-cbsa-1-768x559.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u201cWhile consumers are still hurting from this pandemic, we\u2019re starting to see early signs of recovery,\u201d Redfin lead economist <\/span><a href=\"https:\/\/redfin.com\/blog\/author\/taylormarr\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Taylor Marr<\/span><\/a><span style=\"font-weight: 400;\"> said. \u201cSupply and demand have begun to strengthen, even in places where COVID-19 is still on the rise, as homebuyers and sellers start to see a light at the end of the tunnel. This has allowed prices to remain stable.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How Sellers Are Reacting: A Rollercoaster of Delistings<img decoding=\"async\" class=\"alignnone size-full wp-image-68919\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/Delistings-28-days.jpg\" alt=\"\" width=\"1200\" height=\"600\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/Delistings-28-days.jpg 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/Delistings-28-days-300x150.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/Delistings-28-days-1024x512.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/Delistings-28-days-768x384.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A surge in home delistings was one of the first signs that the housing market was experiencing a coronavirus-driven downturn. Nationally, delistings hit a record during the 28-day period ending April 9, when nearly 75,000 homes (1 of every 13 houses for sale) were pulled off the market. That compares with just 47,000 during the same period in 2019. Delistings have since slowed in most markets, but are still far more common than they were at this time last year.\u00a0<\/span><br \/>\n<span style=\"font-weight: 400;\">Detroit experienced the earliest and sharpest rise and fall in delistings, likely because its housing market was forced to a standstill when the local government omitted real estate from its list of essential services, according to Marr. More than 600 homes, or about 1 in 9 houses for sale, were pulled off the market during the 28-day period ending April 5. That number had fallen to 380 homes, or about 1 in 13 listings, as of May 1.<\/span><br \/>\n<span style=\"font-weight: 400;\">In Chicago last month it appeared that the share of homes being delisted was starting to decline, however it has since bounced back and surpassed its prior peak. More than 2,600 homes, or 8.5% of active listings, were removed from the market during the 28-day period ending May 1. That\u2019s up from less than 8% a month prior. With new coronavirus cases still <\/span><a href=\"https:\/\/www.nytimes.com\/interactive\/2020\/04\/23\/upshot\/five-ways-to-monitor-coronavirus-outbreak-us.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">on the rise<\/span><\/a><span style=\"font-weight: 400;\">, sellers may be realizing that a recovery could be further away than they\u2019d initially thought, according to Marr.<\/span><br \/>\n<span style=\"font-weight: 400;\">Meanwhile, delistings in both New Orleans and Seattle peaked at around 6% of active listings in mid-April, and have since retreated to around 5%. While Seattle\u2019s performance appears to mirror the gradual rise and fall in the metro\u2019s new daily COVID-19 cases, the weekly data paint a more extreme picture. Delistings soared as much as 220% year-over-year during the seven-day period ending March 27\u2014the same week Seattle saw its stay-at-home order go into effect and a peak in new daily COVID-19 cases. That compares with peak weekly delistings growth of 100% in New Orleans.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How Sellers Are Reacting Pt. II: Home Listings Tank\u2014Then Trickle Back in Most Markets<img decoding=\"async\" class=\"alignnone size-full wp-image-68920\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/New-Listings-Growth-Recovery-1.jpg\" alt=\"\" width=\"1200\" height=\"600\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/New-Listings-Growth-Recovery-1.jpg 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/New-Listings-Growth-Recovery-1-300x150.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/New-Listings-Growth-Recovery-1-1024x512.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/New-Listings-Growth-Recovery-1-768x384.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/span><\/h2>\n<p><em><span style=\"font-weight: 400;\">NOTE: In New Orleans, the peak in year-over-year new-listings growth is inflated due to the 2019 Mardi Gras holiday. In Seattle, the peak in year-over-year new-listings growth is inflated due to the 2019 snowstorm.\u00a0<\/span><\/em><br \/>\n<span style=\"font-weight: 400;\">Following the influx of delistings, the next sign of a supply slump was the decline in new homes being <\/span><i><span style=\"font-weight: 400;\">added<\/span><\/i><span style=\"font-weight: 400;\"> to the market. Nationally, new listings bottomed the week ending April 14 at about 48,000 homes\u2014around half the amount we saw during the same period last year. They\u2019ve since started to rebound in most markets, climbing to 62,000 homes nationally during the week ending May 1.<\/span><br \/>\n<span style=\"font-weight: 400;\">In Seattle, new listings began to crash due to the coronavirus toward the end of March, when the stay-at-home order began and daily new COVID-19 cases hit an all-time high. They bottomed at the start of April, down 52% from the same period the prior year, and have since pared some losses, now only down around 42%. New listings in New Orleans reacted similarly, but took slightly longer to rebound, not staging a comeback until mid-April.<\/span><br \/>\n<span style=\"font-weight: 400;\">Detroit saw the biggest collapse in new listings, sinking as much as 79% from the prior year during the week ending April 2. Unlike the other metros in our analysis, new listings in Detroit have yet to rebound significantly, still down 70%, as real estate wasn&#8217;t deemed an essential service. Realtors in Detroit can\u2019t even lead in-home video tours, said local agent <\/span><a href=\"https:\/\/redfin.com\/real-estate-agents\/anthony-orlando\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Tony Orlando<\/span><\/a><span style=\"font-weight: 400;\">. If a prospective buyer wants to see a home, the seller has to be willing to conduct the virtual tour.\u00a0<\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cListings are pretty much frozen,\u201d Orlando said. \u201cWe had a really rough beginning\u2014people just had no interest in seeing homes, even virtually. The good news is that we\u2019re starting to see an uptick in tour requests as we get further into the spring season and the initial panic surrounding the coronavirus subsides.\u201d<\/span><br \/>\n<span style=\"font-weight: 400;\">Interestingly, new listings in Chicago are now only down 43% following a plunge of as much as 61% in April , despite continued growth in new daily COVID-19 cases. This may indicate that sellers are seeing glimmers of hope as other cities flatten the curve, Marr said.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How Buyers Are Reacting: Sales Sink, Then Rebound<\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-68922\" src=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2020\/05\/Pending-Sales-Growth-Recovery-1.jpg\" alt=\"\" width=\"1200\" height=\"600\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/Pending-Sales-Growth-Recovery-1.jpg 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/Pending-Sales-Growth-Recovery-1-300x150.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/Pending-Sales-Growth-Recovery-1-1024x512.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/05\/Pending-Sales-Growth-Recovery-1-768x384.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\n<span style=\"font-weight: 400;\">As supply collapsed in April, so did demand\u2014although it has seen a relatively quick comeback in some markets. The number of homes under contract to be sold plummeted nationally by 43% to about 32,000 during the week ending April 16, as buyers backed away from the market amid skyrocketing unemployment. <\/span><span style=\"font-weight: 400;\">Sales have since started to recover. While it appears that they declined again at the beginning of May, that is partially due to timing of the Easter holiday.<\/span><br \/>\n<span style=\"font-weight: 400;\">New Orleans has experienced the sharpest rebound, mirroring its encounter with COVID-19. With new coronavirus cases lower than any of the other three metros, pending sales in New Orleans are now <\/span><i><span style=\"font-weight: 400;\">up <\/span><\/i><span style=\"font-weight: 400;\">2% year-over-year. That follows a record 54% plunge during the first week of April\u2014the same week the metro saw COVID-19 cases peak.<\/span><br \/>\n<span style=\"font-weight: 400;\">The Seattle metro has also seen a stark comeback, with pending sales now down just 21% following a 55% decline in early April.\u00a0<\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cIt feels like buyers are keyed up and ready to start looking again. We\u2019ve seen a lot of interest in the last 10 days, compared with crickets just three weeks ago,\u201d said <\/span><a href=\"https:\/\/redfin.com\/real-estate-agents\/amber-allin\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Amber Allin<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin agent in Tacoma, WA, which is part of the Seattle metro area. \u201cThe first-time homebuyer market is still really hot, and properties that are in good condition are moving incredibly well.\u201d<\/span><br \/>\n<span style=\"font-weight: 400;\">Despite the continued rise in COVID-19 cases, demand in Chicago has also shown resilience\u2014albeit not as much as in Seattle or New Orleans. Pending sales are now down just 37%, an improvement from the 58% decline in April.<\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cChicago\u2019s housing market has felt somewhat insulated from this pandemic,\u201d said local agent <\/span><a href=\"https:\/\/redfin.com\/real-estate-agents\/daniel-close\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Daniel Close<\/span><\/a><span style=\"font-weight: 400;\">. \u201cIt\u2019<\/span><span style=\"font-weight: 400;\">s not universal, but buyers still seem excited to make offers, motivated to fight for homes, and willing to engage in bidding wars. That hasn\u2019t really changed; there are just fewer people in the market.\u201d<\/span><br \/>\n<span style=\"font-weight: 400;\">Of the four metros in our analysis, Detroit has seen the weakest rebound, with homes under contract now down 70% after bottoming at about 80%. Still, people are buying move-in ready houses at lower price points, according to local agent Orlando.<\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cHomes going for $250,000 and under are still super competitive,\u201d Orlando said. \u201cOne of my clients toured a $215,000 house in <\/span><a href=\"https:\/\/redfin.com\/city\/16774\/MI\/Pontiac\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Pontiac, MI<\/span><\/a><span style=\"font-weight: 400;\"> on a group Zoom call with several other prospective buyers the day it hit the market. Within 30 minutes, there were four offers. The property went for above-asking during a pandemic.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We looked at how coronavirus has changed housing market behavior in places that have flattened the curve, places that haven\u2019t, and those where real estate isn&#8217;t considered essential.<\/p>\n","protected":false},"author":13346,"featured_media":68969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[60,8],"tags":[9],"coauthors":[],"class_list":["post-68917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coronavirus-housing-market-news","category-housing-market-news","tag-coronavirus"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - 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