{"id":71656,"date":"2020-11-11T04:51:17","date_gmt":"2020-11-11T12:51:17","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=71656"},"modified":"2020-11-11T04:51:17","modified_gmt":"2020-11-11T12:51:17","slug":"vacation-housing-markets-heat-up-coronavirus-pandemic","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/vacation-housing-markets-heat-up-coronavirus-pandemic\/","title":{"rendered":"Resort Towns Are Becoming Permanent Destinations for Homebuyers Fleeing Big Cities During the Pandemic"},"content":{"rendered":"

The Jersey Shore, Bend, OR, Cape Cod and other vacation destinations are heating up as the coronavirus drives New Yorkers and San Franciscans to greener pastures.<\/span><\/i><\/h2>\n

Popular second-home destinations including the Jersey Shore, Cape Cod, Lake Tahoe, Palm Springs and Bend, OR are heating up and becoming full-time residences for homebuyers who have the luxury of working remotely as people leave New York and San Francisco during the coronavirus pandemic.\u00a0<\/span><\/p>\n

This is according to a Redfin analysis of the U.S. housing markets that have heated up and cooled down the most over the past year. Our ranking is based on year-over-year change in home prices, home sales, the share of homes that sold above their list price, the speed of home sales and Redfin.com searches.<\/span><\/p>\n

Top 10 Counties Heating Up<\/span><\/h2>\n

\"\"<\/p>\n

El Dorado County, CA<\/span><\/a>, a region s<\/span>panning from the eastern outskirts of Sacramento to the southern half of <\/span>Lake Tahoe<\/span><\/a>, came in first place for the <\/span>second<\/span><\/a> time in a row, while the adjacent <\/span>Placer County<\/span><\/a> made the top 10 as well. Both are located in the <\/span>Sacramento<\/span><\/a> metropolitan area, which was the most popular destination for homebuyers who were looking to <\/span>relocate<\/span><\/a> in the third quarter, according to an analysis of Redfin.com users. <\/span>San Francisco<\/span><\/a> was the top origin for out-of-area buyers looking in Sacramento. One other California market\u2014<\/span>Riverside County<\/span><\/a>, which is home to the desert resort city of <\/span>Palm Springs<\/span><\/a>\u2014also ranked in the top 10.\u00a0<\/span><\/p>\n

Deschutes County, OR<\/span><\/a>, which is about four hours southeast of Portland, nabbed the number-two spot. With access to the Cascade mountains, millions of acres of national forest, and the vacation towns of <\/span>Sunriver<\/span><\/a> and <\/span>Bend<\/span><\/a>, the area is especially popular among hikers, bikers, fishermen, skiers and snowboarders, according to local Redfin real estate agent <\/span>Angelica Webb<\/span><\/a>.<\/span><\/p>\n

\u201cWe\u2019ve always described Bend as a second-home town, but now we\u2019re seeing it transition into a place where more people are living full time because they\u2019re no longer required to go into the office. We joke that it\u2019s becoming a `Zoom town,\u2019\u201d Webb said. \u201cA lot of folks are moving to Bend without having ever stepped foot here. They\u2019ve heard good things and want to get out of their cramped San Francisco or Seattle apartments, so they\u2019re coming here and buying awesome, 3,000-square-foot colonial homes.\u201d<\/span><\/p>\n

The Jersey Shore, a popular summer getaway for East Coasters, has also become a hotspot for families looking to escape big-city life during the pandemic. Three of the four New Jersey counties that ranked in the top 10\u2014<\/span>Ocean County<\/span><\/a>, <\/span>Monmouth County<\/span><\/a> and <\/span>Cape May County<\/span><\/a>\u2014are on the Jersey Shore.<\/span><\/p>\n

\u201cI\u2019ve never seen so many New York license plates at open houses in Monmouth County,\u201d said local Redfin real estate agent <\/span>Anthony Gonzalez<\/span><\/a>. \u201cCity folks are coming to New Jersey with New York salaries, and they can get quite a deal here even though <\/span>competition<\/span><\/a> is fierce. One of my buyers recently lost out on a house because <\/span>another bidder paid $75,000 over the asking price. Who does that? New Yorkers.\u201d\u00a0\u00a0<\/span><\/p>\n

There are a lot of homebuyers coming to the Jersey Shore from <\/span>Brooklyn<\/span><\/a>, specifically, according to Gonzalez.<\/span><\/p>\n

\u201cWhere in Brooklyn can you find anything for $500,000? Nowhere,\u201d Gonzalez said. \u201c<\/span>New York folks are coming to Jersey for a year or two, buying a house on the water and working from home at the Jersey Shore.\u201d <\/span>\u00a0<\/span><\/p>\n

Massachusetts Redfin agent <\/span>James O\u2019Brien<\/span><\/a> said he\u2019s seen a spike in citydwellers buying homes in Cape Cod, also known as <\/span>Barnstable County<\/span><\/a>\u2014number four on the top 10 list.\u00a0<\/span><\/p>\n

\u201cFolks from Boston, New York, Connecticut and California are just flocking in,\u201d O\u2019Brien said. \u201cThey don\u2019t have to go to the office anymore, so that\u2019s driving a lot of activity. Normally, people buy second or third homes in Cape Cod, but now they\u2019re coming here and purchasing primary residences.\u201d<\/span><\/p>\n

O\u2019Brien continued: \u201cWe don\u2019t typically see intense bidding wars here, but competition has been wild over the last six months. I had one buyer who competed with 10 other bidders for a lakehouse in <\/span>Falmouth<\/span><\/a> and ended up winning by offering $74,000 over the $645,000 list price.\u201d<\/span><\/p>\n

Housing Market Summary of U.S. Counties That Have Heated Up the Most (September 2020*)<\/span><\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rank<\/b><\/td>\nU.S. County<\/b><\/td>\nParent Metro Area<\/b><\/td>\nMedian Sale Price<\/b><\/td>\nMedian Sale Price, YoY Change<\/b><\/td>\nHomes Sold, YoY Change<\/b><\/td>\nMedian Days on Market<\/b><\/td>\nMedian Days on Market, YoY Change (in Days)<\/b><\/td>\nShare of Homes That Sold Above List Price<\/b><\/td>\nQ3 Net Inflow of Redfin Users Searching in Area, YoY Change<\/b><\/td>\n<\/tr>\n
1<\/span><\/td>\nEl Dorado County, CA<\/span><\/a> (Lake Tahoe)<\/span><\/td>\nSacramento, CA<\/span><\/td>\n$570,000<\/span><\/td>\n16%<\/span><\/td>\n80%<\/span><\/td>\n16<\/span><\/td>\n-31<\/span><\/td>\n42%<\/span><\/td>\n2,172<\/span><\/td>\n<\/tr>\n
2<\/span><\/td>\nDeschutes County, OR<\/span><\/a><\/td>\nBend, OR<\/span><\/td>\n$491,500<\/span><\/td>\n18%<\/span><\/td>\n54%<\/span><\/td>\n17<\/span><\/td>\n-22<\/span><\/td>\n34%<\/span><\/td>\n1,927<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nOcean County, NJ<\/span><\/a> (Jersey Shore)<\/span><\/td>\nNew Brunswick, NJ<\/span><\/td>\n$332,500<\/span><\/td>\n23%<\/span><\/td>\n36%<\/span><\/td>\n28<\/span><\/td>\n-31<\/span><\/td>\n35%<\/span><\/td>\n703<\/span><\/td>\n<\/tr>\n
4<\/span><\/td>\nBarnstable County, MA <\/span><\/a>(Cape Cod)<\/span><\/td>\nBarnstable Town, MA<\/span><\/td>\n$500,000<\/span><\/td>\n19%<\/span><\/td>\n51%<\/span><\/td>\n33<\/span><\/td>\n-33<\/span><\/td>\n26%<\/span><\/td>\n1,831<\/span><\/td>\n<\/tr>\n
5<\/span><\/td>\nFairfield County, CT<\/span><\/a><\/td>\nBridgeport, CT<\/span><\/td>\n$499,450<\/span><\/td>\n33%<\/span><\/td>\n80%<\/span><\/td>\n63<\/span><\/td>\n-15<\/span><\/td>\n30%<\/span><\/td>\n1,921<\/span><\/td>\n<\/tr>\n
6<\/span><\/td>\nEssex County, NJ<\/span><\/a><\/td>\nNewark, NJ<\/span><\/td>\n$460,000<\/span><\/td>\n23%<\/span><\/td>\n37%<\/span><\/td>\n35<\/span><\/td>\n-22<\/span><\/td>\n57%<\/span><\/td>\n360<\/span><\/td>\n<\/tr>\n
7<\/span><\/td>\nMonmouth County, NJ<\/span><\/a> (Jersey Shore)<\/span><\/td>\nNew Brunswick, NJ<\/span><\/td>\n$494,000<\/span><\/td>\n23%<\/span><\/td>\n52%<\/span><\/td>\n25<\/span><\/td>\n-18<\/span><\/td>\n33%<\/span><\/td>\n592<\/span><\/td>\n<\/tr>\n
8<\/span><\/td>\nRiverside County, CA<\/span><\/a> (Palm Springs)<\/span><\/td>\nRiverside, CA<\/span><\/td>\n$450,000<\/span><\/td>\n15%<\/span><\/td>\n27%<\/span><\/td>\n37<\/span><\/td>\n-20<\/span><\/td>\n44%<\/span><\/td>\n7,845<\/span><\/td>\n<\/tr>\n
9<\/span><\/td>\nCape May County, NJ<\/span><\/a> (Jersey Shore)<\/span><\/td>\nOcean City, NJ<\/span><\/td>\n$465,750<\/span><\/td>\n21%<\/span><\/td>\n33%<\/span><\/td>\n56<\/span><\/td>\n-28<\/span><\/td>\n21%<\/span><\/td>\n766<\/span><\/td>\n<\/tr>\n
10<\/span><\/td>\nPlacer County, CA<\/span><\/a> (Lake Tahoe)<\/span><\/td>\nSacramento, CA<\/span><\/td>\n$540,000<\/span><\/td>\n7%<\/span><\/td>\n54%<\/span><\/td>\n17<\/span><\/td>\n-17<\/span><\/td>\n46%<\/span><\/td>\n2,534<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

*Net inflow data covers the third quarter of 2020<\/span><\/p>\n

Top 10 Counties Cooling Off<\/span>\u00a0<\/span><\/h2>\n

\"\"<\/p>\n

Meanwhile, a majority of the bottom 10 counties a<\/span>re home to dense, relatively expensive cities, including New York, San Francisco and Boston.\u00a0<\/span><\/p>\n

Queens County, NY<\/span><\/a>, more commonly known as Queens, <\/span>ranked first on the list of U.S. housing markets that have cooled down, followed by <\/span>Kings County, NY<\/span><\/a> (Brooklyn) and <\/span>Bronx County, NY<\/span><\/a> (the Bronx). All three are in the New York metro area, which saw a greater <\/span>net outflow<\/span><\/a> of Redfin.com users than any other metro area during the third quarter.\u00a0<\/span><\/p>\n

Hudson County, NJ<\/span><\/a>, also in the New York metro area, made it into the bottom 10 as well. Located just across the Hudson River from <\/span>Manhattan<\/span><\/a>, the area has long been a popular home base for families who want to be close to New York City without New York City prices.\u00a0<\/span><\/p>\n

But now that remote work has become the norm for so many people, a lot of homebuyers are pushing further south into New Jersey, to places like Monmouth County and Ocean County, Redfin agents say. Suddenly, they\u2019re realizing that it\u2019s no longer necessary to pay top-dollar for crowded buildings with shared amenities that are close to the city.<\/span><\/p>\n

Almost 47,000 more Redfin.com users looked to <\/span>leave<\/span><\/a> New York state than move into it during the third quarter, roughly 35% more than the 35,000 home searchers looking to leave during the same period last year, according to an October Redfin report. The story was similar in California, where nearly 53,000 more Redfin.com users looked to move out than in.<\/span><\/p>\n

San Francisco County<\/span><\/a>, which ranked number six on the list of counties that have cooled the most over the past year, has seen an especially large outflow of residents. Almost a quarter of Redfin.com users in San Francisco searched for homes outside of the metro in the third quarter, up from roughly 21% during the same period last year. <\/span>
\n<\/span><\/p>\n

Miami-Dade County, FL<\/span><\/a> and <\/span>Suffolk County, MA<\/span><\/a>\u2014home to the populous cities of <\/span>Miami<\/span><\/a> and <\/span>Boston<\/span><\/a>\u2014also ranked in the bottom 10.<\/span><\/p>\n

Housing Market Summary of U.S. Counties That Have Cooled Down the Most (September 2020*)<\/span><\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rank<\/b><\/td>\nU.S. County<\/b><\/td>\nParent Metro Area<\/b><\/td>\nMedian Sale Price<\/b><\/td>\nMedian Sale Price, YoY Change<\/b><\/td>\nHomes Sold, YoY Change<\/b><\/td>\nMedian Days on Market<\/b><\/td>\nMedian Days on Market, YoY Change (in Days)<\/b><\/td>\nShare of Homes That Sold Above List Price<\/b><\/td>\nQ3 Net Inflow of Redfin Users Searching in Area, YoY Change\u00a0<\/b><\/td>\n<\/tr>\n
1<\/span><\/td>\nQueens County, NY<\/span><\/a> (Queens)<\/span><\/td>\nNew York, NY<\/span><\/td>\n$640,000<\/span><\/td>\n3%<\/span><\/td>\n-34%<\/span><\/td>\n72<\/span><\/td>\n-1<\/span><\/td>\n13%<\/span><\/td>\n(2,969)<\/span><\/td>\n<\/tr>\n
2<\/span><\/td>\nKings County, NY<\/span><\/a> (Brooklyn)<\/span><\/td>\nNew York, NY<\/span><\/td>\n$915,000<\/span><\/td>\n6%<\/span><\/td>\n-46%<\/span><\/td>\n111<\/span><\/td>\n12<\/span><\/td>\n11%<\/span><\/td>\n(4,670)<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nBronx County, NY<\/span><\/a> (The Bronx)<\/span><\/td>\nNew York, NY<\/span><\/td>\n$534,000<\/span><\/td>\n4%<\/span><\/td>\n-19%<\/span><\/td>\n59<\/span><\/td>\n-5<\/span><\/td>\n16%<\/span><\/td>\n(1,200)<\/span><\/td>\n<\/tr>\n
4<\/span><\/td>\nMiami-Dade County, FL<\/span><\/a><\/td>\nMiami, FL<\/span><\/td>\n$355,000<\/span><\/td>\n15%<\/span><\/td>\n7%<\/span><\/td>\n76<\/span><\/td>\n6<\/span><\/td>\n11%<\/span><\/td>\n(2,896)<\/span><\/td>\n<\/tr>\n
5<\/span><\/td>\nSuffolk County, MA<\/span><\/a><\/td>\nBoston, MA<\/span><\/td>\n$658,250<\/span><\/td>\n3%<\/span><\/td>\n19%<\/span><\/td>\n23<\/span><\/td>\n-6<\/span><\/td>\n37%<\/span><\/td>\n(1,227)<\/span><\/td>\n<\/tr>\n
6<\/span><\/td>\nSan Francisco County, CA<\/span><\/a><\/td>\nSan Francisco, CA<\/span><\/td>\n$1,400,000<\/span><\/td>\n-3%<\/span><\/td>\n62%<\/span><\/td>\n31<\/span><\/td>\n5<\/span><\/td>\n48%<\/span><\/td>\n(4,085)<\/span><\/td>\n<\/tr>\n
7<\/span><\/td>\nRandolph County, NC<\/span><\/a><\/td>\nGreensboro, NC<\/span><\/td>\n$174,900<\/span><\/td>\n5%<\/span><\/td>\n12%<\/span><\/td>\n40<\/span><\/td>\n-2<\/span><\/td>\n30%<\/span><\/td>\n(6)<\/span><\/td>\n<\/tr>\n
8<\/span><\/td>\nFaulkner County, AR<\/span><\/a><\/td>\nLittle Rock, AR<\/span><\/td>\n$180,600<\/span><\/td>\n9%<\/span><\/td>\n17%<\/span><\/td>\n46<\/span><\/td>\n6<\/span><\/td>\n16%<\/span><\/td>\n1<\/span><\/td>\n<\/tr>\n
9<\/span><\/td>\nWinnebago County, IL<\/span><\/a><\/td>\nRockford, IL<\/span><\/td>\n$130,000<\/span><\/td>\n5%<\/span><\/td>\n6%<\/span><\/td>\n12<\/span><\/td>\n-9<\/span><\/td>\n26%<\/span><\/td>\n(556)<\/span><\/td>\n<\/tr>\n
10<\/span><\/td>\nHudson County, NJ<\/span><\/a><\/td>\nNew York, NY<\/span><\/td>\n$515,000<\/span><\/td>\n3%<\/span><\/td>\n8%<\/span><\/td>\n49<\/span><\/td>\n-17<\/span><\/td>\n24%<\/span><\/td>\n(1,339)<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

*Net inflow data covers the third quarter of 2020<\/span><\/p>\n

Methodology<\/span><\/h2>\n

This report provides a prediction of the U.S. housing markets that have heated up and cooled off the most by creating a ranking of U.S. counties based on<\/span> year-over-year growth in the following metrics in September 2020: median sale price, median days on market, number of homes sold and share of homes that sold above list price. To make it into the ranking, counties had to have at least 30 home sales in September 2020. The net inflow of Redfin.com users searching online for homes in each county during the third quarter also factored into the ranking.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Jersey Shore, Bend, OR, Cape Cod and other vacation destinations are heating up as the coronavirus drives New Yorkers and San Franciscans to greener pastures. Popular second-home destinations including the Jersey Shore, Cape Cod, Lake Tahoe, Palm Springs and Bend, OR are heating up and becoming full-time residences for homebuyers who have the luxury 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