{"id":72145,"date":"2021-03-01T05:00:07","date_gmt":"2021-03-01T13:00:07","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=72145"},"modified":"2021-03-01T09:02:50","modified_gmt":"2021-03-01T17:02:50","slug":"coronavirus-pandemic-real-estate-impact-charts","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/coronavirus-pandemic-real-estate-impact-charts\/","title":{"rendered":"One Year Later: The Coronavirus Pandemic\u2019s Impact on the U.S. Housing Market In 12 Charts"},"content":{"rendered":"

Record-low mortgage rates and remote work during the pandemic are driving scores of Americans to buy bigger homes in more affordable places, but those same factors are fueling fierce bidding wars, skyrocketing prices and an intensifying housing shortage.<\/span><\/i><\/h2>\n

March 11, 2021 marks one year since the World Health Organization <\/span>declared<\/span><\/a> Covid-19 a pandemic. The coronavirus has upended just about every aspect of daily life, including where Americans live, what they look for in a home and how they go about the homebuying process. Here are 12 charts that illustrate the pandemic\u2019s profound impact on the U.S. housing market. Spoiler alert: It\u2019s an excellent time to be a seller and a tough time to be a buyer.<\/span><\/p>\n

$3.1 trillion: The amount of home value Americans have gained\u00a0<\/b><\/h2>\n

Despite the economy\u2019s plunge into recession, U.S. homeowners have reaped $3.1 trillion in home value during the pandemic as a result of rising housing prices. <\/span>The total worth of U.S. homes was $32.4 trillion in January, up 10% from $29.3 trillion a year earlier.<\/span><\/p>\n

\"\"<\/p>\n

2013: The last time U.S. home prices surged this much<\/b><\/h2>\n

The median home sale price in the U.S. was $330,500 in January, up 14.3% from a year earlier. That\u2019s the biggest annual gain during a given month since at least 2013.<\/span><\/p>\n

\"\"<\/p>\n

\u201cSurging prices are helping local homeowners build equity, but also creating barriers to entry for many first-time buyers here in <\/span>Albuquerque<\/span><\/a>,\u201d said <\/span>Austin Wolff<\/span><\/a>, a Redfin real estate agent in <\/span>New Mexico<\/span><\/a>. \u201cWith so many affluent folks moving in from out of state, families who’ve been here for generations could get priced out. But beginner buyers shouldn\u2019t give up. I\u2019ve had clients win homes by using <\/span>creative strategies<\/span><\/a> that don\u2019t require a huge down payment or the highest bid.\u201d<\/span>
\n<\/span><\/p>\n

24%: The record decline in inventory that\u2019s driving a massive housing shortage<\/b><\/h2>\n

There are significantly more buyers than there are sellers\u2014an imbalance that has existed for years but has significantly <\/span>intensified<\/span><\/a> during the pandemic. The supply of homes for sale plummeted a record <\/span>23.6%<\/span><\/a> year over year in January as scores of Americans relocated and purchased homes thanks to low mortgage rates and remote work. The inventory shortage has acted as a catalyst for many of the other housing-market shifts we\u2019ve seen over the past year, including skyrocketing prices and fierce bidding wars.<\/span><\/p>\n

\"\"<\/p>\n

\u201cInventory is so low that it has even been tough to get in to see homes at all,\u201d said <\/span>Danielle Parent<\/span><\/a>, a Redfin real estate agent in <\/span>Cleveland, OH<\/span><\/a>. \u201cIt\u2019s a very, very challenging market for buyers, so I\u2019m telling my clients that they should always have second- and third-choice homes in mind and may want to consider making offers sight-unseen.\u201d<\/span><\/p>\n

58%: The share of home offers facing bidding wars as competition intensifies<\/b><\/h2>\n

We\u2019re currently in one of the most competitive housing markets in history. <\/span>Nationwide, 58.3% of home offers written by Redfin agents faced bidding wars in January, up from 53.3% in December. That marks the ninth-straight month in which more than half of offers encountered competition. Please note that this data has revised slightly since we published our January bidding-wars <\/span>report<\/span><\/a>.<\/span><\/p>\n

\"\"<\/p>\n

Another sign of intense competition is homes selling quickly and fetching more than the sellers originally ask for. <\/span>The typical home that sold in January went under contract in 34 days\u201422 days fewer than a year earlier\u2014and a <\/span>third (32.9%) of homes sold for above their listing prices, compared with 18.9% a year earlier.<\/span><\/p>\n

\u201cOne four-bedroom home in <\/span>Ontario, CA<\/span><\/a> just sold for $165,000 above its $445,000 listing price. A lot of my clients just don\u2019t have enough money to go that high, or even $25,000 over asking,\u201d said local Redfin agent <\/span>Sheri Comeau<\/span><\/a>. \u201cMost of the folks I work with are first-time buyers who barely have enough to put 5% down. I\u2019m seeing many clients pull from their retirement savings to supplement their down payments, which helps boost their buying power.\u201d<\/span><\/p>\n

\u201cThe norm in <\/span>Bellevue, WA<\/span><\/a> seems to be $200,000 or more over the asking price,\u201d said local Redfin agent <\/span>Emily Lam<\/span><\/a>. \u201cI saw one three-bedroom home go for $400,000 over the $899,950 listing price after receiving 57 offers.\u201d<\/span><\/p>\n

45%: The jump in luxury-home sales that outpaced the increase in affordable-home sales by a factor of five<\/b><\/h2>\n

Sales of luxury homes surged 45% year over year during the three months ending Jan. 31\u2014more than any other price tier\u2014as affluent Americans bought vacation homes and worked remotely. By comparison, home sales in the affordable price tier grew just 9%. This is one example of the \u201c<\/span>K-shaped recovery<\/span><\/a>\u201d\u2014an economic rebound that benefits the country\u2019s wealthiest citizens while many lower-income Americans grapple with joblessness and debt.<\/span><\/p>\n

\"\"<\/p>\n

84%: The growth in demand for second homes<\/b><\/h2>\n

Similarly, demand for <\/span>second homes jumped 84% year over year in January, outpacing the 36% increase in demand for primary homes. That\u2019s according to a Redfin analysis of mortgage-rate lock data from real estate analytics firm<\/span> Optimal Blue<\/span><\/a>. <\/span>A mortgage-rate lock is an agreement between a homebuyer and a lender that allows the homebuyer to lock in an interest rate on a mortgage for a certain period of time, offering protection against future interest-rate hikes. Homebuyers must specify whether they are applying to secure a mortgage rate for a primary home, a second home or an investment property.<\/span><\/p>\n

\"\"<\/p>\n

2.7 million: The number of U.S. homeowners in forbearance<\/b><\/h2>\n

About 5% of U.S. homeowners, or 2.7 million Americans, were in forbearance as of Feb. 16, down from a peak of 4.8 million (9%) in May, <\/span>according<\/span><\/a> to data provider Black Knight. Forbearance is when your mortgage servicer or lender allows you to temporarily pause or reduce your mortgage payments.<\/span><\/p>\n

\"\"<\/p>\n

The U.S. government enacted the CARES Act in March, allowing Americans to enroll in forbearance programs if they\u2019re struggling to pay the bills during the economic crisis brought on by the coronavirus pandemic. The Biden Administration <\/span>announced<\/span><\/a> in February that it was permitting Americans to delay mortgage payments for an extra six months\u2014through June 2021\u2014and also extending a ban on foreclosures.<\/span><\/p>\n

30%: The percentage of Redfin.com users looking to relocate<\/b><\/h2>\n

Nationwide, <\/span>30.3%<\/span><\/a> of Redfin.com users looked to move to a different metro area in the fourth quarter of 2020, up from 29.2% in the third quarter and 26.2% a year earlier.<\/span><\/p>\n

\"\"<\/p>\n

This figure ticked even higher\u2014to a record <\/span>30.7%<\/span><\/a>\u2014in January, the most recent month for which data is available.<\/span><\/p>\n

Relatively affordable and warm locales including <\/span>Austin, TX<\/span><\/a>, <\/span>Phoenix<\/span><\/a>, <\/span>Las Vegas<\/span><\/a>, <\/span>Dallas<\/span><\/a>, <\/span>Atlanta<\/span><\/a>, <\/span>Sacramento, CA<\/span><\/a> and <\/span>Miami<\/span><\/a> have seen among the largest net inflows, meaning more people are looking to move in than leave. These places have attracted people from dense, costly cities including <\/span>San Francisco<\/span><\/a>, <\/span>Los Angeles<\/span><\/a> and <\/span>New York City<\/span><\/a>.<\/span><\/p>\n

One-third: The share of Redfin.com saved searches that filter exclusively for single-family homes<\/b><\/h2>\n

Single-family homes are back in vogue as Americans spend lots of time inside during the pandemic. A third (32.9%) of<\/span> saved searches<\/span><\/a> created by Redfin.com users filtered solely for single-family homes in January, following a peak of 37.2% in July. Meanwhile, the share of searches specifically for other types of homes, such as condos, townhouses and multifamily listings, is much lower; just 7.5% of saved Redfin searches <\/span>excluded<\/span><\/i> single-family homes in January.<\/span><\/p>\n

\"\"<\/p>\n

\u201cThe market for move-in ready single-family homes is on fire,\u201d said <\/span>Seattle<\/span><\/a> Redfin real estate agent <\/span>Alex Kochan<\/span><\/a>. \u201cCondos, new-construction townhouses, and properties in need of moderate fixing are less likely to encounter bidding wars.\u201d<\/span><\/p>\n

Condos were selling for a record 17% <\/span>discount<\/span><\/a> to single-family homes as of October. The condo market has remained relatively tepid throughout the pandemic because many homebuyers have traded shared amenities, small spaces and dense cities for extra room in the suburbs, small towns or rural areas.<\/span><\/p>\n

79%: The rise in pageviews of homes in rural areas<\/b><\/h2>\n

Redfin.com pageviews of homes in both small towns and rural areas jumped nearly 80% year over year in January (after climbing more than 200% in August), outpacing the 51% increase in pageviews of homes in large metropolitan areas. While that gap has narrowed since the summer, large metro areas continue to experience smaller annual increases in pageview growth than rural areas and small towns\u2014a dynamic that existed before the pandemic, but on a smaller scale.<\/span><\/p>\n

\"\"<\/p>\n

63%: The record-high portion of homebuyers making offers sight-unseen<\/b><\/h2>\n

Almost two-thirds (63%) of people who bought a home in 2020 made an offer on a property they hadn\u2019t seen in person, up from 32% a year earlier and the highest share since at least 2015, according to a Redfin-commissioned <\/span>survey<\/span><\/a> in November and December of more than 1,900 homebuyers across 32 major markets.<\/span><\/p>\n

\"\"<\/p>\n

Some homebuyers may make offers sight-unseen because they feel it\u2019s a safer option during the coronavirus pandemic, while others go this route because it allows them to submit quicker and oftentimes <\/span>more competitive<\/span><\/a> bids.<\/span><\/p>\n

Purchasing a home sight-unseen has become more feasible during the pandemic thanks to high-quality<\/span> 3D walkthroughs<\/span><\/a> and virtual tours.<\/span> Views of 3D walkthroughs <\/span>on <\/span>Redfin.com<\/span><\/a> h<\/span>ave soared 581% since the beginning of the pandemic. On average, 12% of home-tour requests made by Redfin customers so far in 2021 have been requests for agent-led<\/span> video-chat tours<\/span><\/a>, up from less than 1% in February 2020\u2014before the coronavirus was declared a pandemic.<\/span><\/p>\n

\"\"<\/p>\n

1 in 4: The share of listings that mention home offices<\/b><\/h2>\n

With Americans spending so much time at home, features including home offices and nice views have grown in popularity. A quarter (24.9%) of listings mentioned home offices in January, up from 22.9% a year earlier (+8.7% year over year), according to a Redfin analysis of multiple listing service (MLS) data. Here are some other January highlights:<\/span><\/p>\n

    \n
  • 16.7% of homes listings mentioned <\/span>views<\/b>, up from 15.4% in January 2020 (+8.4% year over year)<\/span><\/li>\n
  • 17.2% of home listings mentioned <\/span>spas<\/b> versus 16.1% in January 2020 (+6.8% year over year)<\/span><\/li>\n
  • 13.0% of home listings mentioned <\/span>pools<\/b> versus 12.7% in January 2020 (+2.4% year over year)<\/span><\/li>\n
  • 5.7% of home listings mentioned <\/span>lakes<\/b> versus 5.2% in January 2020 (+9.6% year over year)<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    Record-low mortgage rates and remote work during the pandemic are driving scores of Americans to buy bigger homes in more affordable places, but those same factors are fueling fierce bidding wars, skyrocketing prices and an intensifying housing shortage. March 11, 2021 marks one year since the World Health Organization declared Covid-19 a pandemic. The coronavirus […]<\/p>\n","protected":false},"author":13346,"featured_media":72151,"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 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