{"id":73985,"date":"2022-03-09T08:10:32","date_gmt":"2022-03-09T16:10:32","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=73985"},"modified":"2022-03-09T08:17:36","modified_gmt":"2022-03-09T16:17:36","slug":"pandemic-housing-market-two-years-later","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/","title":{"rendered":"Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h5><i>Today\u2019s house hunters have half as many homes to choose from after surging demand driven by remote work and low mortgage rates intensified the housing shortage.<\/i><\/h5>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h5><i>Homes are 34% more expensive, with the median sale price now at $369,000.<\/i><\/h5>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h5><i>Buyers are twice as likely to pay above list price as they grapple with fierce competition. More than two-thirds of home offers face bidding wars.<\/i><\/h5>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h5><i>Houses are selling twice as fast, with the typical home sitting on the market for 25 days. Nearly half of homes sell in just one week, up from less than one-third before the pandemic.<\/i><\/h5>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This week marks the two-year anniversary of the coronavirus pandemic, which the World Health Organization officially <\/span><a href=\"https:\/\/www.who.int\/director-general\/speeches\/detail\/who-director-general-s-opening-remarks-at-the-media-briefing-on-covid-19---11-march-2020\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">declared<\/span><\/a><span style=\"font-weight: 400;\"> a pandemic on March 11, 2020. Here\u2019s a look at how drastically the housing market has changed since then. Unless otherwise noted, the data below represents the four weeks ending March 6, 2022, compared with roughly the same period two years earlier (the four weeks ending March 8, 2020).<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Buyers Have Half as Many Homes to Choose From<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The number of homes on the market is down 49.9% from two years ago to a record low of roughly 456,000. The records in this report date back to 2017 unless otherwise noted.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-73986 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/active-listings-1024x690.png\" alt=\"\" width=\"1024\" height=\"690\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/active-listings-1024x690.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/active-listings-300x202.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/active-listings-768x517.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/active-listings.png 1335w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Remote work and record-low mortgage rates prompted scores of Americans to move during the pandemic, intensifying a housing shortage that began in the wake of the 2008 financial crisis. With so few homes available to purchase, house hunters have waged fierce <\/span><a href=\"https:\/\/www.redfin.com\/news\/real-estate-bidding-wars-january-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">bidding wars<\/span><\/a><span style=\"font-weight: 400;\">, causing prices to surge.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Homes Are 34% More Expensive<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The median home sale price is $369,125, the highest on record and up 33.6% from $276,225 two years ago. That\u2019s a significantly larger jump than the prior two-year period (2018 to 2020), during which home prices grew about 10%.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-73987 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/median-sale-price-1024x688.png\" alt=\"\" width=\"1024\" height=\"688\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/median-sale-price-1024x688.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/median-sale-price-300x202.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/median-sale-price-768x516.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/median-sale-price.png 1335w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">The Share of Homes Selling for Above the List Price Has Doubled<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Homebuyers are now twice as likely to pay above the asking price as they strive to beat out the competition, which is one reason home prices have climbed so high. Nationwide, 46.3% of homes sell for more than the asking price, up from 21.8% two years ago. Some bidders are paying significant premiums to win. Nearly 6,000 homes have sold for $100,000 or more over asking price so far this year, up from 2,241 during the same period last year, a recent Redfin <\/span><a href=\"https:\/\/www.redfin.com\/news\/homes-sold-above-asking-price-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">analysis<\/span><\/a><span style=\"font-weight: 400;\"> found.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-73988 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/sold-above-list-1024x690.png\" alt=\"\" width=\"1024\" height=\"690\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/sold-above-list-1024x690.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/sold-above-list-300x202.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/sold-above-list-768x517.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/sold-above-list.png 1335w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u201cOne of my clients was recently outbid on a home after offering $80,000 over the $650,000 asking price. The house got 45 offers\u201410 of which were for $800,000 or more\u2014and ultimately sold for $870,000,\u201d said <a href=\"https:\/\/www.redfin.com\/city\/30794\/TX\/Dallas\" target=\"_blank\" rel=\"noopener\">Dallas<\/a> Redfin real estate agent <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/b-tidwell-vincent\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Barbara Tidwell-Vincent<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThe buyers winning today are offering as much as 20% above the list price, waiving contingencies, and picking up the cost of the title policy. Unfortunately, not all buyers can afford to pull out all of the stops, so some folks have been priced out of the housing market.\u201d<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Homes Are Selling Twice as Fast<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The typical home sells in 25 days, down from 53 days two years ago.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-73989 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/days-on-market-1024x690.png\" alt=\"\" width=\"1024\" height=\"690\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/days-on-market-1024x690.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/days-on-market-300x202.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/days-on-market-768x517.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/days-on-market.png 1335w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">A record 44.7% of homes sell within just one week, compared with 30.8% two years ago.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-73990 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/sold-in-1-wk-1024x688.png\" alt=\"\" width=\"1024\" height=\"688\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/sold-in-1-wk-1024x688.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/sold-in-1-wk-300x202.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/sold-in-1-wk-768x516.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/sold-in-1-wk.png 1335w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">A Record Share of Homebuyers Face Competition<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A record 70% of home offers written by Redfin agents faced bidding wars on a seasonally adjusted basis in<\/span> <a href=\"https:\/\/www.redfin.com\/news\/real-estate-bidding-wars-january-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">January<\/span><\/a><span style=\"font-weight: 400;\">\u2014the most recent month for which we have data. That\u2019s up from 33.4% in April 2020, the earliest month in Redfin\u2019s records. An offer is considered part of a bidding war if a Redfin agent reported that it received at least one competing bid.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-73991 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/bidding-wars-seaonally-adjusted-1024x710.png\" alt=\"\" width=\"1024\" height=\"710\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/bidding-wars-seaonally-adjusted-1024x710.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/bidding-wars-seaonally-adjusted-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/bidding-wars-seaonally-adjusted-768x533.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/bidding-wars-seaonally-adjusted.png 1300w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">Nearly One-Third of Homebuyers Are Looking to Relocate<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A record 32.4% of Redfin.com users nationwide looked to move to a different metro area in <\/span><a href=\"https:\/\/www.redfin.com\/news\/january-2022-housing-migration-trends\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">January<\/span><\/a><span style=\"font-weight: 400;\">\u2014the most recent period for which data is available. That\u2019s up from the previous peak of 31.5% in the first quarter of 2021 and significantly higher than before the pandemic, when about one-quarter of homebuyers were looking to <\/span><span style=\"font-weight: 400;\">relocate.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-73992 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/Screen-Shot-2022-03-09-at-10.01.12-AM-1024x713.png\" alt=\"\" width=\"1024\" height=\"713\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/Screen-Shot-2022-03-09-at-10.01.12-AM-1024x713.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/Screen-Shot-2022-03-09-at-10.01.12-AM-300x209.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/Screen-Shot-2022-03-09-at-10.01.12-AM-768x534.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/Screen-Shot-2022-03-09-at-10.01.12-AM-1536x1069.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/Screen-Shot-2022-03-09-at-10.01.12-AM.png 1710w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The most popular destinations in January were <a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\" target=\"_blank\" rel=\"noopener\">Miami<\/a>, <a href=\"https:\/\/www.redfin.com\/city\/14240\/AZ\/Phoenix\" target=\"_blank\" rel=\"noopener\">Phoenix<\/a>, <a href=\"https:\/\/www.redfin.com\/city\/18142\/FL\/Tampa\" target=\"_blank\" rel=\"noopener\">Tampa<\/a>, <a href=\"https:\/\/www.redfin.com\/city\/16409\/CA\/Sacramento\" target=\"_blank\" rel=\"noopener\">Sacramento<\/a> and <a href=\"https:\/\/www.redfin.com\/city\/10201\/NV\/Las-Vegas\" target=\"_blank\" rel=\"noopener\">Las Vegas<\/a>. Relatively affordable, warm metros normally top the list, and have only become more popular during the pandemic as people have left expensive coastal markets in search of lower prices and more space in the Sun Belt. <a href=\"https:\/\/www.redfin.com\/city\/17151\/CA\/San-Francisco\" target=\"_blank\" rel=\"noopener\">San Francisco<\/a>, <a href=\"https:\/\/www.redfin.com\/city\/11203\/CA\/Los-Angeles\" target=\"_blank\" rel=\"noopener\">Los Angeles<\/a>, <a href=\"https:\/\/www.redfin.com\/city\/30749\/NY\/New-York\" target=\"_blank\" rel=\"noopener\">New York<\/a>, <a href=\"https:\/\/www.redfin.com\/city\/16163\/WA\/Seattle\" target=\"_blank\" rel=\"noopener\">Seattle<\/a> and <a href=\"https:\/\/www.redfin.com\/city\/12839\/DC\/Washington-DC\" target=\"_blank\" rel=\"noopener\">Washington, D.C.<\/a> were the top metros homebuyers looked to leave in January.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Mortgage Rates Have Returned to Pre-Pandemic Levels After Plummeting to a Record Low\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Mortgage rates are back above pre-pandemic levels after hitting an all-time low of 2.65% in January 2021. The average 30-year fixed mortgage rate was 3.76% during the week ending March 3, 2022, according to the latest <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> from Freddie Mac. That\u2019s up from 3.29% two years earlier, when early signs of the pandemic had already started to put downward pressure on mortgage rates. Rates started rising sharply at the end of 2021, though they\u2019ve dropped slightly in recent weeks as Russia\u2019s invasion of Ukraine has <\/span><a href=\"https:\/\/www.redfin.com\/news\/russia-ukraine-impact-housing-market\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">shaken<\/span><\/a><span style=\"font-weight: 400;\"> global financial markets. Overall, rates remain near historic lows. By comparison, the average 30-year fixed mortgage rate was close to 7% in 2007 and higher than 18% in the 1980s.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-73993 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/mortgage-rates-chart-1024x718.png\" alt=\"\" width=\"1024\" height=\"718\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/mortgage-rates-chart-1024x718.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/mortgage-rates-chart-300x210.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/mortgage-rates-chart-768x538.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/mortgage-rates-chart.png 1295w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">The Second-Home Market Is Booming<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Homebuyer demand for second homes was up 87% from pre-pandemic levels in <\/span><a href=\"https:\/\/www.redfin.com\/news\/vacation-homes-january-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">January<\/span><\/a><span style=\"font-weight: 400;\">\u2014the most recent period for which data is available. That\u2019s the highest level in a year and just shy of the record 90% gain in September 2020. It\u2019s worth noting that preliminary February data suggests second-home demand slowed as mortgage rates jumped.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-73994 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/secodhomes-1024x705.png\" alt=\"\" width=\"1024\" height=\"705\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/secodhomes-1024x705.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/secodhomes-300x207.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/secodhomes-768x529.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/secodhomes-1536x1058.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/secodhomes.png 1742w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s according to a Redfin analysis of mortgage-rate lock data from real estate analytics firm <\/span><a href=\"https:\/\/www2.optimalblue.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Optimal Blue<\/span><\/a><span style=\"font-weight: 400;\">. Redfin created a seasonally adjusted index of Optimal Blue data to compare second-home demand before and during the pandemic. We define \u201cpre-pandemic\u201d as January and February 2020 and set the index for that period to 100. Any data point above 100 represents second-home demand that\u2019s above pre-pandemic levels. Read more on our methodology <\/span><a href=\"https:\/\/www.redfin.com\/news\/vacation-homes-january-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interest in second homes surged during the pandemic because many affluent Americans purchased vacation properties to escape crowded, boarded-up cities. Additionally, some Americans bought second homes not as vacation properties, but as full-time residences to live in while they rent out their old homes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;<a href=\"https:\/\/www.redfin.com\/city\/35759\/WI\/Milwaukee\" target=\"_blank\" rel=\"noopener\">Milwaukee<\/a> is gaining residents, but many homeowners aren&#8217;t selling because they&#8217;re worried they won&#8217;t be able to find anything to buy,\u201d <\/span><span style=\"font-weight: 400;\">said local Redfin real estate agent <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/rick-szekely\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Rick Szekely<\/span><\/a><span style=\"font-weight: 400;\">. \u201cWhen they eventually do find a new home, a lot of them are still holding onto their previous one because they&#8217;ve found they can cash in on the surging rental market.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today\u2019s house hunters have half as many homes to choose from after surging demand driven by remote work and low mortgage rates intensified the housing shortage. Homes are 34% more expensive, with the median sale price now at $369,000. Buyers are twice as likely to pay above list price as they grapple with fierce competition. [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":73995,"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":[9,20,21,80],"dashboard":[],"coauthors":[125],"class_list":["post-73985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coronavirus-housing-market-news","category-housing-market-news","tag-coronavirus","tag-housing-affordability","tag-migration","tag-vacation-homes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market<\/title>\n<meta name=\"description\" content=\"With half as many homes to buy, competition has driven prices up 35%. Buyers are twice as likely to pay above list price, and homes sell twice as fast.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market\" \/>\n<meta property=\"og:description\" content=\"With half as many homes to buy, competition has driven prices up 35%. Buyers are twice as likely to pay above list price, and homes sell twice as fast.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-09T16:10:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-09T16:17:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/1817-NE-38th-ST-Portland.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1169\" \/>\n\t<meta property=\"og:image:height\" content=\"876\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lily Katz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lily Katz\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/pandemic-housing-market-two-years-later\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/pandemic-housing-market-two-years-later\\\/\"},\"author\":{\"name\":\"Lily Katz\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/61b1278179ed9d76570212c0c595396f\"},\"headline\":\"Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market\",\"datePublished\":\"2022-03-09T16:10:32+00:00\",\"dateModified\":\"2022-03-09T16:17:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/pandemic-housing-market-two-years-later\\\/\"},\"wordCount\":1066,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/pandemic-housing-market-two-years-later\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/1817-NE-38th-ST-Portland.jpg\",\"keywords\":[\"Coronavirus\",\"Housing Affordability\",\"Migration\",\"vacation homes\"],\"articleSection\":[\"Coronavirus Housing Market News\",\"Housing Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2022\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/pandemic-housing-market-two-years-later\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/pandemic-housing-market-two-years-later\\\/\",\"name\":\"Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/pandemic-housing-market-two-years-later\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/pandemic-housing-market-two-years-later\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/1817-NE-38th-ST-Portland.jpg\",\"datePublished\":\"2022-03-09T16:10:32+00:00\",\"dateModified\":\"2022-03-09T16:17:36+00:00\",\"description\":\"With half as many homes to buy, competition has driven prices up 35%. Buyers are twice as likely to pay above list price, and homes sell twice as fast.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/pandemic-housing-market-two-years-later\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.redfin.com/news\\\/pandemic-housing-market-two-years-later\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/pandemic-housing-market-two-years-later\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/1817-NE-38th-ST-Portland.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/1817-NE-38th-ST-Portland.jpg\",\"width\":1169,\"height\":876},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/pandemic-housing-market-two-years-later\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.redfin.com/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"name\":\"Redfin Real Estate News\",\"description\":\"The latest real estate news and research from technology-powered residential real estate company, Redfin.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.redfin.com/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\",\"name\":\"Redfin\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"width\":1100,\"height\":235,\"caption\":\"Redfin\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/redfin\",\"https:\\\/\\\/x.com\\\/redfin\",\"https:\\\/\\\/www.instagram.com\\\/redfinrealestate\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/redfin\",\"https:\\\/\\\/www.pinterest.com\\\/redfin\\\/\",\"https:\\\/\\\/en.wikipedia.org\\\/wiki\\\/Redfin\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/61b1278179ed9d76570212c0c595396f\",\"name\":\"Lily Katz\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Lily_Katz-150x150.jpg170bf170d167b138a07120b77fbb41ab\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Lily_Katz-150x150.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Lily_Katz-150x150.jpg\",\"caption\":\"Lily Katz\"},\"description\":\"As a data journalist, Lily is passionate about helping readers understand complex facets of the housing market. She is particularly interested in the issues of climate change, race and gender equality and housing affordability. Prior to working at Redfin, Lily spent four years as a reporter at Bloomberg News in New York City.\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/author\\\/lily-katzredfin-com\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market","description":"With half as many homes to buy, competition has driven prices up 35%. Buyers are twice as likely to pay above list price, and homes sell twice as fast.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/","og_locale":"en_US","og_type":"article","og_title":"Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market","og_description":"With half as many homes to buy, competition has driven prices up 35%. Buyers are twice as likely to pay above list price, and homes sell twice as fast.","og_url":"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/","og_site_name":"Redfin Real Estate News","article_publisher":"https:\/\/www.facebook.com\/redfin","article_published_time":"2022-03-09T16:10:32+00:00","article_modified_time":"2022-03-09T16:17:36+00:00","og_image":[{"width":1169,"height":876,"url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/1817-NE-38th-ST-Portland.jpg","type":"image\/jpeg"}],"author":"Lily Katz","twitter_card":"summary_large_image","twitter_creator":"@redfin","twitter_site":"@redfin","twitter_misc":{"Written by":"Lily Katz","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/#article","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/"},"author":{"name":"Lily Katz","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/61b1278179ed9d76570212c0c595396f"},"headline":"Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market","datePublished":"2022-03-09T16:10:32+00:00","dateModified":"2022-03-09T16:17:36+00:00","mainEntityOfPage":{"@id":"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/"},"wordCount":1066,"publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"image":{"@id":"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/1817-NE-38th-ST-Portland.jpg","keywords":["Coronavirus","Housing Affordability","Migration","vacation homes"],"articleSection":["Coronavirus Housing Market News","Housing Market News"],"inLanguage":"en-US","copyrightYear":"2022","copyrightHolder":{"@id":"https:\/\/www.redfin.com\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/","url":"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/","name":"Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/#primaryimage"},"image":{"@id":"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/1817-NE-38th-ST-Portland.jpg","datePublished":"2022-03-09T16:10:32+00:00","dateModified":"2022-03-09T16:17:36+00:00","description":"With half as many homes to buy, competition has driven prices up 35%. Buyers are twice as likely to pay above list price, and homes sell twice as fast.","breadcrumb":{"@id":"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/#primaryimage","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/1817-NE-38th-ST-Portland.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/1817-NE-38th-ST-Portland.jpg","width":1169,"height":876},{"@type":"BreadcrumbList","@id":"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.redfin.com\/news\/"},{"@type":"ListItem","position":2,"name":"Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market"}]},{"@type":"WebSite","@id":"https:\/\/www.redfin.com\/news\/#website","url":"https:\/\/www.redfin.com\/news\/","name":"Redfin Real Estate News","description":"The latest real estate news and research from technology-powered residential real estate company, Redfin.","publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.redfin.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.redfin.com\/news\/#organization","name":"Redfin","url":"https:\/\/www.redfin.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","width":1100,"height":235,"caption":"Redfin"},"image":{"@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/redfin","https:\/\/x.com\/redfin","https:\/\/www.instagram.com\/redfinrealestate\/","https:\/\/www.linkedin.com\/company\/redfin","https:\/\/www.pinterest.com\/redfin\/","https:\/\/en.wikipedia.org\/wiki\/Redfin"]},{"@type":"Person","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/61b1278179ed9d76570212c0c595396f","name":"Lily Katz","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg170bf170d167b138a07120b77fbb41ab","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg","caption":"Lily Katz"},"description":"As a data journalist, Lily is passionate about helping readers understand complex facets of the housing market. She is particularly interested in the issues of climate change, race and gender equality and housing affordability. Prior to working at Redfin, Lily spent four years as a reporter at Bloomberg News in New York City.","url":"https:\/\/www.redfin.com\/news\/author\/lily-katzredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/73985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13346"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=73985"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/73985\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/73995"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=73985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=73985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=73985"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=73985"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=73985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}