{"id":74435,"date":"2022-06-06T06:00:16","date_gmt":"2022-06-06T13:00:16","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74435"},"modified":"2022-06-03T15:49:43","modified_gmt":"2022-06-03T22:49:43","slug":"fire-risk-home-price-premium-2022","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/fire-risk-home-price-premium-2022\/","title":{"rendered":"Homes With High Fire Risk Sell For Nearly $120,000 More Than Low-Risk Homes As Americans Flock to Fire-Prone Suburbia"},"content":{"rendered":"<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\"><strong><em>The typical high-fire-risk home sold for $550,500 in April, while the typical low-risk home sold for $431,300. That\u2019s the biggest premium since at least 2017.<\/em><\/strong><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\"><strong><em>The median sale price of high-risk homes jumped 52% during the pandemic, while the median sale price of low-risk homes rose 41%.<\/em><\/strong><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\"><strong><em>High-risk homes sell for more in part because remote work has allowed many Americans to move to suburbs and rural areas, which are often more vulnerable.<\/em><\/strong><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\"><strong><em>Homes with high fire risk are also selling faster than low-risk homes, but are more likely to experience price cuts once they\u2019re on the market.<\/em><\/strong><\/p>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><i><\/i>The median sale price of U.S. homes with high fire risk was $550,500 in April, compared with $431,300 for homes with low fire risk. In other words, the typical home with high fire risk sold for $119,200 (27.6%) more than the typical home with low fire risk\u2014the largest premium in dollar terms since at least 2017. <\/span><span style=\"font-weight: 400;\">By comparison, homes with high fire risk sold for just $56,700 more (18.5%) two years earlier.<img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-74436 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-1-1024x711.png\" alt=\"\" width=\"1024\" height=\"711\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-1-1024x711.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-1-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-1-768x533.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-1.png 1302w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fire-prone homes have historically fetched higher prices, likely because they tend to be larger and\/or located in pricey West Coast metros. <\/span><span style=\"font-weight: 400;\">The typical high-fire-risk home purchased in April was 2,000 square feet, while the typical low-risk home was just 1,706 square feet. B<\/span><span style=\"font-weight: 400;\">ut the price premium for high-risk homes has surged during the pandemic. That\u2019s in part because scores of Americans moved out of cities and into <\/span><a href=\"https:\/\/www.redfin.com\/news\/online-searches-suburbs-increase-pandemic\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">suburbs<\/span><\/a><span style=\"font-weight: 400;\"> and rural areas, where homes are more <\/span><a href=\"https:\/\/www.fs.usda.gov\/rmrs\/science-spotlights\/reclassifying-wildland%E2%80%93urban-interface-using-fire-occurrences-united-states\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">likely<\/span><\/a><span style=\"font-weight: 400;\"> to face fire risk due to the proximity to flammable vegetation. The median sale price of high-risk homes was up 51.7% in April from two years earlier, while the median sale price of low-risk homes was up 40.9%.<img decoding=\"async\" class=\"alignnone wp-image-74438 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-2-1-1024x728.png\" alt=\"\" width=\"1024\" height=\"728\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-2-1-1024x728.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-2-1-300x213.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-2-1-768x546.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-2-1.png 1312w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cSuburban homes tend to be more expensive because they\u2019re large, and demand for large homes skyrocketed during the pandemic as Americans sought respite from crowded city life,\u201d said <\/span><span style=\"font-weight: 400;\">Redfin Senior Economist<\/span> <a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cPandemic buyers also hunted for deals due to surging home prices, and while fire-prone homes aren\u2019t cheaper on average, buyers may feel they\u2019re getting more bang for their buck because they\u2019re getting more space. And for some pandemic buyers, the fire-prone home they bought in suburbia <\/span><i><span style=\"font-weight: 400;\">was<\/span><\/i><span style=\"font-weight: 400;\"> actually cheaper than their last home because they were relocating from somewhere like San Francisco or Seattle.\u201d<img decoding=\"async\" class=\"alignnone wp-image-74439 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-3-1024x713.png\" alt=\"\" width=\"1024\" height=\"713\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-3-1024x713.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-3-300x209.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-3-768x534.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-3.png 1302w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Wildfires in the U.S. have become increasingly catastrophic in recent years. The three most destructive wildfire years, in terms of acreage burned, have all occurred in the last decade, <\/span><a href=\"https:\/\/www.nifc.gov\/fire-information\/statistics\/wildfires\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">according<\/span><\/a><span style=\"font-weight: 400;\"> to the National Interagency Fire Center.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While research has shown that many house hunters are <\/span><a href=\"https:\/\/www.redfin.com\/news\/climate-change-migration-survey\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">concerned<\/span><\/a><span style=\"font-weight: 400;\"> about climate risk when deciding where to live, oftentimes, it\u2019s not a dealbreaker. For some, that\u2019s because factors like relative affordability, home size and proximity to family take precedence. For others, it\u2019s because they\u2019re not aware of the climate risks in the area they\u2019re moving to. <\/span><span style=\"font-weight: 400;\">Redfin.com now <\/span><a href=\"https:\/\/www.prnewswire.com\/news-releases\/redfin-publishes-data-from-climatecheck-to-help-consumers-understand-the-risk-for-fire-heat-drought-and-storms-over-a-30-year-mortgage-301346236.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">publishes<\/span><\/a><span style=\"font-weight: 400;\"> climate-risk data for nearly every U.S. home, with the exception of rentals, to help house hunters make more informed decisions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cFor a lot of pandemic-era homebuyers, what has felt much more urgent than avoiding fire danger is finding a home they can afford at a time when inventory is so low and prices are so high,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/corey-keach\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Corey Keach<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin real estate agent in the <\/span><a href=\"https:\/\/www.redfin.com\/city\/2025\/CO\/Boulder\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Boulder, CO<\/span><\/a><span style=\"font-weight: 400;\"> area, where the Marshall Fire\u2014the most destructive in the state\u2019s history\u2014destroyed more than <\/span><a href=\"https:\/\/coloradosun.com\/2022\/04\/29\/marshall-fire-homes-burned-underinsured\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">1,000<\/span><\/a><span style=\"font-weight: 400;\"> homes at the end of 2021. \u201cI worked with a young family whose <\/span><a href=\"https:\/\/www.redfin.com\/city\/11822\/CO\/Louisville\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Louisville<\/span><\/a><span style=\"font-weight: 400;\"> home burned down in the Marshall Fire. Afterwards, they moved to nearby <\/span><a href=\"https:\/\/www.redfin.com\/city\/30806\/CO\/Superior\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Superior<\/span><\/a><span style=\"font-weight: 400;\">, where a lot of homes <\/span><i><span style=\"font-weight: 400;\">also<\/span><\/i><span style=\"font-weight: 400;\"> burned down. They just wanted to get into their next home fast because t<\/span><span style=\"font-weight: 400;\">hey had already gone through the painstaking buying process in 2020 and were worried prices were going to skyrocket another 20%.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keach continued: \u201cAs the market cools and shifts more in buyers\u2019 favor, buyers may start thinking more about climate risk. My advice for house hunters in fire-prone areas is to look at newly built homes, which are more likely to have sprinkler systems and concrete-board siding instead of wood siding.\u201d<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Homes With High Fire Risk Also Sell Faster Than Low-Risk Homes<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Fire-prone homes not only sell for more; they also get snatched up faster\u2014another indication that evolving homebuyer preferences during the pandemic made high-risk areas seem more attractive to many house hunters. The typical high-risk home sold in 16 days in April, compared with 20 days for the typical low-risk home. That marks a shift from before the pandemic, when low-risk homes typically sold faster.<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74440 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-4-1024x707.png\" alt=\"\" width=\"1024\" height=\"707\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-4-1024x707.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-4-300x207.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-4-768x530.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-4.png 1302w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another gauge of housing-market speed shows a similar trend: Nearly two-thirds (62.4%) of high-fire-risk homes sold within two weeks in April, compared with just 55.1% of low-risk homes. Prior to the pandemic, high- and low-risk homes had about the same likelihood of selling within two weeks.<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74441 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-5-1024x708.png\" alt=\"\" width=\"1024\" height=\"708\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-5-1024x708.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-5-300x207.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-5-768x531.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-5.png 1300w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Price Cuts Are More Common For Homes With High Fire Risk<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Another interesting shift we\u2019ve observed in recent weeks is that sellers of high-fire-risk homes have become more likely than sellers of low-risk homes to slash their listing prices after putting their homes on the market. In April, 21.9% of high-risk listings had price drops, compared with 18.8% of low-risk listings. That\u2019s only the second month on record (the first was March) during which fire-prone homes were more likely to have price drops.<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74442 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-6-1024x707.png\" alt=\"\" width=\"1024\" height=\"707\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-6-1024x707.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-6-300x207.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-6-768x530.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/06\/fire-chart-6.png 1302w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAs the housing market cools, sellers are more likely to lower their pricing expectations in places where surging homebuyer demand has caused prices to significantly overinflate\u2014places like the fire-prone suburbs Americans flocked to during the pandemic,\u201d Bokhari said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Price drops have been on the <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-price-drops-surge-to-19pct\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">rise<\/span><\/a><span style=\"font-weight: 400;\"> in the country as a whole lately as surging mortgage rates have triggered a slowdown in homebuyer demand. <\/span><a href=\"https:\/\/www.redfin.com\/city\/2287\/ID\/Boise\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Boise, ID<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.redfin.com\/city\/16409\/CA\/Sacramento\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/a><span style=\"font-weight: 400;\">, two hotspots for homebuyers relocating from pricey major cities, were among the <\/span><a href=\"https:\/\/www.redfin.com\/news\/price-drops-surging-in-big-metros\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">top five<\/span><\/a><span style=\"font-weight: 400;\"> metros where sellers cut their asking prices in April. Both face substantial risk from wildfires.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Methodology<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Fire-risk data came from <\/span><a href=\"https:\/\/climatecheck.com\/our-methodologies\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">ClimateCheck<\/span><\/a><span style=\"font-weight: 400;\">, which assigns six different fire-risk categories to properties across the U.S.: very low risk, low risk, moderate risk, high risk, very high risk and extreme risk. For the purposes of this report, a high-risk property is one that falls into the high, very high or extreme category, while a low-risk property is one that falls into the very low, low or moderate category. We matched fire-risk data with MLS data in roughly 700 U.S. metro areas, allowing us to report on metrics including home sales and prices by fire risk. The climate-risk data in this report is from March 31, 2021.\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The typical high-fire-risk home sold for $550,500 in April, while the typical low-risk home sold for $431,300. That\u2019s the biggest premium since at least 2017. The median sale price of high-risk homes jumped 52% during the pandemic, while the median sale price of low-risk homes rose 41%. High-risk homes sell for more in part because [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":74443,"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":[52,43],"tags":[565,40,20],"dashboard":[],"coauthors":[125,115],"class_list":["post-74435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate-change","category-housing-equality-policy","tag-climate","tag-environmental","tag-housing-affordability"],"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>High-Fire-Risk Homes Sell For $119,000 More Than Low-Risk Homes<\/title>\n<meta name=\"description\" content=\"The pandemic push toward fire-prone suburbia has caused the price premium of high-risk homes to rise. 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