Buyer Interest in Suburbs & Vacation Towns Has Soared Since the Pandemic – Real Estate Investing Today
A new report from Redfin says home buyer interest in vacation towns & suburbs has soared since the Coronavirus pandemic hit in early 2020. They say remote workers seeking space for home offices and a simpler lifestyles are searching for homes in places like Lake Tahoe, Santa Cruz and Cape Cod. Meanwhile, a lot of big cities like New York City are cooling down. Apparently buyers are taking advantage of remote-work policies to seek more affordable housing and amenities such as being close to nature and recreational opportunities. Indeed…
“El Dorado County, CA—an area that spans from the eastern outskirts of Sacramento to the southern part of Lake Tahoe—is number one in our ranking, with measures of homebuyer competition growing more than any other U.S. county over the last year. Home prices increased 36% year over year in January, and the median number of days on market fell 50 days from the year before.”
Housing market summary of U.S. counties that have heated up the most (January 2020 to January 2021)
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.
|Rank||U.S. county||Parent metro area||Median sale price||Median sale price, YoY change||Median days on market||Median days on market, YoY change (in days)||Share of homes that sold above list price||Net inflow of Redfin.com users searching in the area|
|1||El Dorado County, CA (Lake Tahoe)||Sacramento, CA||$592,500||36%||25||-50||37.4%||2199|
|2||Santa Cruz County, CA||Santa Cruz, CA||$1,000,000||18%||38||-50||49.7%||720|
|3||Deschutes County, OR (Bend)||Bend, OR||$509,450||24%||8||-66||43.0%||1818|
|4||Kendall County, IL||Elgin, IL||$274,500||22%||16||-54||31.8%||365|
|5||Barnstable County, MA (Cape Cod)||Barnstable Town, MA||$514,875||31%||24||-46||36.7%||1953|
|6||Charles County, MD||Washington, DC||$350,000||21%||25||-38||44.4%||810|
|7||Burlington County, NJ||Camden, NJ||$264,000||23%||32||-34||37.6%||299|
|8||Frederick County, MD||Frederick, MD||$375,000||19%||27||-27||39.5%||1188|
|9||Ocean County, NJ (Jersey Shore)||New Brunswick, NJ||$339,950||31%||34||-40||36.3%||683|
|10||Orange County, NY||Poughkeepsie, NY||$344,950||29%||46||-29||40.7%||1191|
Click here to read the full story at Redfin.com.
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