Buyer Interest in Suburbs & Vacation Towns Has Soared Since the Pandemic – Real Estate Investing Today

Redfin logoA 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 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 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

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