There’s more demand—and less supply—for rural and suburban neighborhoods than cities as the pandemic influences homebuyer preferences. Still, prices are up 6.7% in urban areas.
Homebuyer interest in condos dropped with the coronavirus pandemic along with prices, but buyers seeking affordable living are starting to return.
Redfin agents say the coronavirus pandemic is accelerating migration because it’s causing homebuyers to rethink what they want in a home, with preferences for more space, both indoor and outdoor.
54% of Redfin offers faced competition as the supply of homes for sale and mortgage rates continued to fall in June. Single-family homes and townhouses were much more likely than condos to receive multiple bids.
Momentum in high-end home-price growth changed course with the onset of the coronavirus pandemic, but the latest data shows luxury home prices are starting to rebound.
Even in Washington, DC, which has the highest Black homeownership rate in the U.S., just 51% of Black families own their home, versus more than 70% of white families. In Minneapolis, Milwaukee and Salt Lake City, just one-quarter of Black families own their homes.
There’s more demand—and less supply—for rural and suburban neighborhoods than cities as the pandemic influences homebuyer preferences. Still, prices are up 6.7% in urban areas.
Homebuyer interest in condos dropped with the coronavirus pandemic along with prices, but buyers seeking affordable living are starting to return.
Redfin agents say the coronavirus pandemic is accelerating migration because it’s causing homebuyers to rethink what they want in a home, with preferences for more space, both indoor and outdoor.
54% of Redfin offers faced competition as the supply of homes for sale and mortgage rates continued to fall in June. Single-family homes and townhouses were much more likely than condos to receive multiple bids.
Momentum in high-end home-price growth changed course with the onset of the coronavirus pandemic, but the latest data shows luxury home prices are starting to rebound.
Even in Washington, DC, which has the highest Black homeownership rate in the U.S., just 51% of Black families own their home, versus more than 70% of white families. In Minneapolis, Milwaukee and Salt Lake City, just one-quarter of Black families own their homes.