Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market
Redfin reports there are 50% fewer homes to buy, and houses are 34% more expensive, with the median sale price now $369,000
SEATTLE--Wednesday, 9 March 2022--BUSINESS WIRE-- (NASDAQ: RDFN) — This week marks the two-year anniversary of the coronavirus pandemic, which the World Health Organization officially declared a pandemic on March 11, 2020. The housing market has changed drastically since then—there are now half as many homes to choose from, and prices have surged 34%, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage.
Unless otherwise noted, the data in this report represents the four weeks ending March 6, 2022, compared with roughly the same period two years earlier (the four weeks ending March 8, 2020). The records in this report date back to 2017 unless otherwise noted.
Buyers Have Half as Many Homes to Choose From
The number of homes on the market is down 49.9% from two years ago to a record low of roughly 456,000.
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 bidding wars, causing prices to surge.
Homes Are 34% More Expensive
The median home sale price is $369,125, the highest on record and up 33.6% from $276,225 two years ago. That’s a significantly larger jump than the prior two-year period (2018 to 2020), during which home prices grew about 10%.
Redfin media release continues in the We Get Around Network Forum (www.WGANForum.com)