• As the coronavirus pandemic rages on, homebuyers are on the lookout for more space in more affordable markets. Thus, they are leaving historically expensive cities. 
  • A report by Redfin found the US counties that have "heated up and cooled down the most" from July 2019 to July 2020.
  • The top 4 are all counties within cities, 2 of which are in New York City and the others comprising San Francisco and Boston.
  • The ranking is based on year-over-year changes in home prices and sales, the share of homes selling for more than their list price, how fast homes are selling, and searches on Redfin.
  • Visit Business Insider's homepage for more stories.

In the midst of the coronavirus pandemic, prospective homebuyers are extending their search outside major, expensive cities to more affordable markets. 

A recent analysis by Redfin found the US counties that have seen the least growth in popularity over the past year. They measured each market on year-over-year changes in home prices and sales, the share of homes selling for more than their list price, how fast homes are selling, and searches on Redfin.

The five markets that saw the least growth in interest were all located in or near large cities, like New York and San Francisco. 

"San Francisco County ranked number two on the list of housing markets that have slowed down the most. New listings skyrocketed 110% year-over-year in July—a sign that homeowners are fleeing. The San Francisco metro area has seen its supply of homes increase more than any other major metro since the pandemic began, forcing sellers to lower expectations for what they can reap in a sale," the report reads. 

The boom in single-family homes in suburban and suburban-like markets was one of five major changes that UBS saw coming to real estate as a result of the pandemic in a late August report. "The single-family housing market has been a clear, if somewhat unexpected, beneficiary of COVID-19," the report states.

Working from home has made it possible for many to move to a bigger space in a less densely populated area for a more affordable price. Additionally, a single-family home is inherently safer for social distancing purposes as it cuts down on your contact with others.

Keep reading for the five markets that home buyers showed the least amount of interest in from July 2019 to July 2020. 

5. Dutchess County, New York

Median sale price: $328,000

Year-over-year change of median sale price: 2.5%

Year-over-year change of homes sold: -13.8%

Share of homes that sold above the list price: 24.4%

Year-over-year change of net inflow of Redfin.com users searching for homes in the area in Q2: -117%

 

4. Kings County, New York

Median sale price: $825,000

Year-over-year change of median sale price: -9.8%

Year-over-year change of homes sold: -50.7%

Share of homes that sold above the list price: 7.7%

Year-over-year change of net inflow of Redfin.com users searching for homes in the area in Q2: -117%

 

3. Suffolk County, Massachusetts

Median sale price: $661,000

Year-over-year change of median sale price: .5%

Year-over-year change of homes sold: -8.7%

Share of homes that sold above the list price: 39.3%

Year-over-year change of net inflow of Redfin.com users searching for homes in the area in Q2: -10%

 

2. San Francisco County, California

Median sale price: $1,450,000

Year-over-year change of median sale price: 0%

Year-over-year change of homes sold: -4.9%

Share of homes that sold above the list price: 53%

Year-over-year change of net inflow of Redfin.com users searching for homes in the area in Q2: -7%

 

1. Bronx County, New York

Median sale price: $525,000

Year-over-year change of median sale price: 5.2%

Year-over-year change of homes sold: -43.3%

Share of homes that sold above the list price: 18.3%

Year-over-year change of net inflow of Redfin.com users searching for homes in the area in Q2: -16%

 

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