Redfin Blog

10 Cute Homes For Sale Under the National Median Price of $328.4K

Fri, 25 Sep 2020 21:58:28 GMT

When you think about a cute home, you might imagine a small and cozy cabin perched on the side of a river, or maybe you picture a modern condo with a quaint patio overlooking the city. We view cute homes as any home that’s cozy, quaint, and has plenty of character — whether large or small. Whatever your definition, we think “cute” homes are even better when they’re affordable.

We looked all across the US housing market for cute homes that are under the current US median sale price of $328,419. So whether you live on the West Coast, the East Coast, or somewhere in between, here’s our favorite cute homes for sale right now that are relatively affordable.

1. A cozy and cute home in Edmond, OK

4 Beds, 3 Baths, 2,192 Sq. Ft.
$310,000

When imagining cute homes, warm and cozy typically comes to mind — and this Oklahoma home is just that. Homeowners will enjoy the warm ambiance, gorgeous kitchen, and bonus room. It has plenty of space for both relaxing and entertaining — the home’s exterior features a covered patio, built-in fireplace, and a spacious backyard.

2. A lovely home in Lindenhurst, IL

4 Beds, 2.5 Baths, 2,371 Sq. Ft.
$300,000

Beautiful both inside and out, once you step into this home you’re greeted by a bright and airy entrance and an open layout. The large kitchen boasts modern finishes, gorgeous grey cabinetry, and brand new quartz countertops. With 4 bedrooms, a den, and a finished basement, homeowners can easily transform one of these spaces into a home office or a home gym.

3. A slice of paradise in Phoenix, AZ

4 Beds, 3.5 Baths, 2,360 Sq. Ft.
$324,900

This Phoenix gem has been completely remodeled — featuring a sleek and modern interior throughout the entire home. If you love to cook, then you’re sure to love the kitchen’s large, open layout and stylish new finishes. Homeowners can also enjoy the warm Phoenix sun all year round out on the cozy covered patio or in their private pool.

4. A stunning home in San Antonio, TX

4 Beds, 2 Baths, 2,050 Sq. Ft.
$224,950

Surrounded by tall gorgeous trees, relaxing is made easy with such peaceful scenery. Once inside, natural light floods into the living and dining areas, while upstairs the primary bedroom features a large walk-in closet and an updated en-suite bathroom. For well under the US median list price, this stunning home offers plenty of space, privacy, and relaxation.

5. A charming brick home in Elgin, SC

4 Beds, 3.5 Baths, 3,100 Sq. Ft.
$324,000

This gorgeous South Carolina home has been immaculately kept with both the front and backyard featuring beautiful, well-maintained landscaping. This home is perfect for entertaining with a formal living room, open and spacious kitchen, an informal living room, and a large, covered deck. This home offers plenty of space and storage, along with smart-home tech features.

6. A beautiful home in Bessemer, AL

4 Beds, 3 Baths, 2,289 Sq. Ft.
$275,500

Gorgeous coffered ceilings, a neutral interior, and the open concept make this Alabama home feel cozy yet spacious. The guest suite has its own bathroom, while the main suite has its own private door that leads to the outdoor patio. There’s also no lack of storage space in this stunning home with its spacious closets, plenty of cabinet storage in the kitchen, a dedicated laundry room, and 3 car garage.

7. An adorable ranch-style home in Chesterfield, VA

3 Beds, 2 Baths, 1,508 Sq. Ft.
$269,997

If cozy and brick is what you think of when you hear “cute homes,” then you’re sure to love this one. This Virginia home embodies traditional ranch-style with its exterior, but once inside, it’s contrasted with modern updates. Homeowners will love the cozy living room with its cute fireplace and new paneled walls, the neutral and updated kitchen, and the spacious backyard.

8. A cute and modern home in Washington, DC

1 Bed, 1 Bath, 506 Sq. Ft.
$325,000

If you’re looking for cute homes that don’t require much maintenance, this DC home may be just what you’re looking for. This cute one bedroom features a bright and modern kitchen, natural light throughout, and plenty of privacy with its private backdoor entrance. The building’s rooftop deck is perfect for enjoying the sunshine and entertaining guests.

9. A cute cottage in Atlanta, GA

4 Beds, 3 Baths, 1,430 Sq. Ft.
$295,000

This Atlanta cottage is one of our favorite cute homes on the market right now for so many reasons. The exterior boasts an adorable design and pop of color with its bright red door, and even comes with a matching dog house in the backyard. This cute home’s interior is bright and modern with sleek finishes in the kitchen and bathrooms, while the spacious backyard features a large deck and a stone patio with a built-in firepit.

10. A cute and spacious condo in Seattle, WA

1 Bed, 1 Bath, 650 Sq. Ft.
$320,000

Located in West Seattle, this spacious condo has a warm, inviting living room that receives an abundance of natural light. This home features an updated kitchen, cozy bedroom, and a spacious bathroom with plenty of counter space. To top it off, homeowners can enjoy the view of the entire downtown Seattle skyline from the building’s private rooftop.

If you loved these affordable and cute homes, then you should check out these cozy cabins for sale or these beautiful homes for sale under $500K.

The post 10 Cute Homes For Sale Under the National Median Price of $328.4K appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Home Prices Just. Keep. Climbing. National Median Now Up 14% from Last Year

Fri, 25 Sep 2020 13:01:22 GMT

Pending sales rose 29%, and new listings jumped 6% from last year

Key housing market takeaways for 434 U.S. metro areas during the 4-week period ending September 20:

The median home sale price increased 14% from 2019 to $319,978—the highest on record. The 14% year-over-year increase was the largest since August 2013. Since the four-week period ending July 5, home prices have increased 6.6%. Over that same period in 2018 and 2019, prices declined an average of 3.7%.
Pending home sales climbed 29% year over year.
New listings of homes for sale were up 6% from a year ago.
Active listings (the number of homes listed for sale at any point during the period) fell 28% from 2019 to a new all-time low. The rate of year-over-year supply declines has remained consistent at this level for the past couple of months.
45.7% of homes that went under contract had an accepted offer within the first two weeks on the market. This has also held relatively steady for the last 16 weeks.
The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to 99.4%—an all-time high and 1.2 percentage points higher than a year earlier.
For the week ending September 20, the seasonally adjusted Redfin Homebuyer Demand Index was up 28.4% from pre-pandemic levels in January and February.

“The recent boost in the number of people listing their homes for sale still falls far short of demand from folks looking to buy homes right now,” said Redfin chief economist Daryl Fairweather. “Unfortunately, that means little relief for homebuyers, especially those seeking an affordable home. I don’t expect the double-digit home-price increases to subside before early 2021.”

Even though we’re in a historic seller’s market, it remains critical that sellers price their homes right, according to Washington, D.C. Redfin listing agent Mary Bazargan.

“Some sellers think that because inventory is low and houses are selling quickly, they can afford to overprice their home,” explained Bazargan. “When we price a new listing conservatively, we’re getting multiple offers and those homes are often selling above list price, but if we push the price aggressively high, the home tends to sit on the market for a while and won’t get multiple offers.”

The post Home Prices Just. Keep. Climbing. National Median Now Up 14% from Last Year appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

New-Construction Home Listings Drop 4% in August, Reversing Course From July’s Rebound

Fri, 25 Sep 2020 11:05:43 GMT

The new-homes market is recovering—with sales on the rise—but hurdles including a lumber shortage are still hampering builders.

New listings of newly-built homes dropped 4.1% year over year to a seasonally-adjusted rate of 74,000 in August, reversing course after a 3.8% gain in July. Meanwhile, new listings of existing homes grew 5.2%.

“There’s plenty of demand for new homes, but builders are facing a unique and costly set of hurdles as they attempt to satisfy that demand,” said Redfin chief economist Daryl Fairweather. “Listings of new homes aren’t bouncing back as quickly as listings of existing homes because, unlike individual homeowners, construction companies have to deal with lumber and labor shortages during the pandemic. They’re also competing for labor and materials with folks who are renovating their houses during quarantine. The lack of new listings is keeping builders from reaching their full potential in terms of home-sales growth.”

Sales of newly-built homes were up 8.3% year over year to 73,000, a deceleration from July’s 13.5% increase, while sales of existing homes rose 10.5%—outpacing new-home sales growth for the first time since 2015.

The supply of newly-built homes for sale sank 33.6% year over year in August to 185,000, while the number of existing homes on the market plunged 38.3%—the largest declines since at least 2013.

The acute dearth of homes for sale, paired with strong homebuyer demand due to record-low mortgage rates, is driving up prices. Newly-built homes sold for a median of $378,000 in August. That’s 4.1% higher than a year earlier, exceeding the pre-coronavirus (February) growth rate for the first time. Meanwhile, existing home prices rose 12.1% to a median of $316,000. Existing homes are typically more affordable, and consequently more desirable for many Americans, explaining the relatively high price growth.

“Prices will keep going up if we don’t see a meaningful increase in the supply of new homes on the market,” Fairweather said. “Unfortunately, there are no signs that such an increase will occur anytime soon.”

Homebuilding activity slumped in August, the U.S. government reported last week. The number of housing starts dropped 5.1% from the prior month, while housing completions slipped 7.5% and building permits fell nearly a percent—intensifying the existing housing shortage.

Homebuilders seem to be optimistic about the future; builder confidence rose to an all-time high this month as record-low interest rates and a shift to the suburbs during the pandemic fueled homebuyer demand, according to the National Association of Home Builders. Still, the NAHB flagged several concerns, noting that lumber prices have skyrocketed more than 170% since mid-April, adding more than $16,000 to the price of a typical new single-family home.

“Historic traffic numbers have builders seeing positive market conditions, but many in the industry are worried about rising costs and delays for building materials, especially lumber,” said NAHB Chairman Chuck Fowke. “More domestic lumber production or tariff relief is needed to avoid a slowdown in the market in the coming months.”

More New-Construction Highlights in August:

The typical new home was on the market for 88 days before going under contract, down from 93 days a year earlier. The typical existing home spent 29 days on the market, down from 38 days in August 2019.
Newly-built homes made up 19% of all houses for sale.
The West was a laggard, with greater declines in new-construction listings and inventory than any other U.S. region, as well as lower growth in new-home sales than the Midwest, Northeast or South. The Northeast fared relatively well, as the only region experiencing growth in new-construction listings. It also saw a greater gain in the median sale price of new homes than any other region.

NOTE: The data in this report may not capture all new listings and sales of new-construction homes, as more homebuyers have recently been purchasing homes before they are built, meaning those homes never go on the market.

The post New-Construction Home Listings Drop 4% in August, Reversing Course From July’s Rebound appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Sacramento, Austin and Phoenix Are the Most Popular Destinations For People Searching For Homes ...

Thu, 24 Sep 2020 00:04:41 GMT

Remote work is accelerating the trend of migration away from expensive places like New York and San Francisco toward relatively affordable inland areas, where out-of-towners are winning bidding wars and driving up home prices.

Nationwide, 28.7% of Redfin.com users looked to move to another metro area in July and August, up from 27.4% in the second quarter and the highest share since we started tracking migration.

Last month, we published a preliminary look at third-quarter migration patterns, which showed that 27.8% of home searchers were looking to move to another metro in July. This report includes data from both July and August.

The national housing market is booming as the coronavirus pandemic changes what people look for in a home, such as more space to work and do schoolwork and bigger yards. Those are also reasons why people are continuing to leave expensive coastal areas like New York, San Francisco and Los Angeles for places like Sacramento and Austin, where homes tend to be more affordable and more spacious.

“People who could barely afford to rent a one- or two-bedroom apartment in New York or San Francisco are finding that with their newly remote job, they can buy a nice sized house in the most desirable part of a place like Sacramento, Tampa or Las Vegas,” said Redfin chief economist Daryl Fairweather. “And their big, coastal city salaries allow them to outbid local homebuyers in bidding wars, which is starting to drive up home prices in those areas. The trend is likely to continue as remote work becomes permanent for more companies.”

About half of all Redfin.com home searches in Sacramento, Tampa and Las Vegas were from out-of-towners. The median Sacramento home price was up 11.4% year over year to $468,000 in August, in line with the 11% national increase, the biggest year-over-year price increase in six years. Prices were up 12.8% to $267,000 in Tampa, and 7.8% to $310,000 in Las Vegas.

The latest migration analysis is based on a sample of more than 2 million Redfin.com users who searched for homes across 87 metro areas so far in the third quarter of 2020, excluding searches unlikely to precede an actual relocation or home purchase. To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a particular metro area, and homes in that area must make up at least 80% of the user’s searches.

Sacramento, Austin and Phoenix are the most popular destinations

Sacramento is the most popular destination for homebuyers looking to move to a different metro area, with more than half of Redfin.com users searching from another area and the biggest net inflow of Redfin.com users in July and August. A net inflow means more people are looking to move in than leave, while a net outflow means more people are looking to leave than move in.

Austin has moved into second place in terms of net inflow. Although Austin is typically on the top 10 list of most popular destinations, this is the first time it has broken into the top three since Redfin began tracking migration. Sacramento and Austin–like Phoenix, Las Vegas and Atlanta, which round out the top five–are affordable relative to coastal areas, with median home prices under $475,000 in August, compared with $1.5 million in San Francisco and $710,000 in Los Angeles. They’re all also inland areas with warm weather.

“I’ve seen more and more people moving to Austin from California, New York, Seattle and Chicago, especially since the pandemic began,” said local Redfin agent April Miller. “The influx of people coming from other areas has contributed to an uptick in bidding wars, and most listings with multiple offers go to out-of-town buyers. People are moving in for more affordable homes and lower taxes, and many of them also mention new jobs and a desire to be closer to family.”

In eight of the top 10 most popular destinations, the share of Redfin.com users searching for homes from a different metro area has increased since last year (Atlanta and Charlotte are the exceptions).

Top 10 Metros by Net Inflow of Users and Their Top Origins

Rank	Metro*	Net Inflow†	Net Inflow LY	Portion of Searches from Users Outside the Metro, July and August 2020	Portion of Searches from Users Outside the Metro, July and August 2019	Top Origin	Top Out-of-State Origin
1	Sacramento, CA	10,764	6,261	50.5%	44.1%	San Francisco, CA	Reno, NV
2	Austin, TX	7,040	4,077	37.8%	32.5%	San Francisco, CA	San Francisco, CA
3	Phoenix, AZ	7,039	5,409	34.4%	32.4%	Los Angeles, CA	Los Angeles, CA
4	Las Vegas, NV	6,860	5,042	48.6%	45.3%	Los Angeles, CA	Los Angeles, CA
5	Atlanta, GA	5,975	4,894	25.8%	26.5%	New York, NY	New York, NY
6	Dallas, TX	5,250	2,941	29.1%	23.8%	Los Angeles, CA	Los Angeles, CA
7	Tampa, FL	4,125	2,815	55.4%	53.7%	Orlando, FL	New York, NY
8	Nashville, TN	3,890	1,870	36.8%	29.3%	New York, NY	New York, NY
9	Miami, FL	3,398	2,227	26.1%	25.0%	New York, NY	New York, NY
10	Charlotte, NC	3,361	2,450	39.6%	40.2%	New York, NY	New York, NY

*Combined statistical areas with at least 500 users in Q3 2020
†Negative values indicate a net outflow; among the 2 million users sampled for this analysis only

People are looking to move away from New York, San Francisco and Los Angeles

New York, San Francisco, Los Angeles, Washington, D.C. and Chicago had the biggest net outflows in July and August, as they did in the second quarter. Expensive coastal areas typically top the list of places Redfin.com users are looking to leave.

“People are leaving New York City because they want bigger, better homes for the same price, and they can get them outside the city,” said local Redfin agent Ken Wile. “Many people who were living in relatively small $1 million or $2 million apartments no longer need to live close to their office because they’re working remotely, and now they want more space and a separate, quiet space for Zoom calls. Plus, they want to take advantage of low mortgage rates.”

The portion of Redfin.com users in New York looking to move away has declined since last year, but that’s likely because a lot of New Yorkers searching for homes elsewhere have already left the metro, so their search origins reflect their current location.

In San Francisco, 24.2% of local Redfin.com users searched for a home in a different metro area in July and August, up from 21% during the same time period last year. The share of Redfin.com users looking to leave Los Angeles, Washington, D.C. and Chicago has also increased since last year.

Top 10 Metros by Net Outflow of Users and Their Top Destinations

Rank	Metro*	Net Outflow†	Net Outflow LY	Portion of Local Users Searching Elsewhere, July and August 2020	Portion of Local Users Searching Elsewhere, July and August 2019	Top Destination	Top Out-of-State Destination
1	New York, NY	40,030	29,757	35.3%	39.7%	Boston, MA	Boston, MA
2	San Francisco, CA	36,436	23,515	24.2%	21.0%	Sacramento, CA	Seattle, WA
3	Los Angeles, CA	18,949	14,257	16.9%	16.1%	San Diego, CA	Las Vegas, NV
4	Washington, DC	12,458	7,517	13.6%	11.8%	Salisbury, MD	Salisbury, MD
5	Chicago, IL	5,505	3,988	11.9%	10.5%	South Bend, IN	South Bend, IN
6	Denver, CO	5,308	2,784	26.9%	23.4%	Seattle, WA	Seattle, WA
7	Seattle, WA	4,810	1,387	14.1%	11.4%	Bellingham, WA	Los Angeles, CA
8	Milwaukee, WI	2,068	981	37.3%	39.7%	Chicago, IL	Chicago, IL
9	Indianapolis, IN	1,412	317	36.6%	29.3%	Chicago, IL	Chicago, IL
10	Rockford, IL	888	345	87.4%	-	Chicago, IL	Madison, WI

*Combined statistical areas with at least 500 users in Q3 2020
†Among the 2 million users sampled for this analysis only

The post Sacramento, Austin and Phoenix Are the Most Popular Destinations For People Searching For Homes Outside Their Metro Area appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Affordable Areas Outside Big Cities Are Heating Up the Fastest As the Pandemic Changes ...

Tue, 22 Sep 2020 04:33:18 GMT

Relatively inexpensive areas outside major cities—like El Dorado County, just east of Sacramento, and Camden County, across the river from Philadelphia—are gaining ground with homebuyers as New York City and San Francisco lose steam.

Housing markets that offer homebuyers more bang for their buck and are located outside of major cities—but within driving distance—are heating up, with relatively affordable places including El Dorado County, CA and Camden County, NJ rising in popularity as house hunters take advantage of remote work and record-low interest rates. Nine of the 10 markets where homebuyer competition has intensified the most since last year have median sale prices below $500,000 despite seeing price growth of at least 10% over the last year.

Meanwhile, iconic coastal hubs such as New York and San Francisco are losing their luster as the coronavirus pandemic accelerates an exodus out of dense, expensive job centers. Seven of the 10 markets that have cooled most in the last year are located in New York (including four of the five New York City boroughs; Manhattan was excluded from this analysis due to insufficient data) and seven have median sale prices above $500,000.

This is according to a Redfin ranking of the U.S. housing markets that have heated up and cooled down the most over the past year. Our ranking of the top 10 and bottom 10 U.S. counties 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.

Relatively affordable areas outside big cities—like El Dorado County, CA and Camden County, NJ—are heating up most

El Dorado County, CA came in first place, with measures of homebuyer competition surging faster than any other U.S. county in the last year. Spanning from the eastern outskirts of Sacramento to the southern half of Lake Tahoe (but not including the city of Sacramento, which is in Sacramento County), the region has seen home sales skyrocket nearly 60% over the last year as buyers have flocked from the Bay Area, despite the fact that it’s located in a fire-prone area, with the most recent wildfire igniting in early September. It’s the most expensive county in the top 10, with a median sale price of $550,000, but that’s relatively affordable compared with $1.45 million, the median sale price in nearby San Francisco. Scroll down to see a full table of the top 10 counties.

“We’re seeing a huge influx of buyers coming to El Dorado County from the Bay Area,” said local Redfin agent Ellie Hitchcock. “With so many large tech companies allowing employees to work from home for the foreseeable future, homeowners in San Francisco are selling their two-bedroom, two-bathroom Condo and buying a 5,000-square-foot home with five bedrooms and five bathrooms on an acre of land here for the same price. It’s simply a no-brainer.”

The Sacramento metro area, where El Dorado County is located, was the most popular destination for homebuyers looking to relocate in July, according to an analysis of Redfin.com users. San Francisco was the top origin for out-of-area buyers looking in the Sacramento area.

“The rise of working from home and the need for more space to accommodate that new lifestyle is bringing people to El Dorado County,” Hitchcock continued. “Conveniently, buyers can afford a lot more house today than they could last year due to historically low interest rates”

In second place was Camden County, NJ, a region of southern New Jersey located just across the Delaware River from Philadelphia. Homes in the area have been selling fast, spending a median of 28 days on the market in July, compared with 47 days a year earlier. While prices have climbed 13% since last year, homes still sell for a median of $215,000—well below the national median.

“Camden’s economy has changed dramatically over the course of its history,” said Redfin chief economist Daryl Fairweather. “The city of Camden is still recovering from the devastating effects of housing discrimination and redlining. But more recently, the state of New Jersey has made a concerted effort to revitalize the area by offering corporate tax incentives. The revitalization seems to be improving Camden’s appeal to outsiders, but local first-time homebuyers could see themselves priced out of the market.”

Camden County saw a 500% increase in net inflow of Redfin.com users searching for homes in the second quarter (a net inflow means more people are looking to move in than to leave).

“I’m seeing a lot of buyers coming in from Philly—especially young people who want to stop renting and start owning,” said Jackie Imperato, a Redfin agent in southern New Jersey. “New Yorkers and North Jersey folks are also flocking here because they want to escape the city due to the pandemic.”

Imperato also works in Gloucester County, which is adjacent to Camden County and ranked ninth on the list of markets that have heated up the most.

“You can buy a 3,000-square-foot home with an acre of grounds and a highly rated school district for $350,000 in Gloucester County. In parts of north Jersey, you’d be living in a bungalow for that price,” Imperato added. “With interest rates this low, there are probably a lot more buyers than we know of waiting patiently to find their dream homes, but there just aren’t enough houses for sale.”

The shortage of properties on the market is driving up competition in Gloucester and Camden counties, according to Imperato, who said most homes up for sale are receiving at least five offers. Imperato is working with one buyer from Philadelphia who has made 22 offers in Gloucester County. The client, who has been approved for an FHA home loan, keeps getting beat out by other buyers whose offers are more competitive because they’ve been approved for conventional loans. FHA loans require lower down payments and have a lower credit-score threshold than conventional loans, which is why, in a bidding war, some sellers may view them as less desirable than a conventional loan.

Housing Market Summary of U.S. Counties That Have Heated Up the Most (July 2020*)

Rank	U.S. County	Parent Metro Area	Median Sale Price	Median Sale Price, YoY Change	Homes Sold, YoY Change	Median Days on Market	Median Days on Market, YoY Change (in Days)	Share of Homes that Sold Above List Price	Q2 Net Inflow of Redfin Users Searching in Area, YoY Change
1	El Dorado County, CA	Sacramento, CA	$550,000	10.0%	57.3%	28	-7	32.2%	107%
2	Camden County, NJ	Camden, NJ	$215,000	13.2%	9.5%	28	-19	37.1%	512%
3	Columbia County, OR	Portland, OR	$350,000	13.3%	17.3%	18	-11	40.0%	78%
4	Fairfield County, CT	Bridgeport, CT	$490,000	16.7%	34.0%	70	1	24.7%	862%
5	Morgan County, IN	Indianapolis, IN	$200,000	14.3%	19.1%	7	-11	32.8%	133%
6	Comal County, TX	San Antonio, TX	$342,100	9.8%	44.4%	55	-11	18.2%	78%
7	Cowlitz County, WA	Longview, WA	$329,000	17.9%	26.6%	9	-5	52.9%	-3%
8	Fauquier County, VA	Washington, DC	$475,000	13.1%	33.3%	42	-8	29.7%	-11%
9	Gloucester County, NJ	Camden, NJ	$224,500	12.3%	10.7%	31	-17	37.2%	64%
10	Spotsylvania County, VA	Washington, DC	$344,950	17.8%	9.1%	30	-8	36.1%	15%
	National	–	$323,000	8.1%	9.8%	35	-1	29.9%	–

*Net inflow data covers the second quarter of 2020

Expensive, dense areas—especially in New York—are cooling down

Bronx County, NY, more commonly known as the Bronx, ranked number one on the list of U.S. housing markets that are cooling down. It is one of seven other New York markets, including Brooklyn, Queens and Staten Island, that are in the bottom 10. Home sales in the Bronx have plummeted 43% since last year while the number of Redfin.com users searching in the area dropped 16% in the second quarter.

“People want out of New York City,” said local Redfin agent Ken Wile. “This pandemic has changed everybody’s lives. People who had to commute to the city no longer have to, so they want more space, more value and more nature.”

More than a third (34.2%) of Redfin.com users from the New York metro area looked to relocate in July—a higher share than any other metro.

Many people leaving New York City are moving north to Westchester and Putnam counties, Wile said, though he hasn’t noticed many people leaving New York state altogether.

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 region has seen a greater increase in price drops than any other major metro, with a quarter of sellers cutting prices. Still, San Francisco’s median sale price remains sky-high at nearly $1.5 million.

“I’ve been telling sellers that if they’re not willing to compromise on price after a couple of weeks, they’ll probably be holding onto their home for two to four more years,” said San Francisco Redfin agent Gabrielle Bunker. “A lot of sellers are having a hard time coming to terms with that—they’re really, really wishing that the market was the way that it was six to nine months ago.”

“Between the aging infrastructure, congestion, exorbitant home prices, unresolved concerns for people who are experiencing homelessness, and now the pandemic, some people are over San Francisco,” Bunker continued. “We have renters here who are 30 years old, running huge budgets for their companies, making $150,000 a year, and are still living with roommates because they can’t afford to buy a home. And for homeowners, the area’s property tax dollars can become frustrating when city services and improvements are out of step with large bi-annual tax payments.”

“For years, people have been sticking around San Francisco for work even though they weren’t necessarily loving the San Francisco experience. Now they’re seeking out greener pastures because they finally can, with employers letting workers relocate in exchange for slightly reduced salaries,” Bunker added. “What I’m seeing is people getting out of the city but staying local—they’re looking in places like Sausalito and Mill Valley. They don’t want to go too far because the Bay Area still has a lot to offer, like proximity to Lake Tahoe and wine country.”

Housing Market Summary of U.S. Counties That Have Cooled Down the Most (July 2020*)

Rank	U.S. County	Parent Metro Area	Median Sale Price	Median Sale Price, YoY Change	Homes Sold, YoY Change	Median Days on Market	Median Days on Market, YoY Change (in Days)	Share of Homes that Sold Above List Price	Q2 Net Inflow of Redfin Users Searching in Area, YoY Change
1	Bronx County, NY (The Bronx)	New York, NY	$525,000	5.2%	-43.3%	75	10	18.3%	-16%
2	San Francisco County, CA	San Francisco, CA	$1,450,000	0.0%	-4.9%	24	5	53.0%	-7%
3	Suffolk County, MA	Boston, MA	$661,000	0.5%	-8.7%	21	5	39.3%	-10%
4	Kings County, NY (Brooklyn)	New York, NY	$825,000	-9.8%	-50.7%	110	6	7.7%	5%
5	Dutchess County, NY	Poughkeepsie, NY	$328,000	2.5%	-13.8%	71	22	24.4%	-117%
6	Ontario County, NY	Rochester, NY	$204,000	-11.9%	-31.2%	20	3	40.2%	-125%
7	Rensselaer County, NY	Albany, NY	$188,040	-1.0%	-12.9%	30	3	38.0%	-243%
8	Queens County, NY (Queens)	New York, NY	$550,000	-6.8%	-38.6%	89	23	11.7%	160%
9	Norfolk County, MA	Boston, MA	$560,000	2.7%	-7.3%	21	5	45.7%	-167%
10	Richmond County, NY (Staten Island)	New York, NY	$550,000	0.0%	-38.8%	61	16	7.9%	-65%
	National	–	$323,000	8.1%	9.8%	35	-1	29.9%	–

*Net inflow data covers the second quarter of 2020

Methodology

This report provides a prediction of the U.S. housing markets that have heated up and cooled off the most by creating a ranking of U.S. counties based on year-over-year growth in the following metrics in July 2020: median sale price, median days on market, number of homes sold and share of homes that sold above list price. To make it into the ranking, counties had to have at least 30 home sales in July 2020. The net inflow of Redfin.com users searching online for homes in each county during the second quarter also factored into the ranking.

The post Affordable Areas Outside Big Cities Are Heating Up the Fastest As the Pandemic Changes Homebuyers’ Priorities appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Sustainable Living: 10 Tips for a Greener Home

Mon, 21 Sep 2020 18:00:46 GMT

Imagine a house where every electronic component and device is powered by the sun. Where every raindrop that hits your roof is used to water the yard, even on dry days. Where your trash is turned into fertilizer, which in turn is used to grow produce for your dining room table. Surprisingly, this idea of sustainable living already exists for many homeowners and can also be a reality for your home. We’ve compiled a list of important changes you can make to your home to lessen your impact on the environment, reduce your utility bills, and achieve a more sustainable lifestyle.

1. For sustainable living, switch to LED or CFL lights

Lighting accounts for about 9 percent of a typical home’s energy use. A cheap and simple way to reduce your energy bill and your environmental footprint is to replace all your light bulbs with LED bulbs. On average, LED bulbs consume 80% less energy when compared to incandescent light bulbs. These newer bulbs also last about 20 times longer than regular bulbs, meaning fewer of them end up in the landfill. Another benefit of LED bulbs that is often overlooked is the amount of heat they emit. Standard bulbs emit a lot of heat, which means your air conditioner has to run harder in the summer to compensate. LED lights emit less heat, which directly and indirectly can save even more energy. LED bulbs have also evolved over the years to fit all types of needs, from recessed lighting to dimming switches.

2. Seal gaps around doors and windows

Older homes tend to have gaps around doors and windows that let in outside air or let heat escape in the wintertime. If your home has gaps, the air coming from your HVAC system will be going out the window. This will make your energy bill increase and your carbon footprint larger. Putting weather stripping around doors and windows will save you money on your heating and cooling bill, and will make your home more energy-efficient. You can buy weatherstripping from any hardware store and install it yourself in a matter of hours.

3. Fix leaking toilets and faucets

Leaking toilets and faucets may not seem like a big deal, but they can waste a lot of water. According to EPA.gov, 10 percent of homes have leaks that can waste up to 90 gallons or more of water per day, and the average household’s leaks can account for more than 10,000 gallons of water wasted every year. For more sustainable living, these leaks need to be repaired. Pay attention to any dripping noises you might hear around the house. And, pay close attention to your water bill. An unexplainable spike in your monthly statement can be a sign of a leak.

If you notice a leak, you’ll need to call a plumber to assess the situation. If left untreated, the fixture may need to be replaced or your pipes may need to be fixed. This will cost you much more in the long run. It’s especially important to stay vigilant if you plan to sell your home, plumbing is part of every standard home inspection. If there are leaks, it may signal to potential buyers that you haven’t been maintaining the home.

4. Create a recycling and compost station

Most cities will now pick up and process recyclable material, and several cities including Portland, OR, and Seattle, WA, will also pick up compostable food material and yard waste. To make recycling and composting as easy as possible, make sure to have bins for trash and recycling in more rooms than just the kitchen. A lot of recyclable material is thrown away in home offices and bathrooms just because the recycling bin is too far away.

Did you know that 50% of trash that homes produce is composed of food scrap? When these scraps of food go to the dump, they serve no purpose. But if you have a compost bin in your home, you can use those scraps to make fertilizer for your garden. Most outdoor composters cost between $100 and $600, depending on how large and secure they are. To avoid attracting pests, make sure to get one with a tight-fitting lid and a secure hatch at the bottom for removing fertilizer when it’s ready to be put to work.

5. Collect rainwater to water your plants

One night of rain can dump 300 gallons of water on the roof of your house, much of which flows into the street, collecting street pollutants like oil, fertilizer, cigarette butts, and animal waste. The runoff ends up in your city’s stormwater collection system, which dumps into public waterways. Meanwhile, most homeowners use sprinklers to water their lawn and garden, which is a waste of all of the water that could be collected naturally.

Rainwater collection barrels can be part of the solution, especially in drier, drought-prone climates. To install them, consider hiring a professional to clip your gutters and redirect them to pour into the barrel. You can attach a hose to the barrel, or you can simply use a watering can to move the water from the barrel to your plants or garden. This can have a positive impact on sustainable living and conserving water outdoors.

6. Insulate your attic and install an attic fan

Since heat rises and our roofs are known for absorbing the sun’s heat, your attic tends to be much warmer than the rest of your home during the summer months. If your attic is properly insulated, it will act as a tight seal for the air in your house, keeping conditioned air from escaping so your HVAC systems don’t have to work extra hard. The level of insulation that you need depends on where you live. You’ll need to hire a contractor to insulate your attic properly using a variety of materials.

Installing an attic fan is another excellent way to reduce the amount of energy spent on heating and cooling your home, and can reduce the potential for moisture buildup in your attic. Attic fans are mounted on your roof and push hot air out of your attic, helping to keep your home cooler in the summer months and reduce your air conditioning bill. These work particularly well if your attic is already well insulated. Attic fans can be programmed on a thermostat to turn on once the attic reaches a certain temperature, and there are even solar-powered options for even more sustainable living.

7. Install solar panels

Solar panels will reduce your energy consumption and your energy bill. Solar panels are an excellent way to practice sustainable living at home. For an average-sized house, the installation of solar panels can cost from $11,000 to $15,000 after tax credits. While that may seem like a lot, the panels will pay for themselves over time, and significantly reduce your carbon footprint.

As a homeowner, you have a couple of options for solar panels: you can lease or buy.

If you lease them, you will have to make a down payment plus pay some interest, but the company will monitor and maintain the system during the entirety of your lease.
If you buy them, you don’t have to pay interest, but the maintenance is your responsibility after the initial term of the contract runs out. Note that if you sell your home while leasing, the buyer will need to take on the obligations of the lease.

In most cases, the lease payment is less than your electricity bill, and if you purchase them, you won’t have an electricity bill at all. However, you may have to pay a small fee to your utility provider each month to connect the panels to the utility grid. Solar panels are an excellent way to conserve energy by producing your own, and can pay for themselves within 10 to 20 years.

8. Install low-flow showerheads and toilets

Older showerheads release approximately five gallons of water a minute, which adds up quickly, especially if you have multiple people showering in the house. According to EPA.gov, showering accounts for nearly 17 percent of residential indoor water use for the average family. Low-flow showerheads, such as those with the WaterSense label, use less than two gallons per minute, conserving more water and cutting down your water bill. Because these shower heads use less water they reduce demands on water heaters which saves energy as well.

Toilets are by far the main source of water use in the home, accounting for nearly 30 percent of an average home’s indoor water consumption. Older toilets use as much as six gallons per flush, while newer, more efficient toilets use about one gallon or less. You can reduce water used for toilets and money spent on your water bill by replacing old toilets with newer water-efficient models.

9. Purchase energy and water-efficient appliances

When it comes time to replace an appliance, it’s best to choose an energy-efficient version if you want to achieve sustainable living. If you need to replace any household appliances like dishwashers, washing machines, dryers, ovens, and refrigerators, look for Energy Star labels. Energy Star is a partnership between the EPA and appliance manufacturers. The label shows consumers that a third-party has verified that the product is low water and low energy. They cost more than a regular appliance but are offset by lower water and energy bills.

10. Maintain or replace your water heater

Old water heaters use gas to heat 50 to 70 gallons of water at all times, even when you’re most likely not using it. If you turn it down a few degrees, from 110 to 105, and put an insulating wrap around it, you will save a lot of energy. Installing a tankless water heater is even a better option. It only heats water when you need it, using electricity only when it’s engaged. And because it’s electric, it will work well with solar panels.

Gas water heaters only last 12 to 15 years, which means millions of them are dumped in the landfill every year. Tankless water heaters are much smaller and last about twice as long, so there’s less landfill waste. If you have an old water heater consider hiring a professional to come inspect it or even replace it with a tankless system.

Sustainable living can be achieved by making any or all of the changes listed above. Any action you take to make your home more green will certainly help reduce your environmental impact.

The post Sustainable Living: 10 Tips for a Greener Home appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.