Of all the negative things to come out of the COVID-19 pandemic, one positive note has been the United States real estate market. Demanding for housing is way up in 2020 combined with interest rates at historical lows making the market for housing more competitive than ever in 2020.
New data from Lombardo Homes found that over 42% of listings for homes across the country have gone off the market in under two weeks. To learn more about where homes are selling the quickest in America during the COVID-19 pandemic, Lombardo Homes recently analyzed housing market data to try and determine which cities and real estate markets have been the most competitive over the past nine months.
Where homes have sold the fastest during the COVID-19 pandemic
1. Seattle, Washington with 71% of homes off-market in under two weeks with an average of 10 days on the market.
2. Omaha, Washington with 67% of homes off-market in under two weeks with an average of 13 days on the market.
3. Lexington, Kentucky with 67% of homes off-market in under two weeks with an average of 15 days on the market.
4. Denver, Colorado with 65% of homes off-market in under two weeks with an average of 12 days on the market.
5. Indianapolis, Indiana with 65% of homes off-market in under two weeks with an average of 16 days on the market.
6. Portland, Oregon with 62% of homes off-market in under two weeks with an average of 19 days on the market.
7. Oklahoma City, Oklahoma with 60% of homes off-market in under two weeks with an average of 19 days on the market.
8. Sacramento, California with 59% of homes off-market in under two weeks with an average of 16 days on the market.
9. Oakland, California with 59% of homes off-market in under two weeks with an average of 16 days on the market.
10. Tulsa, Oklahoma with 59% of homes off-market in under two weeks with an average of 22 days on the market.
11. Fresno, California with 57% of homes off-market in under two weeks with an average of 20 days on the market.
12. San Diego, California with 55% of homes off-market in under two weeks with an average of 20 days on the market.
13. Tampa, Florida with 54% of homes off-market in under two weeks with an average of 25 days on the market.
14. Austin, Texas with 53% of homes off-market in under two weeks with an average of 25 days on the market.
15. Detroit, Michigan with 52% of homes off-market in under two weeks with an average of 26 days on the market.
16. Chicago, Illinois with 52% of homes off-market in under two weeks with an average of 34 days on the market.
17. New Orleans, Louisiana with 51% of homes off-market in under two weeks with an average of 39 days on the market.
18. Bakersfield, California with 51% of homes off-market in under two weeks with an average of 26 days on the market.
19. San Jose, California with 50% of homes off-market in under two weeks with an average of 22 days on the market.
20. Baltimore, Maryland with 49% of homes off-market in under two weeks with an average of 31 days on the market.
21. El Paso, Texas with 48% of homes off-market in under two weeks with an average of 43 days on the market.
22. San Francisco, California with 48% of homes off-market in under two weeks with an average of 23 days on the market.
23. Louisville, Kentucky with 48% of homes off-market in under two weeks with an average of 31 days on the market.
24. Minneapolis, Minnesota with 47% of homes off-market in under two weeks with an average of 24 days on the market.
25. Houston, Texas with 47% of homes off-market in under two weeks with an average of 40 days on the market.
Lombardo homes also found that on average it takes 3.5 months for a home buyer to spend searching for a new home. The average home buyer looks at 7 houses on average before deciding to purchase a home. Respondents were split on whether or not the COVID-19 pandemic accelerated the home buying process. 53% said that they COVID-19 pandemic did in fact accelerate the home buying process for them. 47% send that the pandemic did not accelerate the home buying process. Home buyers did say they had to compete against more offers during the pandemic with an overwhelming majority (73%) saying they had to compete against multiple offers. Only 27% of home buyers said they did not see more competition during the pandemic.
On top of more competition, home buyers reported issues with a house they had interest in being sold before they could formally make an offer for the home. 73% of home buyers reported the house they wanted selling before they could make an offer for the home. The way that home buyers searched for homes also saw some trends shifting the pandemic as well. In May of 2020, 51% of home buyers said they found homes through an agent or realtor, 38% found homes by searching online and only 11% said they passed the home in their current neighborhood. Compare that to October of 2020 just 5 months later and 65% of home buyers said they were currently searching for homes online. 32% said they were using an agent or realtor and only 3% said they passed by. As you can see home buyers are shifting towards online shopping for homes during the pandemic.
Certain features in the home itself became more important for home buyers during the pandemic as well. One in three surveyed respondents said a dedicated home office space is the most important home feature in 2020. This is largely because of all the people working from home as a direct result of the COVID-19 pandemic. Kitchen sizes and room sizes also became more appealing to home buyers during the pandemic.
Infographic by: lombardohomes
