This browser does not support the Video element.
Home-buying market sizzles into the summer
Beverly Harzog from U.S. News & World Report breaks down the home buying market and recent trends affecting Americans.
The housing market remained active throughout the pandemic but movers may have taken into account the effects of the economic downturn, as research shows that many people chose to move to a more affordable area in 2020.
People who moved last year went to areas where houses were tens of thousands of dollars cheaper and 33-square feet larger on average, according to United Van Lines data analyzed by Zillow.
The top five metro areas where people fled from were Chicago, New York, Los Angeles, San Diego and San Francisco. On the other hand, the top five markets where people moved in were Phoenix, Charlotte, Austin, Dallas, and Sarasota, Fla.
DOWNLOAD THE FOX 32 NEWS APP FOR BREAKING ALERTS
The difference between the average home values in the cities where people left ($419,344) and where they moved ($392,381) was about $27,000.
In order to get a larger home at a better value, Zillow researchers noted that many people moved to the suburbs. That trend was exacerbated by the pandemic, which allowed more individuals to permanently telework, and therefore, proximity to an office location was no longer a motivating factor in location choice.
This browser does not support the Video element.
A dive into Chicago-area home buying trends
Amanda Pendleton, a home trends expert with Zillow, talks about the latest movements in the Chicago real estate market and what to keep an eye out for as spring gets underway.
Finding lower home prices is a challenge in the current housing market, where prices have been consistently climbing.
As previously reported by FOX Business, the median listing price of new homes rose by 13.6% year over year for the week beginning June 5, marking the 43rd consecutive week double-digit increases.
SIGN UP FOR EMAIL UPDATES FROM FOX 32 NEWS
The median home listing price in May was $380,000 – a record-high.
Inventory remains constrained, which is contributing to price increases. Active inventory during the week of June 5 was down 46% year over year, according to Realtor.com. And available houses are moving quickly – staying on the market for an average of 39 days in May.
More on Fox Business.