A Coast-to-Coast Snapshot at the Impact of the Coronavirus on the Housing Market

Tuesday June 2, 2020

Over the course of the last few months, life for many, all over the world, has changed significantly and suddenly. On the list of things we expected for 2020, many of us probably wouldn't have put "worldwide pandemic" on our list — but one truth about life is that we can often expect the unexpected. The Coronavirus has caused a shift to a new normal in many aspects of our lives — and the housing market is no exception.

Here's a quick look at the current state of the real estate market in a few cities coast to coast:

New York: In New York City, which as many know was hit particularly hard by the pandemic, the housing market has come to a near standstill for the time being, as stay-at-home orders approach their third month.

Los Angeles: In Los Angeles, in-person home showings are almost totally banned, which has caused the real estate industry to rely heavily on digital solutions to keep the market moving.

Dallas: ATTOM Data Solutions recently released a Special Report spotlighting housing markets around the United States that are more or less vulnerable to the impact of the Coronavirus pandemic, and found that the Dallas-Fort Worth housing market is one of the least vulnerable in the nation to a housing market collapse.

Chicago: Unlike Dallas, according to the ATTOM Data Solutions report, Chicago is one of the areas of the country most vulnerable to the effects of the COVID-19 pandemic from a real estate perspective. By way of example, last year there were 528 new single-family home listings in Chicago for the week ending April 4 compared to only 255 this year - a 52% drop, and 971 new condo townhome listings for the same timeframe last year compared to only 352 this year - a 64% drop.

Miami: In Miami, total home sales have actually inched up by 0.43% from last year, moving from 2,313 in March 2019 to 2,323 in March 2020. Single-family home transactions increased by 1.6%, and sales of condos decreased.

Unfortunately for home buyers inventory is down in most markets, although we expect more homes to enter the market as we recover.

At this early juncture, uncertainty still remains with respect to how broadly the virus will spread, and what its lasting impact might be — on public health, on the economy, and on the real estate market. Hopes are high that the housing market, and many other aspects of life will bounce back and rebound quickly.

Regardless of when that happens, however, at www.GayRealEstate.com, in good times and bad, we're here for you. We're passionate about helping our LGBTQ community meet their real estate needs, both when the market is strong, and when it's not. Whatever your real estate needs, and whenever you need the highest quality professional assistance to meet those needs, we're available. Connect with an agent online at www.GayRealEstate.com, or call us Toll Free 1-888-420-MOVE (6683) today and let us know how we can help.

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