Remote working conditions that were increased by the COVID-19 pandemic caused housing markets in vacation destinations and relatively affordable suburbs of big cities to heat up, according to a report from Redfin. The company reported that places like Lake Tahoe, Cape Cod and suburbs of Chicago and New York City are gaining popularity with homebuyers who are prioritizing affordability and personal preferences such as proximity to nature and recreation, over living close to the office.
"Parts of El Dorado County, like Lake Tahoe and the upscale community of El Dorado Hills, have been hot throughout the pandemic, partly thanks to remote work," said local Redfin agent Ellie Ruiz Hitchcock. "About half of buyers in El Dorado Hills are coming from the Bay Area and half are locals, including people coming from neighboring Sacramento, who are upgrading their homes. Tech workers moving out of Silicon Valley are seeking larger homes, more overall space and a simpler lifestyle at a fraction of the cost. Most homes in the area are receiving multiple offers."
Meanwhile, housing markets in expensive job centers like Arlington County, VA, home of Amazon's second headquarters in Crystal City, are seeing cooling periods. However, despite the cooling, Redfin reports that prices are still up 4% compared to 2020 and 23% of homes are selling above list price.
"Although single-family homes in residential parts of Arlington County are still hot and most are receiving multiple offers, condos have cooled down since the pandemic started a year ago," said local Redfin agent Mara Gemond. "Arlington County is developed along a transportation corridor, with dense, high-rise condos located within two or three blocks of metro stations, then townhouses a little farther away, then single-family once you get out into the residential neighborhoods. Those blocks right next to the metro have taken a nosedive because people want bigger houses, they don't want to share spaces with their neighbors and they're realizing they don't need to live close to transportation if they're not commuting into the office."
Click here to read more from the Redfin report.
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