Housing Market Per State

WHAT THE HOUSING MARKET LOOKS LIKE IN EVERY STATE

By: Polina Watts, Director of Valuation for Sundae

Despite the global pandemic as a backdrop, home sale prices went up all across the country in the past year. At the start of the coronavirus pandemic, no one could have predicted what would happen with the housing market. Typically, in a recession, home prices fall and people stay in their homes. The opposite occurred in the fall of 2020. As more and more office workers were given the green light to work remotely, some for an indefinite time period, and mortgage interest rates hit an all-time low, real estate sales spiked in almost every region of the country.

But how long will this housing boom last, and which states are feeling its effects the most? Sundae used data from the U.S. Census Bureau’s 2019 American Community Survey 1-Year Estimates (released in December 2020) and its own 2021 internal data on current housing market trends to compile a list of statistics that show what the housing market looks like in every state. These stats cover what types of homes exist in every state, how many people are owning or renting homes, the value of homes, and how many homes have been on the market over the past couple of months (it’s important to note that some of this data is constantly changing due to the pandemic).

Our featured states this month: Maryland, Colorado, Rhode Island, and New Jersey

Polina Watts is an experienced real estate professional who has led the sale of more than 40,000 properties. Holding a Broker’s license in 10 states, Polly has managed brokerage and escrow operations, property acquisitions, home valuations, and countless negotiations, closings, and deal financing for every type of residential real estate transaction in her 25+ years in the business.

MARYLAND

Sellers in Maryland are enjoying record-high prices and less time on the market once homes go up for sale. Some cities in Maryland, like Baltimore and Elkridge, have been faring better than others, with nearly 1,000 homes selling per month in some places.

Total housing units: 2,470,307 Vacant housing units: 243,540 (1.4% homeowner vacancy rate, 6.3% rental vacancy rate) Median rooms per house: 6.2 Bedrooms: 2.0% no BRs, 10.1% one BR, 21.6% two BRs 36.2% three BRs, 21.9% four BRs, 8.1% five BRs Median gross rent: $1,401 Median homeowner cost: $2,015 (with mortgage), $613 (without mortgage) Average days on the market: 86 (54,001 homes currently) Current median listing price: $315,000 (8.7% less than 2020, 5.0% greater than 2019)

RHODE ISLAND

Rhode Island was a real estate hot spot when the pandemic hit. Homebuyers escaping big cities like New York and Boston converged on Rhode Island suburbs, raising prices and gobbling up luxury properties. The median price for single-family homes in Rhode Island rose from $285,000 to $320,000 almost overnight.

Total housing units: 470,177 Vacant housing units: 63,003 (1.2% homeowner vacancy rate, 7.0% rental vacancy rate) Median rooms per house: 5.3 Bedrooms: 2.8% no BRs, 14.5% one BR, 30.1% two BRs, 37.6% three BRs, 12.0% four BRs, 3.0% five BRs Median gross rent: $1,043 Median homeowner cost: $1,837 (with mortgage), $736 (without mortgage) Average days on the market: 75 (9,190 homes currently) Current median listing price: $289,900 (3.4% less than 2020, 0.0% greater than 2019)

COLORADO

In Colorado, there were more buyers than there were houses in 2020, causing home prices to increase exponentially. Record-low home inventory, fewer days on the market, and homes selling at or above asking price are no longer unusual for the Centennial State.

Total housing units: 2,464,109 Vacant housing units: 229,006 (1.0% homeowner vacancy rate, 4.6% rental vacancy rate) Median rooms per house: 5.7 Bedrooms: 2.3% no BRs, 11.8% one BR, 24.3% two BRs, 33.0% three BRs, 19.8% BRs, 8.7% five BRs Median gross rent: $1,369 Median homeowner cost: $1,845 (with mortgage), $495 (without mortgage) Average days on the market: 65 (93,894 homes currently) Current median listing price: $385,000 (6.1% less than 2020, 4.2% greater than 2019)

NEW JERSEY

In New Jersey, homebuyers leaving New York for a more relaxing way of life may expect they’ll be working remotely for the foreseeable future. In fact, some of the hottest markets in New Jersey—Sussex, Monmouth, and Cape May—do not have easy access to New York, according to NJ Monthly.

Total housing units: 3,641,854 Vacant housing units: 355,590 (1.4% homeowner vacancy rate, 4.2% rental vacancy rate) Median rooms per house: 5.7 Bedrooms: 3.0% no BRs, 14.0% one BR, 25.4% two BRs, 32.1% three BRs, 19.7% four BRs, 5.9% five BRs Median gross rent: $1,376 Median homeowner cost: $2,413 (with mortgage), $1,043 (without mortgage) Average days on the market: 103 (64,645 homes currently) Current median listing price: $329,900 (8.8% less than 2020, 3.1% greater than 2019)

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