WHAT THE HOUSING MARKET LOOKS LIKE IN EVERY STATE
By: Polina Ryshakov, Sr. Director of Research & Lead Economist 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: Texas, Arizona, Idaho, and Nevada
Polina is Sr. Director of Research & Lead Economist, Sundae. She is a Real Estate Economist with more than 15 years of valuation experience across commercial and residential real estate. Her background includes stints with Cushman & Wakefield, Hanley Wood, and Standard & Poor’s. Polina graduated with a double major in Economics and International Relations from the University of California at Davis and has been a CAIA Charter Holder since 2010. 30
