While our country's economy continues to struggle in the wake of coronavirus, more than half of the nation's largest metropolitan areas have had their housing markets recover beyond their pandemic lows. Greater Boston leads the pack.
The housing markets in small cities and suburban neighborhoods have better recovered than high-rise condos and apartments in metropolitan city centers.
The Realtor.com economics team looked at median home asking price growth, the percentage of new listings coming online, the number of days on market that it took homes to sell, and online home search growth to determine which metropolitan areas have recovered the best. These statistics were then compared to the same stats in January.
“Housing tends to be immune from economic downturns and slowdowns," says Realtor.com Director of Economic Research Javier Vivas. That's excluding the past recession, which was caused by a housing bubble. “Right now we’re seeing markets recover faster where they’re able to contain the virus better. Markets with strong technology sectors have been more resilient.”
Boston earned the number one spot on the recovery list, with a median home price of $675,050. However, the new townhomes and condos within walking distance to the city center are now sitting on the market. Yet many of the larger houses in suburban areas have become all the rage again, like this modern 6-bedroom single-family home in Newton for $2,500,000
“Almost overnight the tether between work and home just got infinitely longer,” says New York City–based real estate appraiser Jonathan Miller. “The suburbs of these metro areas, second markets, and the exurbs are all having their day right now. I think it continues in some form after there's a vaccine because the technology is there [to enable folks to continue telecommuting]."
A score of 100% signifies that the market is performing the same as it was in January.
These are the markets that have recovered the most since the beginning of the COVID-19 crisis:
Boston, MA: 122.52%
Seattle, WA: 113.73%
New York, NY: 112.74%
Philadelphia, PA: 112.35%
Denver, CO: 111.66%
San Francisco, CA: 109.27%
Los Angeles, CA: 108.78%
Las Vegas, NV: 107.710%
Rochester, NY: 106.61%
Memphis, TN: 105.9%
What's on the market?