- Realtor.com looks at how markets are recovering as states begin to re-open
- Realtorcom compiled “recovery index” that includes online search activity growth, number of new listings, asking prices and time on the market
- Market gains are variable across country
The real estate market is “recovering” from the market standstill that hit the country with the pandemic outbreak and restrictions associated with the outbreak.
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Like all else in real estate, location matters when it comes to “recovery.” Realtor.com put together a “recovery index” to get a handle on how, which and where recovering markets are doing and have come up with a list for both Most and Least recovering Housing Markets.
Realtor.com the number 100 as a pre-pandemic baseline number – markets earning scores of more than 100 were considered to be “recovering markets” and markets earning scores of less than 100 were considered to be lagging behind pre-pandemic levels. Realtor.com used the following metrics that, when combined, earned each housing market its “recovering” score:
- Growth in online search activity
- Number of new listings
- Asking prices
- Time on the market
Clearly, record-low interest rates are driving sales and record-low inventory is defining the market as a seller’s market. States in the Northeast and West are showing the most “recovery” while the South and Midwest are dealing with an uptick in COVID cases, pandemic restrictions and re-closings, and economic uncertainty.
Take a look at realtor.com’s MOST and LEAST Recovery Index Scores for housing markets around the country:
Most-Recovered Markets with adjacent recovery interest scores as of July 11:
- Seattle 115.5
- Boston 114.1
- Denver 109.3
- Philadelphia 109.2
- New York 108.1
- Los Angeles 108.1
- Las Vegas 107.3
- San Francisco 106.1
- San Diego 106.0
- Washington DC 105.6
Least-Recovered Markets with adjacent recovery interest scores as of July 11:
- Milwaukee 85.9
- Oklahoma City 88.4
- Louisville KY 92.1
- Birmingham AL 92.2
- Minneapolis 92.6
- Columbus OH 92.6
- Chicago 92.7
- Atlanta 93.2
- Providence RI 93.7
- Richmond VA 93.7
Thanks to realtor.com.