- Redfin data underscores soaring valuations across small towns and vacation markets
- Expensive East Coast job centers cooling
Vacation Towns & Suburbs the Most Heated Markets Over This Last Year
Since the COVID pandemic took off over the last year, housing markets in second-home vacation towns and relatively affordable suburbs have generated the most heat.
Redfin analyzed both the 10 US housing markets generating the most uptick in valuations and the ten markets that have cooled the most. The online brokerage firm based its rankings on y/y changes in home prices, home sales, share of homes sold above list prices, speed of home sales and its own website searches.
Markets with the Most Heat
El Dorado County in CA, home to the eastern outskirts of Sacramento up to the southern part of Lake Tahoe, led the pack. Santa Cruz County CA, 75 miles south of San Francisco, followed El Dorado by offering a do-able , several-days-a-month commute for hybrid workers who need a combination of in-office working and remote working that enables surfing, beach-going and hiking for both income and sanity.
Check out the list of Redfin’s Most Heated Markets
Area Y/Y Price DOM Y/Y DOM % + List
Sacramento/ +36% 25 -50 +37.4%
Santa Cruz +18% 38 -50 +49.7%
Bend OR +24% 8 -66 +43.0%
Elgin IL +22% 16 -54 +31.8%
Cape Cod +31% 24 -46 +36.7%
Wash. DC +21% 25 -38 +44.4%
Camden NJ +23% 32 -34 +37.6%
Frederick MD +19% 27 -27 +39.5%
New Brunswick +31% 34 -40 +36.3%
Poughkeepsie +29% 46 -29 +40.7%
Expensive East Coast Job Centers Cooling
The housing market is so hot across the country that even the most “cooling off” markets indicate that prices are up +4% y/y and 23% of homes are selling above list prices.
Note that Arlington County’s housing market did a complete about-face last year when Amazon first announced its HQ2 in that location (soaring prices) and then rescinded its decision (plummeting prices). Also note that the Washington DC area (including both Frederic MD and Charles County MD) is on both “hot” and”cooling”lists.
Likewise, note that single-family homes and/or condos can be simultaneously hot/cold in the same area such as in Crystal City, considered part of the Washington DC area.
Area Y/Y Price DOM Y/Y DOM % +List
Crystal City DC +4% 47 12 +23%
Boston -1% 41 -2 +24%
Queens +5% 67 -19 +11%
Dayton OH +8% 48 -15 +25%
Burlington VT +7% 49 -19 +39%
Wash. DC +11% 45 -8 +31%
Harrisberg PA +3% 15 -19 +31%
Chico CA +7% 38 -11 +37%
Manhattan +0% 184 -34 0%
Brooklyn +0% 113 -22 +5%
Thanks to Redfin
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