Pandemic Boosts Upper End of Housing Market Coast to Coast
The pandemic is revving up the marketplace for costly properties the place many individuals are spending much more time, luring richer consumers and nudging extra gross sales over the half-million greenback mark from northern California to the New York Metropolis suburbs.
Practically one in 4 residence consumers between April and June purchased homes priced at $500,000 or extra, up from 14% of consumers in the course of the previous 9 months, in keeping with a Wednesday report from the Nationwide Affiliation of Realtors.
House consumers throughout the coronavirus pandemic had a median family earnings of $110,800, in contrast with $94,400 for pre-pandemic consumers, the survey confirmed.
“The consumers who buy throughout Covid[-19] need a bigger residence,” stated Jessica Lautz, vp of demographics and behavioral insights at NAR. “There’s definitely extra properties being bought which might be costly.”