Lily Katz, Taylor Marr, Author at Redfin Real Estate News

The Price of Opportunity: Homes Cost 38% More in Neighborhoods That Offer the Best Shot at Upward Mobility

August 14, 2023

The typical home purchased in high-opportunity U.S. neighborhoods went for $470,000 last year—$130,000 more than the typical home in low-opportunity areas. The price premium for opportunity is highest in segregated parts of the Midwest and South; in Detroit, homes in high-opportunity areas are nearly four times more expensive than those in low-opportunity areas. High-opportunity neighborhoods

Just 1% of the Nation’s Homes Have Changed Hands This Year, the Lowest Share in at Least a Decade

July 18, 2023

14 of every 1,000 homes changed hands in the first half of 2023, compared to 19 of every 1,000 during the same period in 2019. The pandemic homebuying boom depleted supply, and it hasn’t been replenished because homeowners are hanging onto their relatively low mortgage rates. The turnover rate for large suburban houses has declined

How Much Are Home Prices Rising or Falling? The Answer Depends More on Location Than it Has in Over a Decade

May 23, 2023

Prices are falling by double digits in the Bay Area and rising by double digits in South Florida–a gap that’s near a 30-year high. The wild pandemic-era housing market made price growth trends more local than they had been since 2009. Real estate trends have been more local in the last year than they have

There Are Only Four Major U.S. Metro Areas Where It’s Cheaper to Buy a Home Than Rent

May 19, 2023

Buying is more affordable than renting in Detroit, Philadelphia, Cleveland and Houston. The largest homeownership premium is in the Bay Area, where it’s twice as expensive to buy than rent. Nationwide, the typical home costs an estimated 25% more per month to own than rent. A drop in mortgage rates would cause the homeownership premium

Nearly Half of Home Sellers Are Making Concessions to Woo Buyers

March 15, 2023

Sellers are offering to cover the cost of repairs, mortgage-rate buydowns and closing costs as rising interest rates dampen homebuyer demand. Pandemic boomtowns and pricey coastal markets, including Phoenix and Seattle, have seen the biggest increases in concessions. A record 13% of home sales include a price cut and a final sale price below the

There Were Half as Many Affordable Homes for Sale in 2022 as There Were in 2021

March 3, 2023

1 in 5 home listings was affordable for the typical U.S. household, down from 2 in 5 in 2021. White households had three times as many affordable options as Black households. Can’t find a home you can afford? It’s not just you. Roughly one in five (21%) U.S. homes for sale in 2022 was affordable

Taylor Marr

Most Recent