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Markets Impacted by COVID-19

pending home sales

Analysis by Clever found Albany, New York, and Houston reported the largest increase in demand since COVID-19.

Data found that in mid-April, homes were sitting on the market in Albany longer than normal, about 122 days, and 35% of homes were sold within two weeks of listing. Also, just 2% of active listings were pending sale in April. This share rose to almost 9% by mid-June.

The average list price in Albany rose by $12,612 and 21.1% of homes reported price declines.

Houston reported record sales in June and contracts increased by more than 200% in relation to active inventory. Homes in Houston are staying on the market for about six more days than they were in April when the median time on the market was about 54 days.

Clever reports that Houston sold 390.7 more homes in June when compared to the low point in mid-April. The median list price rose by more than $19,000.

The Texas Medical Association reported Houston has had more than 55,000 positive COVID-19 cases as of July 8, 2020.

Other metros reporting an increase in demand since COVID-19 include:

  • Harrisburg, Pennsylvania
  • Dallas-Fort Worth, Texas
  • New Orleans, Louisiana
  • Detroit, Michigan
  • Washington, D.C.
  • Cleveland, Ohio
  • Nashville, Tennessee
  • Philadelphia, Pennsylvania

Conversely, Tulsa, Oklahoma, was found to have the largest decline in demand since the pandemic. The contract ratio in the Tulsa area fell by 80% since mid-Aril. Tulsa reported that the proportion of homes sold within two weeks also fell by more than 50% between April and June.

Salt Lake City, Utah, has also been severely impacted COVID-19, as pending homes sales fell from 14% in May to 5% in June. Despite falling buyer demand, median listing prices were nearly $30,000 more during the week of June 15 than they were in April.

Other markets with large drops in demand were:

  • Tucson, Arizona
  • Virginia Beach, Virginia
  • Cincinnati, Ohio
  • Jacksonville, Florida
  • Kansas City, Missouri
  • Knoxville, Tennessee
  • Little Rock, Arkansas
  • Boise City, Idaho

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.
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