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Redfin Survey: Just 6% of Homebuyers Would Cancel Plans to Buy if Mortgage Rates Surpassed 5%

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A late-2017 Redfin-commissioned survey of more than 4,000 people who bought or sold a home last year, attempted to do so, or planned to do so soon revealed the following key findings related to the housing market and the economy:

  • Only 6% of homebuyers said they would cancel their plans if mortgage rates surpassed 5%.
  • The tax reform debate may have fueled anxiety as high taxes were the most common economic concern, cited by 38% of respondents.
  • 77% said they expect home prices in their area to rise in the next year.

This is the second in a series of three reports Redfin will issue based on the survey. The first, focused on politics and society, is here.

Just 6% of homebuyers said they would cancel their plans to buy if mortgage rates surpassed 5%.

Prospective buyers were unfazed by the prospect of rising mortgage rates. As mentioned in Redfin’s 2018 predictions, mortgage rates are expected to rise in the coming year. After hovering below 4 percent at the end of 2017, the average 30-year fixed mortgage rate surpassed 4 percent in January and has been steadily rising, reaching 4.32 percent at the time of this report’s publication.

mortgage rates

Twenty-seven percent of respondents who plan to buy a home in the coming year said that a 5 percent mortgage rate would slow their plans to buy, down two points from responses to a similar question in May.

Only 6 percent of respondents who plan to buy a home in the coming year said that a 5 percent mortgage interest rate would halt their plans to buy, a modest one-point increase from responses to a similar question in May. Meanwhile, 21 percent said they would look in other areas or buy a smaller home, up three points from May. A quarter said such a hike would have no impact on their plans, consistent with our last survey.

The late-2017 tax reform debate may have fueled anxiety as high taxes were the most common economic concern, cited by 38% of respondents.

When the survey launched in early November, a Senate tax reform bill proposed a complete repeal of state and local tax deductions. At that time, there was a great deal of uncertainty about whether and how legislation would change, and how the possible changes would affect different individuals, particularly those who were in the process of buying or selling a home. Final changes to tax code for 2018 resulted in a $10,000 cap on state and local tax deductions.

When asked about concerns facing the U.S. economy, the most oft-cited response was high taxes, with 38 percent choosing it among their top three concerns. Affordable housing ranked second at 33 percent, followed by the income gap between the rich and poor, as cited by 28 percent of respondents.

Economic concerns

Not surprisingly, respondents in California, where residents pay among the highest state, local and property taxes in the country, were even more likely to name high taxes as a top concern, cited by 43 percent of San Franciscans, 45 percent of San Diegans and 42 percent of Sacramento-based respondents. Surprisingly, less than one-third of Los Angelenos cited high taxes as a top concern, though it was still the most common response, followed closely by affordable housing with 30 percent of respondents.

By contrast, affordable housing was the most frequently cited economic concern among respondents in other parts of the country including Seattle (45%) and Portland (44%), where the income gap between the rich and poor ranked second and high taxes ranked third. Affordable housing also ranked highest among Denver-based respondents (46%), with high taxes following behind (30%).

In 2018, we expect tax reform to accelerate the migration pattern we saw last year, away from expensive coastal cities and toward more affordable inland communities.

77% of respondents said they expect home prices in their area to rise in the next year.

The vast majority of respondents agreed that home prices will continue to rise in 2018. Only 6 percent of respondents said they expect any decline in prices, and only 1 percent said they expect prices to fall significantly. Most respondents (52%) said they expect prices to rise slightly, while another 25 percent said they expect a significant increase in prices and 17 percent said they expect no change at all.

price expectations chart

“Tight credit, lack of inventory and high demand are the major factors that tell us there’s no housing bubble, despite rapid price increases,” said Redfin chief economist Nela Richardson. “There are still many more buyers than the current housing supply can support, with no major relief in sight. Strict lending regulations make it much harder to buy a house you can’t afford than during the housing boom a decade ago. Finally, still-low interest rates somewhat offset high prices for some buyers.”

Methodology

Redfin contracted SurveyGizmo to field a study between November 1st and December 6th, 2017 of 4,270 people from the general population who indicated they had bought or sold a home in the past year, tried to buy or sell a home in the past year or plan to do so this year. The survey targeted 14 major metro areas (Austin, Baltimore, Boston, Chicago, Dallas-Fort Worth, Denver, Los Angeles, Phoenix, Portland, Sacramento, San Diego, San Francisco, Seattle and Washington, D.C.).

Respondents consisted of those who successfully bought or sold in the past 12 months, tried to buy and/or sell in the past 12 months or are planning to buy and/or sell in the next 12 months.

Comparisons were made using results from similarly commissioned surveys conducted by SurveyGizmo in May 2017 and December 2016, and by SurveyMonkey in July 2016 and December 2015.

For more information about the survey and its findings, contact Redfin Journalist Services at  press@redfin.com.

The post Redfin Survey: Just 6% of Homebuyers Would Cancel Plans to Buy if Mortgage Rates Surpassed 5% appeared first on Redfin Real-Time.


Strong January Home Price Growth and Declining Inventory Signal Another Competitive Spring for Homebuyers

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Home prices increased 7.8 percent year over year to a national median sale price of $280,500 in January. Sales were down 7.9 percent annually as the ongoing inventory shortage showed no signs of ending. The number of homes for sale in January dropped by 14.4 percent, the largest year-over-year decline in 28 consecutive months of falling supply.

The typical home that sold in January found a buyer after 53 days on the market, six days faster than January 2017. The percentage of homes that sold above list (19.2%) and the average sale to list price ratio (97.8%) were both up slightly compared to January of last year, setting the stage for a spring market that could be even more competitive than last year.

“Sales volume is typically lowest in January, so while sales fell further than normal, it is not a major cause for concern,” said Redfin senior economist Taylor Marr. “Redfin agents in high-tax states reported that some buyers were hesitant in November and December given the uncertainty around tax reform, which passed in late December. This uncertainty contributed to the drop in January home sales. Potential move-up buyers are now reassessing whether it makes sense to list their homes in the face of higher mortgage rates and less favorable tax treatment for their next home. Some buyers have determined lower deductions may be offset by other tax cuts, but those tax cuts won’t hit buyers’ paychecks for a couple months.”

Redfin agents report eagerness among buyers to purchase a home before mortgage rates inch up further and prices rise any higher– if they can find a home they want to buy.

“Many buyers are concerned about interest rates, but the biggest driver of this market is inventory, not rates,” said Redfin Washington, D.C., agent Joe Krupsaw. “None of my clients have said they’ll change their plans to buy if rates increase. I think when rates hit 4.5 percent we’ll see some buyers reassess their budgets and what they can afford, but they won’t stop looking for a home.”

Just 6 percent of respondents to a recent survey commissioned by Redfin said they would cancel their home buying plans if rates rose above 5 percent. Twenty-seven percent said it would cause them to slow their search, 25 percent said it would have no impact, 21 percent said it would increase their urgency to buy, and another 21 percent said they would look for a less expensive home.

Market Summary January 2018 Month-Over-Month Year-Over-Year
Median sale price $280,500 -2.0% 7.8%
Homes sold 157,400 -29.4% -7.9%
New listings 232,600 56.9% -0.2%
All Homes for sale 570,800 -1.7% -14.4%
Median days on market 53 4 -6
Months of supply 3.6 1 -0.3
Sold above list 19.2% -0.7% 0.5%
Median Off-Market Redfin Estimate $250,600 0.7%
Average Sale-to-list 97.8% -0.2% 0.1%


San Jose Homes Sold a Month Faster than Last Year

For yet another month, San Jose was the fastest and most competitive market in the country. The typical home found a buyer in 12 days, 30 days fewer than last January. San Jose homes sold for an average of 9 percent over the asking price, which is the highest sale-to-list price ratio Redfin has recorded in that metro area.

“Buyers in San Jose have shown a complete disregard for recent comparable offers and are coming in swinging in order to win a home,” said Redfin Silicon Valley agent Kalena Masching. “It has gotten to the point where buyers are submitting preemptive offers that are so good it’s not worth the seller to wait for an official offer deadline or the first open house.”

Other January Highlights

Competition

  • San Jose, CA was the fastest market, with half of the homes that sold last month under contract in just 12 days, down from 42 days from a year earlier. Seattle, WA and Oakland, CA were the next fastest markets with 16 and 17 median days on market, followed by Denver, CO (19) and San Francisco, CA (23).
  • The most competitive market in January was San Jose, CA where 75.5% of homes sold above list price, followed by 62.2% in Oakland, CA, 60% in San Francisco, CA, 41.7% in Seattle, WA, and 37.6% in Tacoma, WA.

Prices

  • Memphis, TN had the nation’s highest price growth, rising 24.6% since last year to $162,000. San Francisco, CA had the second highest growth at 23.8%, followed by San Jose, CA (21.6%), Baton Rouge, LA (17.8%), and Seattle, WA (15.4%).
  • Four metros saw price declines in January: Milwaukee, WI (-2.7%), Camden, NJ (-2.6%), Birmingham, AL (-2.3%), and Baltimore, MD (-1.8%).

Sales

  • Only 11 out of 73 metros saw positive sales growth in January from last year. Salt Lake City, UT led the nation in year-over-year sales growth, up 11.9%, followed by Greenville, SC, up 11.8%. Kansas City, MO rounded out the top three with sales up 7.5% from a year ago.
  • Michigan metro areas saw the largest declines in sales since last year, led by Detroit, MI where sales declined 29.7%. Home sales in Grand Rapids, MI and Warren, MI declined by 29.1% and 28.4%, respectively.

Inventory

  • San Jose, CA had the largest decrease in overall inventory, falling 43.6% since last January. Rochester, NY (-37.5%), Buffalo, NY (-37.1%), and Atlanta, GA (-35.4%) also saw far fewer homes available on the market than a year ago.
  • Only two metro areas had increases in the number of homes for sale in January: Baton Rouge, LA (16.7%) and Honolulu, HI (7.6%).

Methodology

The Redfin Real-Time Housing Market Tracker is a monthly analysis of home prices, competition, sales volumes and inventory levels across the markets that Redfin serves nationwide. The analysis is based on data from the Multiple Listing Services of which Redfin is a member. The monthly data may change after publishing as additional real estate transactions are recorded.

Below are market-by-market breakdowns for prices, inventory, new listings and sales for markets with populations of 750 thousand or more. For downloadable data on all of the markets Redfin tracks, visit the Redfin Data Center.

Median Sale Price

Redfin Metro Median Sale Price Month-Over-Month Year-Over-Year
Albany, NY $190,000 4.4% 6.3%
Allentown, PA $186,500 1.9% 14.7%
Atlanta, GA $215,000 -2.3% 10.3%
Austin, TX $290,000 -4.9% 3.8%
Bakersfield, CA $218,000 -0.9% 6.3%
Baltimore, MD $235,000 -6.0% -1.8%
Baton Rouge, LA $196,700 -2.1% 17.8%
Birmingham, AL $176,000 -7.3% -2.3%
Boston, MA $450,000 -0.7% 6.9%
Buffalo, NY $139,900 -0.8% 12.0%
Camden, NJ $155,800 -5.5% -2.6%
Charlotte, NC $216,500 -7.9% 4.8%
Chicago, IL $220,000 0.0% 4.8%
Cincinnati, OH $156,400 0.9% 4.2%
Cleveland, OH $127,000 -5.9% 5.8%
Columbus, OH $180,000 -7.2% 9.9%
Dallas, TX $267,900 -6.0% 5.1%
Denver, CO $380,000 0.0% 9.5%
Detroit, MI $117,000 -0.4% 11.7%
Fort Lauderdale, FL $240,000 -4.0% 11.1%
Fort Worth, TX $215,000 -5.1% 7.5%
Fresno, CA $248,200 -2.5% 7.9%
Grand Rapids, MI $174,500 -0.3% 9.1%
Greenville, SC $190,000 0.5% 5.6%
Hampton Roads, VA $218,500 -0.7% 9.3%
Honolulu, HI $565,000 -3.4% 0.9%
Houston, TX $215,500 -6.3% 2.6%
Indianapolis, IN $157,700 -3.0% 12.7%
Jacksonville, FL $209,000 -2.8% 13.6%
Kansas City, MO $193,000 1.6% 7.7%
Knoxville, TN $175,000 -4.7% 6.1%
Las Vegas, NV $250,000 -0.8% 14.9%
Long Island, NY $420,000 0.7% 7.7%
Los Angeles, CA $575,000 -1.7% 6.5%
Louisville, KY $172,000 -4.3% 2.4%
Memphis, TN $162,000 -4.1% 24.6%
Miami, FL $280,000 0.0% 6.9%
Milwaukee, WI $180,000 -2.7% -2.7%
Minneapolis, MN $244,800 -0.7% 7.3%
Montgomery County, PA $285,000 -3.4% 7.5%
Nashville, TN $272,000 -2.2% 11.0%
New Orleans, LA $195,000 -6.7% 6.6%
Oakland, CA $650,000 -2.7% 11.7%
Oklahoma City, OK $156,500 -1.6% 0.3%
Omaha, NE $187,500 7.1% 10.3%
Orange County, CA $670,000 1.1% 8.2%
Orlando, FL $230,000 -3.4% 10.3%
Oxnard, CA $600,000 1.8% 13.4%
Philadelphia, PA $185,000 -1.6% 12.5%
Phoenix, AZ $249,000 0.9% 8.7%
Pittsburgh, PA $151,000 3.4% 6.5%
Portland, OR $388,400 5.0% 14.2%
Providence, RI $245,000 -2.0% 8.9%
Raleigh, NC $267,500 -0.9% 8.1%
Richmond, VA $222,500 -5.3% 3.5%
Riverside, CA $350,000 0.3% 11.1%
Rochester, NY $127,500 -2.1% 6.7%
Sacramento, CA $365,000 -1.4% 10.6%
Salt Lake City, UT $290,000 0.0% 7.4%
San Antonio, TX $205,000 -4.7% 5.3%
San Diego, CA $539,000 -1.1% 5.7%
San Francisco, CA $1,300,000 -1.5% 23.8%
San Jose, CA $997,500 -9.4% 21.6%
Seattle, WA $510,800 -3.6% 15.4%
St. Louis, MO $155,900 -6.6% 1.3%
Tacoma, WA $309,700 -2.3% 14.7%
Tampa, FL $202,300 -5.9% 8.4%
Tucson, AZ $200,000 -3.3% 8.1%
Tulsa, OK $155,000 -6.3% 4.6%
Warren, MI $178,000 -6.3% 4.7%
Washington, DC $365,500 -4.6% 0.8%
West Palm Beach, FL $259,900 -2.0% 13.0%
Worcester, MA $250,000 -1.8% 9.6%
National $280,500 -2.0% 7.8%

Homes Sold

Redfin Metro Homes Sold Month-Over-Month Year-Over-Year
Albany, NY 592 -30.8% -12.4%
Allentown, PA 458 -32.3% -5.2%
Atlanta, GA 6,078 -31.4% -1.6%
Austin, TX 1,655 -42.0% 0.2%
Bakersfield, CA 534 -22.0% -3.6%
Baltimore, MD 2,484 -32.1% -17.5%
Baton Rouge, LA 560 -31.0% -22.4%
Birmingham, AL 761 -32.5% -16.6%
Boston, MA 2,896 -26.0% -8.5%
Buffalo, NY 724 -27.2% -9.7%
Camden, NJ 1,222 -22.0% -16.0%
Charlotte, NC 2,201 -25.9% -0.9%
Chicago, IL 5,566 -35.8% -25.6%
Cincinnati, OH 1,266 -27.0% -13.6%
Cleveland, OH 1,510 -31.3% -7.1%
Columbus, OH 1,598 -33.8% -13.8%
Dallas, TX 3,232 -36.5% -4.0%
Denver, CO 2,843 -36.4% -14.4%
Detroit, MI 1,246 -24.6% -29.7%
Fort Lauderdale, FL 2,029 -33.4% -9.2%
Fort Worth, TX 1,783 -31.4% -3.3%
Fresno, CA 544 -25.2% -9.8%
Grand Rapids, MI 834 -31.4% -29.1%
Greenville, SC 732 -31.3% 11.8%
Hampton Roads, VA 1,333 -28.8% 6.1%
Honolulu, HI 623 -23.7% -0.6%
Houston, TX 4,439 -36.5% 3.6%
Indianapolis, IN 1,726 -30.7% 2.4%
Jacksonville, FL 1,393 -40.0% -12.4%
Kansas City, MO 1,916 -25.3% 7.5%
Knoxville, TN 765 -25.4% 0.4%
Las Vegas, NV 2,743 -13.4% 1.6%
Long Island, NY 2,052 -14.7% -14.8%
Los Angeles, CA 4,381 -26.4% -8.3%
Louisville, KY 886 -33.1% -3.5%
Memphis, TN 758 -29.4% -10.4%
Miami, FL 1,848 -30.2% -9.2%
Milwaukee, WI 941 -29.8% -14.1%
Minneapolis, MN 2,752 -33.1% -21.8%
Montgomery County, PA 1,447 -32.5% -8.8%
Nashville, TN 2,016 -34.2% -11.0%
New Orleans, LA 832 -23.2% -10.6%
Oakland, CA 1,322 -35.4% -13.1%
Oklahoma City, OK 1,080 -29.8% -10.7%
Omaha, NE 717 -27.7% -11.6%
Orange County, CA 1,801 -20.1% -7.4%
Orlando, FL 2,615 -36.8% -9.9%
Oxnard, CA 507 -15.5% -7.0%
Philadelphia, PA 1,655 -14.8% -3.7%
Phoenix, AZ 6,000 -15.7% 0.1%
Pittsburgh, PA 1,312 -33.1% -8.1%
Portland, OR 1,990 -32.4% -14.7%
Providence, RI 1,156 -33.1% -8.5%
Raleigh, NC 1,362 -34.8% -1.0%
Richmond, VA 967 -38.3% -3.1%
Riverside, CA 3,793 -16.5% -1.9%
Rochester, NY 697 -29.3% -6.1%
Sacramento, CA 1,851 -25.8% -5.2%
Salt Lake City, UT 1,127 -23.3% 11.9%
San Antonio, TX 1,496 -31.0% -7.7%
San Diego, CA 2,078 -23.1% -4.6%
San Francisco, CA 467 -44.6% -14.8%
San Jose, CA 682 -34.6% -13.2%
Seattle, WA 2,409 -37.1% -16.5%
St. Louis, MO 2,213 -28.6% -7.4%
Tacoma, WA 970 -25.0% -11.1%
Tampa, FL 3,637 -35.8% -6.9%
Tucson, AZ 946 -19.6% -11.8%
Tulsa, OK 681 -29.8% -3.3%
Warren, MI 2,193 -29.8% -28.4%
Washington, DC 4,849 -31.3% -12.8%
West Palm Beach, FL 2,045 -24.9% -4.5%
Worcester, MA 652 -27.7% 6.4%
National 157,400 -29.4% -7.9%

New Listings

Redfin Metro New Listings Month-Over-Month Year-Over-Year
Albany, NY 669 41.1% -6.7%
Albuquerque, NM 1,104 56.4% 4.6%
Allentown, PA 722 46.7% -2.2%
Atlanta, GA 8,175 45.7% 7.3%
Austin, TX 2,509 46.0% -3.4%
Bakersfield, CA 896 72.3% 6.3%
Baltimore, MD 3,021 39.0% -5.4%
Baton Rouge, LA 923 43.8% -6.5%
Birmingham, AL 1,202 69.8% -8.8%
Boston, MA 2,827 72.3% -14.0%
Buffalo, NY 715 35.9% -8.6%
Camden, NJ 1,831 41.6% -6.4%
Charlotte, NC 2,882 56.0% -3.2%
Chicago, IL 8,782 85.0% -7.3%
Cincinnati, OH 1,689 56.4% -13.5%
Cleveland, OH 2,153 54.9% -5.1%
Columbus, OH 1,762 27.8% -10.4%
Dallas, TX 5,424 59.2% 2.1%
Denver, CO 3,709 80.0% 5.4%
Detroit, MI 1,675 22.0% -3.0%
Fort Lauderdale, FL 4,431 51.6% -1.9%
Fort Worth, TX 2,683 42.6% 1.2%
Fresno, CA 827 66.7% 12.8%
Grand Rapids, MI 933 44.9% 1.5%
Greenville, SC 1,024 62.3% -1.4%
Hampton Roads, VA 1,833 34.5% -9.3%
Honolulu, HI 1,005 65.3% 6.6%
Houston, TX 7,648 46.0% -4.4%
Indianapolis, IN 1,962 32.1% -3.4%
Jacksonville, FL 2,277 43.1% -5.4%
Kansas City, MO 2,332 28.5% 8.7%
Knoxville, TN 1,026 33.2% 4.9%
Las Vegas, NV 3,614 50.5% -3.0%
Long Island, NY 2,612 70.9% -4.8%
Los Angeles, CA 6,843 92.8% 3.2%
Louisville, KY 1,106 53.8% -7.6%
Memphis, TN 957 26.8% -15.3%
Miami, FL 4,645 46.8% -1.5%
Milwaukee, WI 1,237 87.7% -0.8%
Minneapolis, MN 3,234 69.6% -9.1%
Montgomery County, PA 1,712 77.4% -16.7%
Nashville, TN 2,937 31.1% -6.7%
New Orleans, LA 1,262 35.6% -7.4%
Oakland, CA 1,979 103.4% 8.6%
Oklahoma City, OK 1,675 36.2% -2.4%
Omaha, NE 743 12.1% -16.7%
Orange County, CA 2,662 99.8% -0.9%
Orlando, FL 4,169 45.9% -0.9%
Oxnard, CA 685 77.5% 3.9%
Philadelphia, PA 1,989 44.2% -12.3%
Phoenix, AZ 9,256 69.0% 0.2%
Pittsburgh, PA 1,639 50.1% -6.2%
Portland, OR 2,360 47.1% 12.8%
Providence, RI 1,314 47.8% -11.1%
Raleigh, NC 1,972 52.4% -1.0%
Richmond, VA 1,269 56.7% -5.7%
Riverside, CA 5,717 65.6% 7.4%
Rochester, NY 687 36.9% -16.8%
Sacramento, CA 2,464 61.7% 12.1%
Salt Lake City, UT 1,424 53.6% 14.0%
San Antonio, TX 2,545 49.2% 2.1%
San Diego, CA 3,203 85.0% 3.9%
San Francisco, CA 868 175.6% 5.1%
San Jose, CA 1,007 97.1% 3.8%
Seattle, WA 3,090 90.0% 1.4%
St. Louis, MO 2,920 43.7% -3.9%
Tacoma, WA 1,129 39.7% 8.3%
Tampa, FL 6,254 53.1% 2.3%
Tucson, AZ 1,661 66.3% 5.9%
Tulsa, OK 1,076 41.0% -12.7%
Warren, MI 2,602 45.7% -6.3%
Washington, DC 6,024 53.8% -7.3%
West Palm Beach, FL 4,552 53.3% -0.5%
Worcester, MA 594 28.9% -16.8%
National 232,600 56.9% -0.2%

All Homes for Sale

Redfin Metro All Homes for Sale Month-Over-Month Year-Over-Year
Albany, NY 2,210 -9.8% -29.1%
Albuquerque, NM 2,777 -6.8% -32.5%
Allentown, PA 2,235 -0.3% -14.9%
Atlanta, GA 19,825 -6.4% -35.4%
Austin, TX 5,535 -8.5% -0.3%
Bakersfield, CA 1,767 -0.7% -13.3%
Baltimore, MD 7,656 -11.0% -19.2%
Baton Rouge, LA 3,188 -2.2% 16.7%
Birmingham, AL 4,430 1.0% -13.6%
Boston, MA 4,472 -9.4% -25.5%
Buffalo, NY 1,535 -12.9% -37.1%
Camden, NJ 6,755 0.5% -5.4%
Charlotte, NC 8,197 -5.4% -18.2%
Chicago, IL 27,947 -0.3% -15.6%
Cincinnati, OH 5,882 1.9% -12.3%
Cleveland, OH 6,880 -2.9% -15.2%
Columbus, OH 4,380 -4.4% -20.3%
Dallas, TX 10,041 -5.8% -4.0%
Denver, CO 3,938 -3.8% -14.4%
Detroit, MI 3,774 -8.2% -8.2%
Fort Lauderdale, FL 12,719 4.4% -11.3%
Fort Worth, TX 4,635 -9.3% -15.8%
Fresno, CA 1,249 -5.7% -17.2%
Grand Rapids, MI 1,744 -12.5% -11.9%
Greenville, SC 3,318 0.3% -9.4%
Hampton Roads, VA 6,426 -4.0% -12.9%
Honolulu, HI 2,834 6.1% 7.6%
Houston, TX 21,137 -4.3% -5.4%
Indianapolis, IN 5,053 -8.1% -25.0%
Jacksonville, FL 5,707 1.7% -13.9%
Knoxville, TN 3,943 -0.8% -12.0%
Las Vegas, NV 8,188 3.0% -25.0%
Long Island, NY 8,274 -1.6% -15.8%
Los Angeles, CA 12,024 3.9% -20.0%
Louisville, KY 2,407 -9.0% -13.9%
Memphis, TN 2,525 -8.4% -24.0%
Miami, FL 17,581 1.1% -5.5%
Milwaukee, WI 3,999 -0.7% -19.0%
Minneapolis, MN 6,628 -4.2% -23.3%
Montgomery County, PA 5,568 -4.0% -11.6%
Nashville, TN 8,122 -0.1% -0.6%
New Orleans, LA 5,229 -4.5% -1.0%
Oakland, CA 1,559 24.0% -23.7%
Oklahoma City, OK 5,073 -6.9% -13.3%
Omaha, NE 1,440 -15.1% -13.1%
Orange County, CA 4,974 4.6% -21.7%
Orlando, FL 8,449 -3.3% -18.2%
Oxnard, CA 1,131 -1.9% -18.6%
Philadelphia, PA 6,081 -2.8% -12.6%
Phoenix, AZ 18,782 3.4% -15.3%
Pittsburgh, PA 7,935 -3.0% -15.4%
Portland, OR 3,791 -13.2% -11.7%
Providence, RI 3,947 -6.6% -22.0%
Raleigh, NC 5,078 -10.2% -8.8%
Richmond, VA 2,497 -12.7% -21.1%
Riverside, CA 12,964 0.7% -17.8%
Rochester, NY 1,511 -10.6% -37.5%
Sacramento, CA 3,286 -4.0% -11.5%
Salt Lake City, UT 2,287 -28.9% -16.0%
San Antonio, TX 6,913 -2.5% -4.2%
San Diego, CA 4,290 1.2% -14.4%
San Francisco, CA 826 43.7% -21.3%
San Jose, CA 682 24.5% -43.6%
Seattle, WA 2,187 -8.0% -29.5%
St. Louis, MO 9,225 -5.1% -11.0%
Tacoma, WA 1,371 -16.0% -22.5%
Tampa, FL 11,722 0.3% -16.1%
Tucson, AZ 4,398 5.7% -5.1%
Tulsa, OK 3,431 -4.6% -12.3%
Warren, MI 5,367 -12.1% -21.5%
Washington, DC 11,279 -11.6% -18.6%
West Palm Beach, FL 14,538 6.9% -4.9%
Worcester, MA 1,313 -14.2% -31.5%
National 570,800 -1.7% -14.4%

Median Off-Market Redfin Estimate

Redfin Metro Estimate Month-Over-Month
Albany, NY $204,600 1.0%
Allentown, PA $194,400 0.4%
Atlanta, GA $188,900 0.5%
Austin, TX $288,100 -0.3%
Bakersfield, CA $198,400 0.4%
Baltimore, MD $243,800 0.4%
Baton Rouge, LA $152,300 0.7%
Birmingham, AL $138,200 0.8%
Boston, MA $455,700 0.6%
Buffalo, NY $145,200 1.4%
Camden, NJ $185,900 0.6%
Charlotte, NC $174,000 1.3%
Chicago, IL $231,000 0.6%
Cincinnati, OH $152,700 0.6%
Cleveland, OH $129,600 0.7%
Columbus, OH $167,700 0.9%
Dallas, TX $233,800 0.7%
Denver, CO $373,800 0.5%
Detroit, MI $80,700 3.0%
Fort Lauderdale, FL $237,600 0.7%
Fort Worth, TX $189,700 0.8%
Fresno, CA $231,800 1.3%
Grand Rapids, MI $145,400 0.1%
Greenville, SC $151,600 0.8%
Hampton Roads, VA $212,700 0.3%
Honolulu, HI $662,600 0.2%
Houston, TX $191,700 0.4%
Indianapolis, IN $144,400 1.0%
Jacksonville, FL $193,000 1.8%
Kansas City, MO $170,600 1.3%
Knoxville, TN $135,600 0.8%
Las Vegas, NV $228,800 1.6%
Long Island, NY $410,200 1.1%
Los Angeles, CA $574,100 0.8%
Louisville, KY $154,300 0.6%
Memphis, TN $122,900 1.5%
Miami, FL $271,500 0.5%
Milwaukee, WI $189,100 0.6%
Minneapolis, MN $240,200 0.6%
Montgomery County, PA $304,300 0.5%
Nashville, TN $219,000 1.1%
New Orleans, LA $175,200 0.6%
Oakland, CA $701,800 0.6%
Oklahoma City, OK $135,200 -0.8%
Omaha, NE $156,800 0.2%
Orange County, CA $670,000 0.7%
Orlando, FL $207,700 0.8%
Oxnard, CA $571,000 0.7%
Philadelphia, PA $182,100 0.2%
Phoenix, AZ $244,200 0.6%
Pittsburgh, PA $134,900 0.2%
Portland, OR $369,200 -1.1%
Providence, RI $275,000 1.2%
Raleigh, NC $242,500 0.5%
Richmond, VA $205,800 0.5%
Riverside, CA $332,100 0.8%
Rochester, NY $135,400 0.8%
Sacramento, CA $375,400 0.5%
Salt Lake City, UT $292,300 0.9%
San Antonio, TX $175,200 0.6%
San Diego, CA $551,500 0.6%
San Francisco, CA $1,200,400 0.2%
San Jose, CA $1,037,700 1.4%
Seattle, WA $503,500 1.1%
St. Louis, MO $146,400 1.2%
Tacoma, WA $304,000 1.0%
Tampa, FL $195,100 0.7%
Tucson, AZ $189,000 0.7%
Tulsa, OK $133,500 -0.7%
Warren, MI $194,900 1.0%
Washington, DC $371,300 0.3%
West Palm Beach, FL $245,600 0.3%
Worcester, MA $262,600 0.9%
National $250,600 0.7%

The post Strong January Home Price Growth and Declining Inventory Signal Another Competitive Spring for Homebuyers appeared first on Redfin Real-Time.

Palm Springs Mid-Century Modern Home Once Owned by Debbie Reynolds Can be Yours for $665K

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A renovated Mid-century home situated in the historic Racquet Club Estates neighborhood of Palm Springs hit the market today for $665,000. Built in 1959 by the Alexander Construction Company, the home is one of 2,200 houses that helped propel Palm Springs into an enclave of mid-century modern architecture. In 1963, the three-bedroom, two-bath property caught the attention of late actress Debbie Reynolds, who reportedly purchased it for her parents Raymond Francis and Maxene Reynolds. Debbie’s children, Todd and Carrie Fisher, were five and seven years old at the time and are said to have visited their grandparents at the home often.

Though it’s changed hands three times since then, the home’s mid-century modern features, like post-and-beam ceilings and clerestory windows, have been beautifully preserved.

The most recent owners, Josh and Leigh Anne, started looking for a vacation home in 2015. They live in Los Angeles and wanted a mid-century modern home in Palm Springs that would be a quick drive away. Unfortunately, finding one that retained its original mid-century modern details was more difficult than they’d anticipated, as many homes in that area were totally redone in the 80s. After a year of searching, the couple purchased the home and was ready to give it the TLC it needed.

“My wife and I fell in love with the home’s architecture and idyllic surroundings,” said Josh. “It had that original character that it would have back in 1959 and that’s what we were looking for. And the location was great for us. It’s a quick two-hour drive from LA, so we could pack our bags, take our dog and be transported into this awesome desert oasis.”

The home now has an updated kitchen, complete with quartz countertops, glass tile backsplash and stainless steel appliances. The couple also remodeled both bathrooms, and gave the interior and exterior fresh coats of paint.

Polished concrete floors help keep the home cool in the summer and easy to clean when guests enter and exit to use the pool. The home also has a new front door, HVAC system, tankless water heater and pool heater, in addition to other upgrades.

The house sits on a 10,000-square-foot lot and features a sparkling pool, drought-tolerant landscaping, including palm trees and an orange tree, and grass in the backyard. It sits directly across from Victoria Park and is just two miles from downtown Palm Springs.

“This is a rare opportunity to live in a Krisel-designed, Alexander-constructed home that’s been well preserved,” said Roddy de la Garza, the Redfin agent selling the home. “With mountain views, a celebrity history, swimming pool and sunny mid-century modern aesthetics, it’s the quintessential Palm Springs home.”

Want to see the home in person? Book a tour here or come by one of our open houses, set to debut during the buzz of Palm Springs’ annual Modernism Week on Tuesday, Feb. 20 and Wed. Feb 21. Check Redfin for exact times.

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Seattle and Honolulu Move up the Ranks of the Best Cities for Public Transit in 2018

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Redfin-TransitScore-020918-Hero

New York, San Francisco and Boston top the list of the 10 best cities for public transit according to the updated Transit Score® rankings by Redfin. Transit Score, a tool by Redfin company Walk Score®, rates locations based on how convenient they are to public transportation. Each of the top three cities has a Transit Score above 70, meaning it has an excellent transit rating, with transit being a convenient option for most trips.

While the rank order for the six best cities for public transit has stayed the same since 2012 when Transit Score first launched, there was a lot of movement at the bottom of the top-10 list.

In 7th place, Seattle has a Transit Score of 59.6, up 2.6 points since 2016, the biggest jump among the top 10. In the past two years, Seattle has expanded its Link light rail service, adding two new stations in 2016, making it easier and faster to get to Capitol Hill and the University of Washington. A 2017 survey by the Seattle Department of Transportation found that public transit use had increased by 48 percent in the past seven years.

“Seattle is not only the coolest city in the country – we are now one of the most transit-friendly cities,” said Seattle Mayor Jenny Durkan. “For our visitors, commuters and residents, public transit is safe, affordable, and a vital component in making sure our city is accessible to all. With the opening of new light rail stations and one of the highest bus riderships in the country, Seattle is making significant strides towards becoming a world-class transit city.”

Honolulu gained 1.6 points of Transit Score since 2016 and entered the top 10 list for the first time, replacing Miami. More than 69 million passengers in Honolulu ride TheBus annually and the city is planning a new rail system to further improve public transportation.

“Honolulu has been a public transportation city for many years now and the fact that our residents and visitors use TheBus an average of 214,000 trips every weekday is a testament to this fact,” said Honolulu Mayor Kirk Caldwell. “The new Transit Score ranking announced today by Redfin is proof that the nearly 2,000 workers who keep our bus system running strive for excellence each and every day, and our commitment to a transit system that covers all of O‘ahu will only improve once our rail project begins service along our busiest and most populated corridor.”

Below is a ranking of the top 10 U.S. cities (with populations of more than 300,000) for public transit.

Rank City Transit Score Change from 2016 Previous Rank (2016)
1 New York 85.3 +1.2 1
2 San Francisco 80.4 0 2
3 Boston 72.6 -1.8 3
4 Washington, D.C. 68.5 -2.2 4
5 Philadelphia 66.8 +0.1 5
6 Chicago 65.0 +0.3 6
7 Seattle 59.6 +2.6 10
8 Minneapolis 57.6 0 9
9 Baltimore 57.2 -0.6 8
10 Honolulu 57.2 +1.7 11

 

Top 5 Biggest Transit Score Increases

Raleigh, NC had the largest Transit Score increase, up 6.3 points from 2016 to 28.9 this year.

Rounding out the top five places with the largest Transit Score increases are Phoenix, AZ (+3.8), Aurora, CO (+3.5), Seattle, WA (+2.6)  and Atlanta, GA (+1.7).

Top 5 Biggest Transit Score Decreases

Washington D.C. had the largest decrease among all major cities in Transit Score, dropping 2.2 points to 68.5 in 2018. The decrease can be attributed to changes in Metrobus and Metrorail scheduling, where some bus routes were discontinued and the frequency of trains during rush hour was lowered.

“Once touted as the gold standard for public transit, D.C.’s Metro is now reckoning with decades of deferred maintenance,” said Redfin Washington D.C. agent John Marcario. “Tough decisions to reduce service and shut down lines for extended periods for repair are causing short-term frustration, but will hopefully make the system better in the long run. Despite the fall in Transit Score, access to transit remains a top priority for D.C. home buyers, who are still willing to pay a premium to live near a metro station.”

Bakersfield, CA (-2.2), Miami FL (-2.2), Boston, MA (-1.8) and Baltimore, MD (-0.6) rounded out the cities with the biggest Transit Score decreases from 2016 to 2018.

New Cities Added

With the addition of 600 new U.S. cities and more than 4,000 new neighborhoods, Transit Score ratings are now available for more than 900 cities and nearly 15,000 neighborhoods on walkscore.com. Among the newly added cities are big ones like Jacksonville, FL (22.4) and Charlotte, NC (27.4), along with smaller cities with Transit Score ratings like Hartford, CT (54.2) and Syracuse, NY (44.1).  

To see how your home, neighborhood or city stacks up, search walkscore.com or Redfin.com.

Methodology

The Transit Score algorithm calculates a score by summing the relative usefulness of public transit (bus, subway, light rail, ferry, etc.) routes near a given location. Usefulness is defined as the distance to the nearest stop on the route, the frequency of the route, and type of route (with twice as much weight given to heavy/light rail than to bus service). Transit Score is based on data published in General Transit Feed Specification (GTFS) format by transit agencies across the country. For a more details on the Transit Score methodology, click here.

 

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Why You Still Need Staging in a Seller’s Market

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staged home

A seller recently asked me this question: In this market, do I really need to pay to stage my home?

The answer is…yes! Redfin listing specialists recommend staging for two reasons: The first is that a staged home results in better photos. Photos are your home’s currency online, and the more appealing they are, the more views your listing will receive. A new listing gets three times more views in its first week on the market than at any time after that, so first impressions really matter. This is why we recommend launching your home fully staged, rather than waiting to “see how it goes” and investing in staging if the home doesn’t sell.

Justin Riordan, founder of Spade and Archer, a staging firm based in Seattle, Portland and Palm Springs, says, “Staging is visual merchandising for your house so that you can sell it for more money.” Another way to look at it: if you were headed on a job interview or a first date, you’d make sure your hair was brushed and your outfit was just right, wouldn’t you? The same reasoning applies here.

Secondly, staging allows buyers to understand how they would actually live in the home. The typical person shopping for a home isn’t a trained designer and won’t naturally envision how an empty space could function.

Staging can also help overcome challenges such as odd angles or demonstrate how creating “zones” within a small space make it more functional than it may appear when vacant.

Ok, but what’s it going to cost me?

Staging professionals generally break fees into two parts: the design and move-in/out services and furniture rental. You’ll pay for a full month up front, which in many markets is sufficient time for a home to go under contract. Riordan suggests estimating about 1 percent of the price of your home for staging, though this will vary based on the market and the staging company you select. Ultimately, staging is part of a collaborative effort between you, your listing agent and your staging company.

How long does it take?

A staging professional will come to your home for a consultation (usually the consultation is complimentary) and develop an estimate. A move-in date is secured with a deposit. In the busier spring and summer months, stagers may book out 2-3 weeks, so ask your agent for their recommendations early in the process. Staging can be removed once the appraisal report is complete and the transaction is moving forward to closing.

If you’re in Washington D.C. or Los Angeles, we can handle all the details (and cost) for you with Redfin Concierge Service for a 2 percent listing fee.

Show me the money

So you probably want to know…if I’m going to invest all this extra money in staging, what do I get? Riordan says his company’s staged homes typically sell for 10 to 20 percent over list price. This is consistent with my own findings as a real estate agent: professionally staged homes sold for an average of 10 percent over list price in a set of 12 of my listings in Seattle sold between September 2017 and January 2018, compared to 8 percent over list price for vacant or owner occupied homes. All in all, there’s a significant potential return for an investment in staging.

Is your home ready for that big first date with prospective buyers? A professional stager, teamed up with your Redfin Agent, will make sure that it’s love at first sight!

The post Why You Still Need Staging in a Seller’s Market appeared first on Redfin Real-Time.

Sight-Unseen in 2017: 35% of Homebuyers Bid on a Home Before Seeing it in Person

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Thirty-five percent of people who bought a home last year said they made an offer without first seeing the home in person, up from 33 percent in May 2017 and 19 percent in June 2016. This is based on a Redfin-commissioned survey conducted in November and December 2017, which included responses from 1,503 people who purchased a home in the previous 12 months. This is the final issue of a three-part series reporting on the results of the survey. The first and second reports focused on politics and the housing market respectively.

unseen-final

Millennial homebuyers were even more likely to make an offer sight-unseen, with 45 percent in November and 41 percent in May saying they had done so. These results likely reflect millennials’ comfort relying on information they find online about homes for sale, neighborhoods they might not have visited in person and the home-buying process in general.

sight-unseen-final2

More than half (57%) of respondents who bought a home in Los Angeles last year made an offer sight-unseen. The prevalence of foreign investors in L.A. may have played a role in the popularity of sight-unseen offers there. The market-by-market breakdown below shows that the trend was also driven by buyers in other competitive California metros, with 46 percent in San Diego and 44 percent in San Francisco having done so.

Metro Area Portion of Successful Buyers Who Said They Made
 an Offer on a Home They Hadn’t Seen in Person
Los Angeles 57%
San Diego 46%
San Francisco 44%
Chicago 38%
Austin 35%
Denver 33%
Washington, D.C. 32%
Phoenix 31%
Portland 30%
Sacramento 30%
Baltimore 28%
Dallas 27%
Boston 25%
Seattle 19%

People who can’t get in to tour a home right away because they’re busy or relocating from out of town often rely on tools like Redfin 3D Walkthrough and FaceTime® to explore the home itself, and the vast array of statistics, reviews, maps and articles online that can help a prospective buyer understand what it’s like to live in a neighborhood. However, in the case of offering sight-unseen, the agent can be a buyer’s greatest resource. From the fast pace of the market, to the time constraints of buyers relocating from out of town, Redfin agents cite numerous factors that influence buyers to bid on a home before seeing it in person.

Angela Hunter, a Redfin agent in Omaha, worked with a family relocating from Jacksonville, Florida to Offutt Air Force Base in Bellevue, Nebraska.

“This family had a only a few weeks to find a home and they did not want to live on-base or rent,” Hunter said. “Because the wife was eight months pregnant at the time, they needed a move-in ready home within 20 minutes of the base. While conducting video tours with them, I was very careful to explain things that they would not be able to experience virtually, like the sounds, smells and textures. I pointed out flaws that are hard to detect through video so that nothing would be a surprise to them once they visited in person. It’s not the easiest way to shop for a home, but together we found the perfect match.”

With no end to the housing shortage in view and more millennials entering the housing market, the trend toward sight-unseen bids is likely to grow in 2018.

Methodology

Redfin contracted SurveyGizmo to field a study between November 1st and December 6th, 2017 of 4,270 people from the general population who indicated they had bought or sold a home in the past year, tried to buy or sell a home in the past year or plan to do so this year. The survey targeted 14 major metro areas (Austin, Baltimore, Boston, Chicago, Dallas-Fort Worth, Denver, Los Angeles, Phoenix, Portland, Sacramento, San Diego, San Francisco, Seattle and Washington, D.C.). For the purpose of this section of the report, we did not count responses from Austin, Phoenix or Sacramento in order to provide an accurate comparison to past results.

Respondents consisted of those who successfully bought or sold in the past 12 months, tried to buy and/or sell in the past 12 months or are planning to buy and/or sell in the next 12 months.

Comparisons were made using results from similarly commissioned surveys conducted by SurveyGizmo in May 2017 and December 2016, and by SurveyMonkey in July 2016 and December 2015.

For more information about the survey and its findings, contact Redfin Journalist Services at  press@redfin.com.

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Redfin Housing Demand Index Posted Its Highest January Reading to Start the Year

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The Redfin Housing Demand Index began the year strong at 130.5 in January, up 0.5 percent month over month. The seasonally adjusted number of buyers requesting home tours remained unchanged from December to January, while the number making offers increased 1.2 percent.

“Inventory has been deteriorating for more than two years, yet 2018 started off with buyer demand stronger than in any previous January we’ve measured,” said Redfin chief economist Nela Richardson. “Along with inventory declines, buyers contended with rising mortgage rates, an overhaul of the tax code and a jumpy stock market. However, strong local labor markets helped keep buyers enthusiastic about homeownership despite headwinds.”

National-Demand Index-January

The Demand Index is based on thousands of Redfin customers requesting home tours and writing offers. The Demand Index is adjusted for Redfin’s market share growth. A level of 100 represents the historical average for the three-year period from January 2013 to December 2015.

Compared with January 2017, the Demand Index was up 4.8 percent and the number of buyers requesting tours was up 13.7 percent. Meanwhile, the number of buyers making offers slid 9.7 percent year over year.

January offers and sales were heavily restrained by a 19.9 percent year-over-year decline in inventory, the largest since at least 2014, when we first began tracking the metric for the 15 markets included in the Demand Index. January marked the 32nd consecutive month of declining supply of homes.

Redfin agents report that the effects of the inventory shortage and strong demand are felt most acutely in affordable price ranges, with homes that do get listed selling within days and above asking price.

With mortgage rates and home prices expected to rise and nearly one in five homes already selling above list price in January, buyers contending for a diminishing supply of homes can expect a competitive season ahead.

Metro-Level Demand Highlights

Below, we provide a slideshow of local charts for each of the metros tracked by the Redfin Housing Demand Index and highlight noteworthy trends and agent insights from select markets. If you’d like to learn more about a particular market, please email press@redfin.com.

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Despite Record-High Costs, New Home Construction Showed Modest Growth in the Fourth Quarter

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New construction homes in the fourth quarter of 2017 accounted for 16.4 percent of all single-family homes for sale, the highest level since Redfin began tracking this data in 2012, up from from 14.2 a year earlier. This is a needed sign of progress in a housing market plagued by short supply.

The median price of new single-family homes that sold last quarter was $377,800, up 1.6 percent year over year.1 Compared with existing homes, new construction sold at an average premium of $86,400 in the fourth quarter.2 Existing home prices increased 7.3 percent year over year.

“New homes are more expensive than existing homes, and their prices tend to grow at a slower rate,” said Redfin chief economist Nela Richardson. “However, new homes’ slower price growth belies their advantage to buyers in the hottest markets. Buyers in these highly competitive markets have been attracted to new construction as a way to avoid bidding wars. They often find it’s easier to negotiate with a single builder than to compete with several buyers and negotiate with a traditional seller.”

A key factor in the high price of new homes is rising construction costs. The estimated labor and materials cost of constructing a single-family home increased 1.2 percent year over year in the fourth quarter to $244,000, the highest level since the Census Bureau began reporting it in 1988.3

Despite record-high construction costs, the National Association of Home Builders’ Housing Market Index, which measures builders’ confidence, has hovered at 72 in 2018, just two points shy of the two-decade high seen in December. The latest Census Bureau data also reflects this confidence as housing starts—the number of new residential homes that began construction— rose to 1.3 million in January, the strongest pace on record since 2007 and 7.3 percent above the January 2017 rate of 1.24 million. As housing starts provide insight into what’s ahead for the housing market, this growth marked a key milestone in post-downturn recovery for housing.  

Still, the supply situation at present remains dire. In January, housing starts were 11.6 percent below the historical average (see chart). The total number of homes for sale in January was 14.4 percent below where it was a year prior, marking 28 consecutive months of declining inventory. With strong buyer demand expected to continue this year, there are still not nearly enough homes for sale. Though building more homes would seem like the obvious solution, a number of obstacles are standing in the way of construction.   

“We are growing, but not fast enough to keep up with demand,” said Robert Dietz, chief economist for the National Association of Home Builders.

housing starts shortage

So Why Aren’t More Homes Being Built?

The largest challenges facing homebuilders and hindering residential construction, according to Dietz, include:

  • Labor Shortage: Cost/availability of labor was builders’ top concern in 2017, cited by 82% in a December NAHB survey. “The residential construction industry lost 1.5 million jobs during the Great Recession,” said Dietz. “We haven’t gained more than 800,000 back since then.”
  • Lumber Prices: Lumber prices have risen steadily since 2015 to their highest on record, peaking on February 23—up 45% year over year. Prices are likely to continue to rise due to a tariff on Canadian lumber added last year. According to Dietz, Canadian lumber accounts for one-third of all that used in constructing American homes.
  • Land Shortage: Cost/availability of developed lots was cited by 58% of builders as a major challenge in 2017, and 65% expect the same in 2018. Zoning restrictions and evolving government regulation of where and how homes can be built exacerbate the land shortage.
  • Regulatory Costs: According to the NAHB, there are more regulatory agencies involved in the building process at all levels of government than ever before, resulting in a 29.8% increase in regulatory costs between 2011 and 2016. The same study found that regulatory costs from all levels of government account for 24.3% of the final price of a home in the U.S., consistent with 2011, when regulatory costs accounted for an estimated quarter of a home’s final price.
  • Limited Credit Since the Recession: According to Dietz, lenders mostly granted loans for multi-family projects after the recession, which were considered less risky. This limited construction of single-family houses. The third quarter of 2017 marked 18 consecutive quarters of loan growth, according to the NAHB. While still strict, lending conditions have eased somewhat.

Looking Ahead: New Construction Can Improve Affordability

New construction has added few affordable homes since the great recession, according to Dietz, a problem for which he offered a recommendation.

“In light of rising construction costs, builders have often favored higher-priced homes that can absorb the costs,” said Dietz. “Townhouse construction solves a number of supply-side issues at once, making greater use of land, and adding homes in a price tier that needs building the most. The only question is whether communities will allow builders to add the density that comes along with them.”

Metro-Level Highlights for New Construction in the Fourth Quarter:4

  • Raleigh, NC had the highest portion of new home sales over the last three months, with 31.2% of all homes sold being new construction. Austin, TX and Nashville, TN followed behind at 26.3% and 26.1%, respectively.
  • Three of the four metro areas with the lowest shares of new construction sales were in New York led by Buffalo, NY at just 0.9 percent of home sales followed by Rochester, NY (1.7%) and Hudson Valley, NY (2.0%). San Diego followed behind (2.2%), along with four other California metros that ranked in the bottom 20% of all metros for lowest portion of new construction—each with under one in 30 home sales being new construction.
  • The metro areas with the highest year-over-year price growth per square foot for new construction sales last quarter were Tucson, AZ (16.3%), Chicago, IL (16%) and Las Vegas, NV (14%). The coastal Florida metros of Miami and West Palm Beach each posted price drops per square foot for new construction homes—falling 18.2% and 13.4% year-over-year. Honolulu, HI posted the largest year-over-year decline in price per square foot for new construction with a 36.2% drop.
  • The estimated cost of constructing a new unit during fourth quarter was the highest in Long Island, NY at an average of $403,000 per home. Tucson, AZ ($280,000), Hudson Valley, NY ($260,000) and Honolulu, HI ($258,000) rounded out the top four for average cost per unit permitted.
  • North Port, FL, Raleigh, NC, and Austin, TX are building the most homes per capita at 29, 26 and 26 units per 10,000 residents, respectively. In contrast, Allentown, PA and Long Island, NY had far fewer new homes in the pipeline both with only 0.7 units permitted per 10,000 residents in each metro.
  • A look at the total volume of building permits reveals that the metro areas poised to build the most new homes in the coming months are Houston, TX (10,182), Dallas, TX (9,249), Phoenix, AZ (6,933), and Seattle, WA (6,827).
  • Those with the largest year-over-year increase in units permitted include Honolulu, HI (161%), Detroit, MI (104.9%) and Boston, MA (69.2%).

In conjunction with its quarterly report on new residential construction, Redfin makes available on its Data Center a downloadable set of monthly data on new construction prices, sales, inventory and other new residential market statistics. Redfin is also releasing building permit data—provided by the Census—allowing users to analyze average construction costs and compare the number of units built per capita across regions. Both datasets are available for download at the National, Metro, and County Levels since 2012.

1December throughout this report is a rolling three-month measure and includes October, November, and December for all new construction data.

2 The price premium varies considerably when accounting for size and location however. New homes are being built larger than existing as the price per square foot premium was about 2 percent lower for new construction homes, but they also tend to be further away from the urban core; in the Nashville metro area, for example, new construction homes bought in 2017 were typically 22.9 percent further from the city-center than existing homes.

3 The average permit valuation for constructing each single-family home varies widely from just $87,000 in Allentown, PA to more than $400,000 in Long Island, NY in the fourth quarter of 2017.

4 Only metropolitan divisions with populations greater than 750,000 people were included in this highlights section.

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Where To Live Next

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As we enter the first homebuying season since the passage of sweeping tax reforms, Redfin agents across the country are meeting a wave of emigres from high-tax states. Many are looking for lower taxes and affordable home prices, but with everything else they love about their old city: walkable neighborhoods; racial and ethnic diversity; restaurants, bars and bicycle paths.

We’ve been asked so many times about such neighborhoods that we’re publishing a guide to affordable American cities. We list the cities where people are moving, arranged from highest tax rates to lowest, then the neighborhoods within those cities that are urban, walkable and affordable.

The reason we’re seeing so many people now asking us about these places is only driven in part by tax reform, which now limits deductions for state and local taxes to $10,000. This migration of people and businesses from expensive, high-tax cities like San Francisco and New York to affordable-housing markets began a few years earlier, when housing prices first began to rise much faster than wages.

It gained steam with Amazon’s search for a second headquarters, and the pressure many technology companies now feel on costs, especially around employee pay. In 2018 and 2019, many other businesses are going to start searching for lower-cost campuses to complement their presence in more expensive areas. We see this long-term shift to America’s emerging places as the U.S.’s most important demographic trend since the post-war suburban boom.

For each city, we include the neighborhoods our algorithms identified as walkable with their Walk ScoreⓇ in parentheses, highlighting in italics those with at least some single-family homes. We also solicited some of our best local agents to corroborate these algorithmic recommendations, and to recommend additional neighborhoods based on their personal experience. The neighborhoods recommended by Redfin’s local experts appear in bold, and a link for each agent makes it easy to email or call with questions.

We hope this helps the millions of Americans looking to move this year, especially the ones moving across the country!

Portland

Median Home Price $375,000
State and Local Tax Rate 10.7%
Walkability 38.0% of neighborhoods have a Walk Score above 70
Diversity 78.2% of population is white, 21.8% of population is non-white
Political Affiliation 76.0% voted Democratic, 17.6% voted Republican
Walkable Neighborhoods Sellwood-Moreland (79), Hollywood (93), Northwest District (93), Sunnyside (91), Goose Hollow (93), Downtown Gresham (84) Downtown Portland (95)
Local Commentary “Sellwood-Moreland sits on the east side of the Willamette River. The brand new Sellwood Bridge and the neighborhood’s easy access to the ‘Max’ light rail line make it a very convenient place to commute from. Sellwood is known for its small town feel, with ‘mom and pop’ stores, restaurants, coffee shops and pubs along 13th and Milwaukie Avenues. On weekends, residents ride bikes along the Willamette River Loop, picnic in Sellwood Park, and take the kids to Oaks Amusement Park.” – Gus Sanchez, Redfin Agent

Minneapolis

Median Home Price $258,000
State and Local Tax Rate 9.7%
Walkability 26.0% of neighborhoods have a Walk Score above 70
Diversity 73.8% of population is white, 26.2% of population is non-white
Political Affiliation 63.8% voted Democratic, 28.5% voted Republican
Walkable Neighborhoods Downtown St. Paul (92), Uptown (93), University (79), Central (76), Lowry Hill East (92), Lyn Lake (96)
Local Commentary “Downtown St. Paul offers a variety of cultural restaurants, food trucks and concert gatherings at Mears Park, and the State Capitol. The redeveloped Lowertown loft area is thriving with the new CHS field, a vibrant art and music scene and the very popular St. Paul Farmer’s Market. Uptown has one or two restaurants per block, great shopping and three nearby lakes!” – Kathryn Bausch, Redfin Agent

Chicago

Median Home Price $222,000
State and Local Tax Rate 7.7%
Walkability 11.4% of neighborhoods have a Walk Score above 70
Diversity 56.7% of population is white, 43.3% of population is non-white
Political Affiliation 74.4% voted Democratic, 21.4% voted Republican
Walkable Neighborhoods Bucktown (91), West Loop (96), Near North Side (96), Lincoln Park (94), Downtown Oak Lawn (88), Hyde Park (86)
Local Commentary “Bucktown offers lots of shops, restaurants, bars, grocery stores and CTA and Metra (train) access. For your outdoor fix, you can easily get to the 606 (comparable to NYC’s highline) and other parks. It’s got highly rated public schools and is close to private school options as well.” – Niko Voutsinas, Redfin Agent

Durham

Median Home Price $244,000
State and Local Tax Rate 7.6%
Walkability 11.1% of neighborhoods have a Walk Score above 70
Diversity 50.9% of population is white, 49.1% of population is non-white
Political Affiliation 78.9% voted Democratic, 18.5% voted Republican
Walkable Neighborhoods Five Points (76), Brightleaf (87), Trinity Heights (76), Lakewood Park (62), West End (59)
Local Commentary “Trinity Heights in Durham is close to most of the downtown attractions. In addition to its brewery scene, Trinity Heights is home to the baseball stadium and the Durham Public Arts Convention Center where there are always events going on. It’s also near the American Tobacco campus, which has some tech startups and small local shops. The neighborhood also isn’t far from Duke University, which adds to rental and resale potential.” – Matt Russell, Redfin Agent

Norfolk

Median Home Price $199,000
State and Local Tax Rate 7.4%
Walkability 12.2% of neighborhoods have a Walk Score above 70
Diversity 47.7% of population is white, 52.3% of population is non-white
Political Affiliation 68.4% voted Democratic, 26.4% voted Republican
Walkable Neighborhoods East Beach (54), Downtown Norfolk (84), Ghent (79), Colonial Place (56), West 21st Street (85), East 21st Street Monticello (87)
Local Commentary “East Beach is a waterfront community where you’ll find beautifully crafted homes with deep, wrap-around porches. The streets are lined with oak tree-shaded sidewalks just steps from the Chesapeake Bay. Residents can walk to a few local restaurants and shops, including a farmer’s market, and the marina.” – Jordan Hammond, Redfin Agent

Detroit

Median Home Price $117,000
State and Local Tax Rate 7.4%
Walkability 12.7% of neighborhoods have a Walk Score above 70
Diversity 53.2% of population is white, 46.8% of population is non-white
Political Affiliation 66.8% voted Democratic, 29.5% voted Republican
Walkable Neighborhoods Midtown (87), Downtown (74), Royal Oak (55)
Local Commentary “Main Street in Royal Oak is alive with different kinds of restaurants and bakeries ranging from American favorites to Asian-influenced cuisine. The area has plenty of entertainment options like piano bars, sports bars and breweries. There are also farmer’s markets and movie theaters for more family-oriented activities.” – Adam Rasor, Redfin Agent

Atlanta

Median Home Price $270,000
State and Local Tax Rate 7.3%
Walkability 12.8% of neighborhoods have a Walk Score above 70
Racial Diversity 45.2% of population is white, 54.2% of population is non-white
Political Affiliation 69.2% voted Democratic, 27.1% voted Republican
Walkable Neighborhoods Inman Park (84), Virginia Highland (76), Little Five Points (88), Downtown Atlanta (90), South Downtown (89), Five Points District (96), Fairlie-Poplar (96), Georgia State University (97)
Local Commentary “Inman Park, Virginia Highland and Little Five Points are very close to each other with connected sidewalks and access to the Atlanta Beltline walking path throughout the city. The Beltline has multiple parks off of it, like the Old Fourth Ward skatepark, as well as Ponce City Market and Krog Street Market. These three neighborhoods have tons of restaurants and are top notch for walkability in Atlanta.” – Victoria Hurd, Redfin Agent

Charlotte

Median Home Price $244,000
State and Local Tax Rate 7.2%
Walkability 3.1% of neighborhoods have a Walk Score above 70
Diversity 55.9% of population is white, 44.1% of population is non-white
Political Affiliation 63.3% voted Democratic, 33.4% voted Republican
Walkable Neighborhoods Plaza-Midwood (57), Third Ward (67), Dilworth (76), Downtown Matthews (67), Optimist Park (56), Tryon Hills (48), Fourth Ward (86), First Ward (83)
Local Commentary “Some of the best restaurants, bars and coffee shops in Charlotte can be found in Plaza-Midwood, and they’re within walking distance of many homes! The neighborhood is in close proximity to the Lynx blue line extension, so getting around without having a driver is another perk of the area. Plaza-Midwood is also only 10 minutes away from Uptown Charlotte, a very popular area for nightlife and entertainment.” – Jennifer Roderick, Redfin Agent

Richmond

Median Home Price $235,000
State and Local Tax Rate 6.9%
Walkability 16.7% of neighborhoods have a Walk Score above 70
Diversity 44.2% of population is white, 55.8% of population is non-white
Political Affiliation 78.8% voted Democratic, 15.0% voted Republican
Walkable Neighborhoods Scott’s Addition (63), Monroe Ward (94), The Fan (90), Museum District (88), City Center (95)
Local Commentary “Scott’s Addition is a cool urban neighborhood where residents can walk to breweries and amazing restaurants. Historically, it’s a commercial area that now has a mix of retail and single family homes as well as condos.” – Jennifer Coppock, Redfin Agent

Salt Lake City

Median Home Price $295,000
State and Local Tax Rate 6.7%
Walkability 7.1% of neighborhoods have a Walk Score above 70
Diversity 81.1% of population is white, 18.9% of population is non-white
Political Affiliation 42.8% voted Democratic, 32.6% voted Republican
Walkable Neighborhoods Sugar House– 84105 zip code (65), Central City (85), East Central (73), Central City-Liberty Wells (78), Rio Grande (89)
Local Commentary “Sugar House is an eclectic community that offers small-town quaintness with lots of local shops, cafes, a farmer’s market and several parks. The hottest spots within Sugar House include the 9th & 9th, 15th & 15th and Harvard/Yale neighborhoods. For transplants, the best aspect of living in Sugar House is probably its convenience, with the S Line, city bus and the freeway all nearby.” – Sabrina Peters, Redfin Agent

Denver

Median Home Price $394,000
State and Local Tax Rate 5.9%
Walkability 35.9% of neighborhoods have a Walk Score above 70
Diversity 77.0% of population is white, 23.0% of population is non-white
Political Affiliation 75.2% voted Democratic, 18.8% voted Republican
Walkable Neighborhoods Berkeley (85), LoHi (77), Downtown Denver (89), Cherry Creek (83), Capitol Hill (92), Lincoln Park (83)
Local Commentary “Berkeley has tons of its own bars and restaurants to walk to, and it’s convenient to I-70 and Berkeley Park and Berkeley Lake.” – Graeme Nistler, Redfin Agent

Vancouver (WA)

Median Home Price $334,000
State and Local Tax Rate 5.8%
Walkability 7.4% of neighborhoods have a Walk Score above 70
Diversity 84.6% of population is white, 15.4% of population is non-white
Political Affiliation 46.3% voted Democratic, 46.3% voted Republican
Walkable Neighborhoods Downtown Vancouver (95), Fisher’s Landing (48), Esther Short (79), Vancouver Heights (51), Lincoln (50)
Local Commentary “Fisher’s Landing is among Vancouver’s most sought-after areas for its highly-rated schools, single-family home communities within walking distance to grocery stores, and its Park and Ride station with easy access to Portland by bus.” – Rebecca Thompson, Redfin Agent

San Antonio

Median Home Price $200,000
State and Local Tax Rate 5.0%
Walkability 2.4% of neighborhoods have a Walk Score above 70
Diversity 78.4% of population is white, 21.6% of population is non-white
Political Affiliation 54.5% voted Democratic, 41.0% voted Republican
Walkable Neighborhoods King William District (76), Downtown San Antonio (82), Tobin Hill (77), Five Points (80), Edison (69)
Local Commentary “King William has a lot of character, with its historic homes and access to local shops, restaurants and brewpubs as well as biking trails.”- Jim Seifert, Redfin Agent

Austin

Median Home Price $341,000
State and Local Tax Rate 4.9%
Walkability 20.6% of neighborhoods have a Walk Score above 70
Diversity 76.2% of population is white, 23.8% of population is non-white
Political Affiliation 66.3% voted Democratic, 27.4% voted Republican
Walkable Neighborhoods Zilker (68), North University (85), Central West Austin (81), Central East Austin (81),  Highland (66), Downtown Austin (90), University of Texas-Austin (86)
Local Commentary “Zilker has highly-rated schools, along with close proximity to South Lamar. It is walkable to day-to-day needs and there are lots of new developments with dining, shopping and entertainment. It is walkable to Zilker Park, and a very short drive into downtown Austin.” – Andrew Vallejo, Redfin Agent

Houston

Median Home Price $215,000
State and Local Tax Rate 4.5%
Walkability 7.3% of neighborhoods have a Walk Score above 70
Diversity 63.3% of population is white, 36.7% of population is non-white
Political Affiliation 54.2% voted Democratic, 41.8% voted Republican
Walkable Neighborhoods Greater Heights (71), Midtown (86), Downtown Pasadena (72), Gulfton (68), Neartown-Montrose (82)
Local Commentary “Greater Heights has a lot of shops and restaurants for people to enjoy, as well as highly-rated schools. People love Donovan Park, and the hike and bike trails are very popular. You’ll often find that during the weekends the amount of bikers and walkers is on scale with the the number of cars driving around the neighborhood.” – Lee Rusk, Redfin Agent

Miami

Median Home Price $280,000
State and Local Tax Rate 4.4%
Walkability 18.5% of neighborhoods have a Walk Score above 70
Diversity 75.6% of population is white, 24.4% of population is non-white
Political Affiliation 63.7% voted Democratic, 34.1% voted Republican
Walkable Neighborhoods Downtown/Brickell (96), Flamingo-Lummus (96), Wynwood-Edgewater (88), Little Havana (88), South Point (91)
Local Commentary “Downtown/Brickell is a perfect option for folks looking for affordability and walkability. Downtown/Brickell is modeled after NYC, incorporating a live, work and play lifestyle. It offers parks, museums, an opera house, shopping, sporting events, nightlife, lots of restaurants and public transportation, which now includes a brand new high-speed rail service called Brightline. It’s also relatively close to the beach, which makes this location very strategic for someone looking for a more balanced Miami lifestyle. Finally, the Downtown/Brickell condo market is correcting, giving these buyer’s plenty of leverage to strike the right deal.” – Jose Medina, Redfin Agent

Seattle

Median Home Price $600,000
State and Local Tax Rate 4.3%
Walkability 21.0% of neighborhoods have a Walk Score above 70
Diversity 67.2% of population is white, 32.8% of population is non-white
Political Affiliation 72.1% voted Democratic, 21.7% voted Republican
Walkable Neighborhoods Columbia City (84), Downtown Seattle (98), Capitol Hill (92), Madrona (78), First Hill (97), Yesler Terrace (94)
Local Commentary “Columbia City has lots of local restaurants and shops and access to nearby parks, including Seward Park, Jefferson Park and Genesee Park. The light rail station makes it fast and easy to get downtown.” – Matthew Brennan, Redfin Agent

Dallas

Median Home Price $239,000
State and Local Tax Rate 4.3%
Walkability 3.6% of neighborhoods have a Walk Score above 70
Diversity 60.8% of population is white, 39.2% of population is non-white
Political Affiliation 61.1% voted Democratic, 34.9% voted Republican
Walkable Neighborhoods Lakewood Heights (48), Bryan Place (78),  Downtown Dallas (90), Glencoe Park (79), Downtown Carrollton (83), Edgewood (72)
Local Commentary “Lakewood Heights is a trendy area with its own culture. It has a historic feel with older homes that have been completely remodeled. It has decent walkability, hosting a brewery and a theater that offers lots of different entertainment options. It’s close to White Rock Lake and trails. Another selling point for buyers are the highly-rated elementary schools.” – Erin Birdsong, Redfin Agent

Tampa

Median Home Price $220,000
State and Local Tax Rate 3.9%
Walkability 16.1% of neighborhoods have a Walk Score above 70
Diversity 71.1% of population is white, 28.9% of population is non-white
Political Affiliation 51.5% voted Democratic, 44.7% voted Republican
Walkable Neighborhoods Hyde Park (67), Uptown Tampa (89), Palma Ceia West (79), North Hyde Park (77), Historic Ybor City (71), Armenia Gardens Estates (71), Courier City-Oscawana (84)
Local Commentary “Hyde Park is close to Bayshore Boulevard, which is a big area for walking and jogging along the bay. Residents are within a few blocks of boutiques, restaurants and the CineBistro, a restaurant/movie theater, in the Hyde Park Village.” – Ed Fusco, Redfin Agent

Nashville

Median Home Price $270,000
State and Local Tax Rate 3.8%
Walkability 8.6% of neighborhoods have a Walk Score above 70
Diversity 63.0% of population is white, 37.0% of population is non-white
Political Affiliation 60.3% voted Democratic, 34.3% voted Republican
Walkable Neighborhoods Downtown Franklin (69), Downtown Nashville (83), Edgefield (73), Edgehill (63), Fisk (57)
Local Commentary “Franklin has been a popular community for years and years due to it’s historic homes, quaint downtown and highly-rated schools. It has a historic dine-in theater and cute antique stores. It is an active community that hosts a lot of music festivals and parades.” – Jerry Diaz, Redfin Agent

Orlando

Median Home Price $251,000
State and Local Tax Rate 3.7%
Walkability 8.7% of neighborhoods have a Walk Score above 70
Diversity 64.3% of population is white, 35.7% of population is non-white
Political Affiliation 60.4% voted Democratic, 35.7% voted Republican
Walkable Neighborhoods South Eola (94), Baldwin Park (55) Thornton Park (85), Colonialtown South (80), Central Business District (85), Holden-Parramore (77)
Local Commentary “Baldwin Park checks all the boxes with highly rated schools, parks and trails for outdoor exercise, restaurants and stores within walking distance and lots of community events to get to know your neighbors.” – MaryDell Penney, Redfin Agent

Data Sources

All data is provided at the county level. The median sale price is from December 2017. Population diversity data came from the American Community Survey 2016 (5-Year Estimates). Political affiliation data was pulled from Townhall.com based on the 2016 election results. The state and local tax burden is calculated from 2015 IRS county filings. Redfin estimated total tax burden by summing state and local income and sales and property taxes paid, divided by the number of itemized returns. Tax rate was calculated from total tax burden divided by adjusted gross income by county.

The post Where To Live Next appeared first on Redfin Real-Time.

Home Prices Post Strongest Gain in Nearly Four Years as a Double-Digit Inventory Decline Constrained Sales

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Home prices in February increased 8.8 percent from a year earlier to a median sale price of $285,700 across the markets Redfin tracks. This was the strongest price appreciation since March 2014. February also marks six years, or 72 consecutive months, of year-over-year price increases since the market bottomed out and began to recover.

Home price growth February 2018

Constrained by a lack of supply, February home sales were nearly flat, up just 0.4 percent compared to last year. February saw an 11.4 percent decline in the overall number of homes for sale, marking the 29th consecutive month of year-over-year supply declines.

Homes for Sale Feb 2018

Notwithstanding affordability concerns and low inventory, buyer demand remained strong and market speed continued to increase. The typical home that sold last month went under contract in 53 days, a week faster than one year prior. More than one in five (21.1%) homes that sold last month went for more than their list price, up from 19.6 percent last February. Of the offers Redfin agents wrote for their clients in February, 56 percent encountered competition compared to 58 percent last February.

“Mortgage rates pushed upwards in February to the highest levels in nearly three years as home prices increased by their fastest pace in nearly four years,” said Redfin chief economist Nela Richardson. “A growing economy, healthy buyer demand and low inventory drove the ramp up in prices last month. Combining even slightly higher rates with price growth this strong will make it even more challenging for first-time buyers to find affordable homes to buy this year. The good news for sellers is modest rate increases are unlikely to curtail buyer demand. Just 6 percent of respondents to a survey commissioned by Redfin said they would cancel their home buying plans if rates rose above 5 percent.”

The median value of off-market homes was $283,300, as measured by the Redfin Estimate, up 8.9 percent from last year. 58.1 percent of homes on the market in February were priced above their Redfin Estimate value, with a Redfin-List-to-Estimate Ratio of 100.3 percent, indicating that sellers are slightly overpricing their homes.  

Market Summary February 2018 Month-Over-Month Year-Over-Year
Median sale price $285,700 2.7% 8.8%
Homes sold 166,100 -0.8% 0.4%
New listings 254,700 9.1% -1.2%
All homes for sale 607,800 2.9% -11.4%
Median days on market 53 0 -7
Months of supply 3.7 0.2 -0.4
Sold above list 21.1% 1.8% 1.5%
Median off-market Redfin Estimate $283,300 0.8% 8.9%
Average sale-to-list 97.8% 0.2% -0.1%

Other February Highlights

Competition

  • Seattle, WA was the fastest market, with half of all homes pending sale in just 8 days, down from 12 days from a year earlier. Denver, CO and San Jose, CA were the next fastest markets with 9 and 10 median days on market, followed by Oakland, CA (13) and San Francisco, CA (14).
  • The most competitive market in February was San Jose, CA where 83.1% of homes sold above list price, followed by 74.4% in San Francisco, CA, 67.5% in Oakland, CA, 54.8% in Seattle, WA, and 44.4% in Tacoma, WA.

Prices

  • San Jose, CA had the nation’s highest price growth, rising 34.1% since last year to $1,180,000. Detroit, MI had the second highest growth at 19.8% year-over-year price growth, followed by Fresno, CA (19.5%), Tacoma, WA (17.9%), and New Orleans, LA (17.7%).
  • No metros saw price declines in February.

Sales

Inventory

Redfin Estimate

  • The median list price-to-Redfin Estimate ratio was 93.3% in San Francisco, CA, the lowest of any market. This indicates the typical home for sale in February was listed at a price 6.7% below its estimated value. Only 8.1% of homes in San Francisco, CA were listed for more than their Redfin Estimate.
  • Conversely, the median list price-to-Redfin Estimate ratio was 102.6% in Miami, FL and 102.3% in West Palm Beach, FL, which means sellers are listing their homes for more than the estimated value in those metro areas. In Miami, FL, 86.4% of homes were listed above their Redfin Estimate, the highest percentage of any metro.

Below are market-by-market breakdowns for prices, inventory, new listings and sales for markets with populations of 750 thousand or more. For downloadable data on all of the markets Redfin tracks, visit the Redfin Data Center.

Median Sale Price

Redfin Metro Median Sale Price Month-Over-Month Year-Over-Year
Albany, NY $193,100 4.1% 7.8%
Allentown, PA $175,000 -5.1% 4.9%
Atlanta, GA $219,000 1.9% 9.6%
Austin, TX $299,900 3.4% 4.1%
Bakersfield, CA $225,000 4.7% 9.2%
Baltimore, MD $245,000 3.9% 5.6%
Baton Rouge, LA $199,900 2.5% 11.1%
Birmingham, AL $192,000 9.5% 16.4%
Boston, MA $436,200 -3.1% 8.8%
Buffalo, NY $132,200 -2.0% 13.0%
Camden, NJ $160,000 6.0% 6.7%
Charlotte, NC $225,000 2.5% 7.1%
Chicago, IL $225,000 2.7% 10.8%
Cincinnati, OH $158,000 1.9% 14.9%
Cleveland, OH $135,000 7.1% 13.9%
Columbus, OH $181,500 2.0% 10.1%
Dallas, TX $285,000 7.2% 5.6%
Denver, CO $397,200 5.7% 12.9%
Detroit, MI $115,000 1.3% 19.8%
Fort Lauderdale, FL $240,000 -1.0% 11.6%
Fort Worth, TX $225,000 4.7% 6.2%
Fresno, CA $263,500 9.1% 19.5%
Grand Rapids, MI $179,700 2.7% 10.4%
Greenville, SC $189,000 -0.5% 8.0%
Hampton Roads, VA $215,000 -1.7% 2.0%
Honolulu, HI $550,000 -2.7% 5.8%
Houston, TX $225,000 3.3% 1.0%
Indianapolis, IN $165,000 5.1% 9.9%
Jacksonville, FL $219,900 6.2% 12.8%
Kansas City, MO $189,900 -1.0% 5.5%
Knoxville, TN $187,000 6.9% 15.9%
Las Vegas, NV $256,000 2.4% 15.8%
Long Island, NY $415,000 -0.6% 5.1%
Los Angeles, CA $590,000 2.5% 9.3%
Louisville, KY $169,500 -3.2% 5.9%
Memphis, TN $160,000 0.0% 6.7%
Miami, FL $277,500 -2.5% 4.7%
Milwaukee, WI $178,400 -3.5% 11.5%
Minneapolis, MN $250,000 2.9% 12.4%
Montgomery County, PA $279,900 -1.8% 3.7%
Nashville, TN $275,300 1.8% 10.1%
New Orleans, LA $210,000 8.8% 17.7%
Oakland, CA $669,000 2.9% 10.6%
Oklahoma City, OK $164,200 5.1% 2.7%
Omaha, NE $176,800 -6.4% 14.0%
Orange County, CA $695,000 3.7% 11.2%
Orlando, FL $231,500 -1.5% 11.7%
Oxnard, CA $574,000 -4.3% 5.9%
Philadelphia, PA $178,000 -2.5% 11.9%
Phoenix, AZ $255,000 2.6% 9.8%
Pittsburgh, PA $150,000 0.0% 15.8%
Portland, OR $380,000 -1.7% 10.1%
Providence, RI $247,000 0.8% 9.8%
Raleigh, NC $275,000 2.6% 10.0%
Richmond, VA $226,000 2.7% 5.2%
Riverside, CA $354,500 1.3% 9.4%
Rochester, NY $125,000 -1.6% 4.3%
Sacramento, CA $373,000 2.2% 9.7%
Salt Lake City, UT $300,000 2.7% 15.4%
San Antonio, TX $209,000 2.0% 4.5%
San Diego, CA $547,000 2.2% 8.3%
San Francisco, CA $1,369,400 5.3% 10.9%
San Jose, CA $1,180,000 18.6% 34.1%
Seattle, WA $530,000 3.8% 15.2%
St. Louis, MO $165,000 5.4% 11.5%
Tacoma, WA $330,000 6.5% 17.9%
Tampa, FL $215,000 6.5% 10.8%
Tucson, AZ $210,000 5.1% 9.4%
Tulsa, OK $158,900 0.2% 8.8%
Warren, MI $185,000 0.0% 9.8%
Washington, DC $370,500 1.2% 4.4%
West Palm Beach, FL $270,000 5.3% 12.8%
Worcester, MA $247,000 -1.2% 9.8%
National $285,700 2.7% 8.8%

Homes Sold

Redfin Metro Homes Sold Month-Over-Month Year-Over-Year
Albany, NY 542 -25.3% -6.1%
Allentown, PA 451 -22.6% -5.3%
Atlanta, GA 6,710 6.7% 5.5%
Austin, TX 2,038 16.9% 1.3%
Bakersfield, CA 524 -6.4% -7.1%
Baltimore, MD 2,441 -4.2% -1.4%
Baton Rouge, LA 661 13.6% -9.8%
Birmingham, AL 1,019 29.0% 7.7%
Boston, MA 2,052 -31.3% -7.8%
Buffalo, NY 656 -14.7% -5.7%
Camden, NJ 1,132 -13.6% 3.8%
Charlotte, NC 2,396 4.3% -0.2%
Chicago, IL 6,339 -3.5% 12.6%
Cincinnati, OH 1,423 -13.3% 9.9%
Cleveland, OH 1,383 -11.5% -12.4%
Columbus, OH 1,648 -19.3% -2.9%
Dallas, TX 3,909 16.3% -1.2%
Denver, CO 3,158 1.3% 5.1%
Detroit, MI 1,237 -11.7% -5.1%
Fort Lauderdale, FL 2,349 -5.7% 3.9%
Fort Worth, TX 2,089 12.9% -2.8%
Fresno, CA 605 5.4% 4.9%
Grand Rapids, MI 760 -15.3% -10.1%
Greenville, SC 809 10.4% 18.4%
Hampton Roads, VA 1,461 8.9% 9.4%
Honolulu, HI 592 -5.3% 2.4%
Houston, TX 5,459 19.7% 3.4%
Indianapolis, IN 1,941 8.9% 5.4%
Jacksonville, FL 1,581 7.3% 0.1%
Kansas City, MO 1,945 -0.7% 4.4%
Knoxville, TN 923 16.2% 15.7%
Las Vegas, NV 2,659 -4.6% -6.0%
Long Island, NY 1,576 -28.9% -32.6%
Los Angeles, CA 4,273 -3.5% -5.3%
Louisville, KY 1,070 22.7% 24.7%
Memphis, TN 803 -2.0% 1.6%
Miami, FL 1,819 -31.1% -12.9%
Milwaukee, WI 985 0.0% 7.7%
Minneapolis, MN 2,664 -4.9% -13.0%
Montgomery County, PA 1,279 -20.9% 2.3%
Nashville, TN 2,229 7.8% -2.8%
New Orleans, LA 891 -0.2% 1.5%
Oakland, CA 1,389 1.2% -4.8%
Oklahoma City, OK 1,294 14.3% 15.8%
Omaha, NE 674 -4.7% -2.2%
Orange County, CA 1,825 0.8% -4.9%
Orlando, FL 2,934 -7.2% 6.8%
Oxnard, CA 475 -6.5% 0.2%
Philadelphia, PA 1,435 -17.1% 3.5%
Phoenix, AZ 6,805 11.2% 5.9%
Pittsburgh, PA 1,191 -11.3% -6.7%
Portland, OR 2,271 6.6% 3.0%
Providence, RI 1,032 -13.6% -2.3%
Raleigh, NC 1,447 3.1% -3.7%
Richmond, VA 1,037 3.2% 11.0%
Riverside, CA 3,665 -4.4% -3.0%
Rochester, NY 558 -27.0% -11.6%
Sacramento, CA 1,803 -5.8% -2.0%
Salt Lake City, UT 1,176 1.3% 9.5%
San Antonio, TX 1,731 11.9% -5.9%
San Diego, CA 2,221 3.1% -3.3%
San Francisco, CA 610 27.9% 8.0%
San Jose, CA 816 17.4% -1.0%
Seattle, WA 2,768 12.2% -2.8%
St. Louis, MO 2,227 -0.7% -5.6%
Tacoma, WA 1,053 6.6% 4.7%
Tampa, FL 4,152 11.7% 4.6%
Tucson, AZ 1,129 16.2% -5.6%
Tulsa, OK 811 14.9% 7.8%
Warren, MI 2,352 -16.4% -0.4%
Washington, DC 5,123 2.6% -6.5%
West Palm Beach, FL 2,153 -4.4% -0.6%
Worcester, MA 470 -30.7% -10.6%
National 166,100 -0.8% 0.4%

New Listings

Redfin Metro New Listings Month-Over-Month Year-Over-Year
Albany, NY 724 5.7% -10.7%
Albuquerque, NM 1,201 8.3% 1.7%
Allentown, PA 845 14.7% -7.2%
Atlanta, GA 9,617 16.9% 13.9%
Austin, TX 3,146 26.5% 4.7%
Bakersfield, CA 926 2.7% 8.6%
Baltimore, MD 3,734 21.2% -0.6%
Baton Rouge, LA 1,139 20.1% 14.4%
Birmingham, AL 1,392 12.4% -15.1%
Boston, MA 4,008 41.2% 13.4%
Buffalo, NY 791 11.3% -3.3%
Camden, NJ 2,044 8.3% -3.5%
Charlotte, NC 3,640 22.2% -7.3%
Chicago, IL 11,170 26.8% -10.4%
Cincinnati, OH 2,060 21.7% -6.5%
Cleveland, OH 2,300 6.4% -8.2%
Columbus, OH 2,114 18.8% -8.3%
Dallas, TX 5,612 2.7% -3.1%
Denver, CO 4,215 12.8% -1.4%
Detroit, MI 1,577 -6.2% -14.7%
Fort Lauderdale, FL 4,259 -4.7% 4.3%
Fort Worth, TX 2,717 0.5% -6.3%
Fresno, CA 854 0.6% 5.7%
Grand Rapids, MI 1,063 13.6% -4.4%
Greenville, SC 1,105 7.4% -4.8%
Hampton Roads, VA 2,151 16.9% -2.0%
Honolulu, HI 952 -6.7% 7.0%
Houston, TX 8,292 7.6% -4.5%
Indianapolis, IN 2,298 17.1% -11.2%
Jacksonville, FL 2,585 13.3% 8.7%
Kansas City, MO 2,682 14.5% -5.1%
Knoxville, TN 1,129 10.0% 7.7%
Las Vegas, NV 3,703 2.2% -0.6%
Long Island, NY 3,001 14.9% -0.5%
Los Angeles, CA 7,268 5.3% 10.0%
Louisville, KY 1,205 7.2% -2.5%
Memphis, TN 1,134 17.5% -4.5%
Miami, FL 4,296 -8.8% 2.9%
Milwaukee, WI 1,438 15.7% -12.5%
Minneapolis, MN 4,566 40.1% -9.3%
Montgomery County, PA 2,385 30.0% -11.1%
Nashville, TN 3,365 14.0% 0.8%
New Orleans, LA 1,328 2.4% 7.4%
Oakland, CA 2,364 18.9% 8.6%
Oklahoma City, OK 1,698 0.9% -12.2%
Omaha, NE 916 21.6% -12.8%
Orange County, CA 3,058 13.6% 7.3%
Orlando, FL 4,220 0.4% -1.2%
Oxnard, CA 796 15.4% 13.6%
Philadelphia, PA 2,555 22.1% -3.4%
Phoenix, AZ 8,841 -5.4% -3.4%
Pittsburgh, PA 1,863 12.8% -8.1%
Portland, OR 2,566 12.1% -1.3%
Providence, RI 1,620 23.4% 12.6%
Raleigh, NC 2,289 13.1% -6.8%
Richmond, VA 1,590 23.4% -10.0%
Riverside, CA 5,827 1.0% 6.1%
Rochester, NY 864 25.8% -11.3%
Sacramento, CA 2,791 12.2% 18.5%
Salt Lake City, UT 1,515 4.0% -0.3%
San Antonio, TX 2,558 -0.5% -0.5%
San Diego, CA 3,282 -0.5% 1.7%
San Francisco, CA 1,011 15.5% 13.6%
San Jose, CA 1,283 26.3% 7.1%
Seattle, WA 3,420 10.3% 2.2%
St. Louis, MO 3,673 24.9% -6.4%
Tacoma, WA 1,151 -0.1% -0.1%
Tampa, FL 5,843 -7.2% -0.9%
Tucson, AZ 1,593 -4.3% -2.5%
Tulsa, OK 1,114 2.7% -4.0%
Warren, MI 2,778 5.9% -14.2%
Washington, DC 8,065 29.3% -5.4%
West Palm Beach, FL 4,104 -10.0% 5.0%
Worcester, MA 760 27.9% 7.0%
National 254,700 9.1% -1.2%

All Homes for Sale

Redfin Metro All Homes for Sale Month-Over-Month Year-Over-Year
Albany, NY 2,125 -7.0% -30.7%
Albuquerque, NM 4,022 11.8% -6.3%
Allentown, PA 2,091 -4.8% -21.1%
Atlanta, GA 20,455 -0.1% -33.1%
Austin, TX 5,756 1.1% -1.9%
Bakersfield, CA 1,782 -3.3% -10.0%
Baltimore, MD 9,286 6.5% -1.6%
Baton Rouge, LA 3,529 6.0% 31.8%
Birmingham, AL 4,492 0.1% -18.4%
Boston, MA 4,918 5.4% -19.3%
Buffalo, NY 1,475 -4.7% -39.6%
Camden, NJ 7,115 4.1% -3.7%
Charlotte, NC 8,788 1.4% -26.6%
Chicago, IL 30,702 8.8% -16.3%
Cincinnati, OH 6,272 7.9% -12.3%
Cleveland, OH 6,927 -1.3% -17.0%
Columbus, OH 4,619 3.9% -20.3%
Dallas, TX 10,371 -5.3% -5.7%
Denver, CO 4,154 2.5% -7.6%
Detroit, MI 3,543 -8.8% -11.2%
Fort Lauderdale, FL 14,356 7.4% -0.9%
Fort Worth, TX 4,587 -10.2% -17.3%
Fresno, CA 1,306 -3.5% -12.5%
Grand Rapids, MI 1,686 -5.8% -9.0%
Greenville, SC 3,611 6.3% -6.4%
Hampton Roads, VA 6,412 -2.2% -14.3%
Honolulu, HI 3,010 5.0% 9.5%
Houston, TX 21,285 -2.5% -7.6%
Indianapolis, IN 4,856 -6.1% -27.8%
Jacksonville, FL 5,997 2.6% -9.6%
Knoxville, TN 4,003 0.6% -13.9%
Las Vegas, NV 8,670 4.7% -22.4%
Long Island, NY 8,802 4.8% -13.9%
Los Angeles, CA 13,169 4.5% -13.6%
Louisville, KY 2,344 -4.8% -13.4%
Memphis, TN 2,589 -1.0% -22.3%
Miami, FL 17,948 0.4% -3.1%
Milwaukee, WI 4,160 3.7% -22.6%
Minneapolis, MN 7,371 7.9% -20.4%
Montgomery County, PA 6,212 7.1% -9.6%
Nashville, TN 8,539 5.0% 0.1%
New Orleans, LA 5,855 5.5% 9.1%
Oakland, CA 1,886 16.0% -13.5%
Oklahoma City, OK 4,943 -5.1% -16.8%
Omaha, NE 1,396 -5.6% -13.7%
Orange County, CA 5,668 8.5% -14.8%
Orlando, FL 8,491 -4.2% -17.3%
Oxnard, CA 1,243 5.0% -5.6%
Philadelphia, PA 6,701 7.8% -7.8%
Phoenix, AZ 18,997 -1.8% -16.6%
Pittsburgh, PA 8,153 2.1% -15.9%
Portland, OR 3,874 -6.9% -4.2%
Providence, RI 4,054 1.4% -17.4%
Raleigh, NC 5,661 2.6% -7.3%
Richmond, VA 2,505 -4.5% -22.1%
Riverside, CA 13,657 0.8% -14.4%
Rochester, NY 1,517 -0.8% -40.0%
Sacramento, CA 3,503 2.2% -3.3%
Salt Lake City, UT 3,907 25.3% 49.9%
San Antonio, TX 6,839 -5.4% -6.1%
San Diego, CA 4,674 2.9% -6.1%
San Francisco, CA 974 13.0% -17.2%
San Jose, CA 923 24.9% -30.0%
Seattle, WA 2,283 -0.5% -21.7%
St. Louis, MO 11,418 15.9% 3.4%
Tacoma, WA 1,213 -16.1% -25.6%
Tampa, FL 11,870 -3.1% -14.2%
Tucson, AZ 4,566 1.6% -5.6%
Tulsa, OK 3,407 -2.4% -12.0%
Warren, MI 5,128 -6.9% -22.8%
Washington, DC 16,587 23.6% 13.9%
West Palm Beach, FL 15,123 3.1% -2.8%
Worcester, MA 1,315 -4.6% -29.3%
National 607,800 2.9% -11.4%

Median Off-Market Redfin Estimate

Redfin Metro Estimate Month-Over-Month Year-Over-Year
Albany, NY $206,400 -0.1% 4.5%
Allentown, PA $197,200 -0.1% 4.5%
Atlanta, GA $198,600 0.8% 10.1%
Austin, TX $288,300 0.0% 1.0%
Bakersfield, CA $201,100 0.4% 5.3%
Baltimore, MD $244,600 0.0% 2.3%
Baton Rouge, LA $147,100 -0.4% -2.6%
Birmingham, AL $141,000 0.0% 6.2%
Boston, MA $464,200 0.7% 4.5%
Buffalo, NY $147,400 0.1% 6.7%
Camden, NJ $185,700 -0.2% 2.8%
Charlotte, NC $187,000 3.1% 14.8%
Chicago, IL $229,200 0.0% 3.4%
Cincinnati, OH $156,200 0.5% 7.3%
Cleveland, OH $129,500 -0.1% 1.6%
Columbus, OH $175,600 2.2% 9.6%
Dallas, TX $243,100 0.4% 10.4%
Denver, CO $385,800 1.1% 9.0%
Detroit, MI $87,100 1.0% 17.6%
Fort Lauderdale, FL $248,900 0.2% 8.4%
Fort Worth, TX $197,500 0.5% 13.9%
Fresno, CA $237,900 0.2% 9.0%
Grand Rapids, MI $148,500 0.3% 8.1%
Greenville, SC $156,600 0.4% 7.0%
Hampton Roads, VA $216,000 0.1% 3.3%
Honolulu, HI $670,000 0.0% 4.5%
Houston, TX $197,000 0.1% 5.5%
Indianapolis, IN $147,600 0.3% 8.3%
Jacksonville, FL $201,000 0.8% 14.2%
Kansas City, MO $174,200 0.2% 9.0%
Knoxville, TN $139,700 0.1% 4.9%
Las Vegas, NV $246,000 0.9% 15.1%
Long Island, NY $422,700 0.2% 6.5%
Los Angeles, CA $591,400 0.4% 7.8%
Louisville, KY $144,300 1.2% -1.7%
Memphis, TN $128,200 0.7% 10.7%
Miami, FL $281,100 0.8% 6.9%
Milwaukee, WI $190,300 0.1% 6.0%
Minneapolis, MN $242,000 0.2% 7.6%
Montgomery County, PA $306,700 0.2% 4.5%
Nashville, TN $231,300 0.5% 12.7%
New Orleans, LA $166,100 -0.6% -2.4%
Oakland, CA $725,300 0.7% 9.6%
Oklahoma City, OK $135,200 0.2% 1.0%
Omaha, NE $159,400 0.4% 5.8%
Orange County, CA $687,000 0.4% 5.3%
Orlando, FL $217,100 0.8% 9.1%
Oxnard, CA $580,700 0.1% 5.9%
Philadelphia, PA $191,700 1.5% 10.1%
Phoenix, AZ $250,400 0.4% 6.6%
Pittsburgh, PA $135,200 0.1% 5.3%
Portland, OR $378,200 0.4% 4.7%
Providence, RI $280,700 0.1% 6.7%
Raleigh, NC $248,800 0.3% 6.7%
Richmond, VA $211,200 0.1% 7.5%
Riverside, CA $345,500 0.4% 8.6%
Rochester, NY $135,500 0.0% 4.4%
Sacramento, CA $382,100 0.3% 7.8%
Salt Lake City, UT $299,300 0.5% 9.4%
San Antonio, TX $182,100 0.3% 7.1%
San Diego, CA $566,000 0.6% 7.9%
San Francisco, CA $1,263,200 0.5% 12.3%
San Jose, CA $1,146,500 2.1% 21.1%
Seattle, WA $528,800 1.1% 14.2%
St. Louis, MO $147,400 0.0% 0.9%
Tacoma, WA $320,900 0.2% 12.3%
Tampa, FL $205,300 0.6% 9.8%
Tucson, AZ $193,800 0.0% 6.6%
Tulsa, OK $133,100 0.1% 2.4%
Warren, MI $197,600 0.1% 5.5%
Washington, DC $374,400 0.2% 2.8%
West Palm Beach, FL $256,400 1.4% 3.6%
Worcester, MA $268,500 0.9% 7.2%
National $283,300 0.8% 8.8%

The post Home Prices Post Strongest Gain in Nearly Four Years as a Double-Digit Inventory Decline Constrained Sales appeared first on Redfin Real-Time.

Smart and Sustainable In-Home Technology to Reduce Utility Costs

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The financial and environmental costs of using utilities add up fast. In many cases – and we’re all guilty of this – we don’t realize how much we’re consuming until the utility bill shows up. We scratch our heads and think, “wow, there’s no way I used 897 kilowatt-hours of electricity this month.” (The average U.S. household uses that much each month and 10,766 kWh per year.)

Fortunately, there are several in-home tech products that will save you money on your utility bills and help the environment at the same time.

How Much Electricity Do You Use Around the House?

Green technology that saves money on utilities

Each month, your utility bill is calculated based on how many kilowatt-hours are consumed.

So just how far does one kilowatt-hour go?

A kilowatt-hour, which is a measure of electrical energy equivalent to a power consumption of 1,000 watts for one hour, could power ten incandescent 100-watt lightbulbs for an hour. One kwh costs about $0.12 (so leaving the lights on, despite what your mother said about turning them off to save money, isn’t as expensive as it seems). Check out this table, which lists common household appliances and how much energy they use in an average month:

Appliance average kWh per hour used each month and average cost

 Appliance  Appliance Average kWh per hour used each month Average cost each month
Smartphone .08 kWh $0.01
Tablet .9 kWh $0.11
One LED Lightbulb 1.2 kWh $0.14
Big-screen TV 2.5 kWh $0.30
Wireless modem and router 7.5 kWh $0.90
Gaming System 8.3 kWh $1.00
One 60-watt Incandescent Lightbulb 18.3 kWh $2.20
Desktop Computer 25.0 kWh $3.00
Refrigerator 29.1 kWh $3.50
Washer and Dryer 69.44 kWh $8.33
Water Heater 416.7 kWh $50.00
Heating and cooling 640.5 kWh $76.86

So does that mean you have to put on a sweater or take a cold shower? Not necessarily. If you know what you’re doing, you can save hundreds of kWh each month by utilizing the latest in-home technology.

Heating and Cooling

  • Smart Thermostat: To save cash on heating and cooling, no matter what climate you live in, consider investing in a smart thermostat, such as a Nest. Most are compatible with Google Home, Echo and other in-house automated assistants, and they work by keeping temperature settings consistent. Some have sensors to keep tabs on hot and cold spots in your house, and you can program them to manage the temperatures when you’re at work, on vacation or asleep, so you’re not wasting energy on climate control you don’t need.
  • Motorized Shades: Many motorized shades today allow you to set specific times when they should open or close. This is usually done from an app on your phone regardless of if you are home or not. You will end up saving money by keeping the sun out when it’s hot in the day or choosing to let the light warm up your space. You can also opt for honeycomb shades, which are designed especially for insulation, but any shade or drape with the right spacing will help slash your heating costs.

Average Savings: Between $131 and $145 per year

Green technology that saves money on utilities 2 (2)

Light Use

  • Smart Lights: Smart lights, like Philips Hue and LIFX, can save you cash through programming, motion detection and remote access to your lights when you’re away from home (so you’ll never have to leave the lights on for two weeks straight while you’re visiting your mother-in-law in Poughkeepsie), but that’s not all there is to it. Smart lights are LEDs, which cost less to operate; running an LED costs only a few pennies, while old incandescent lights cost about 11 times more.

Average Savings: Between $80 and $120 per year

Games, TVs and Other Appliances

  • Surge Protectors: Video game consoles and some other appliances use energy even when nobody’s using them, so a conservation-themed surge protector, like the Belkin Conserve Switch Surge Protector, lets you switch things off with a remote. Other types, like ThinkEco, cut down consumption when your plugged-in devices are in standby mode.

Average Savings: Between $60 and $80 per year

Laundry

  • Energy-efficient washers: Although energy-efficient washers are pretty much all you’ll find when you shop, know that certified ENERGY STAR products can help you save cash and water, so you get even more bang for your buck if you pay a water bill. If you wash your clothes in warm (not hot) or cold water, you’ll save even more. Typically, an ENERGY STAR washing machine uses 25 percent less electricity than its non-eco-friendly counterparts do.

Average Savings: Between $75 and $125 per year

Green technology that saves money on utilities 2

How Much Water Does Your Household Use?

While estimates vary based on location, the average U.S. household uses about 90 gallons of water every day. Most of that water goes right down the toilet – literally. Toilet flushing and showers are the two biggest culprits when it comes to wasting water, and dishwashers, washing machines and outdoor watering are right behind them. Check out this chart to figure out how much water the average American household uses each year and how much it costs (tap water costs about $0.004 per gallon).

 Appliance Average Gallons Used Each Time Average Cost Per Use
Bath 36 gallons $0.14
Shower (10 Minutes) with ordinary shower head 50 gallons $0.20
Shower (10 Minutes) with water-saving showerhead 20 gallons $0.08
Dishwasher (non-ENERGY STAR) 16 gallons $0.06
Dishwasher (ENERGY STAR) 6 gallons $0.02
Toilet Flush (Regular) 3 gallons $0.01
Toilet Flush (low-flow) 1.6 gallons Less than $.01
Outdoor watering (30 minutes) 60 gallons $0.24

Other than cutting down on water consumption by investing in ENERGY STAR appliances, doing fewer loads of laundry and taking shorter showers, there are a few devices you can add to your home to drastically reduce your water consumption.

Showers and Faucets

  • High-efficiency faucet aerator: Installing a high-efficiency faucet aerator in your shower and on your taps can cut your water consumption in half. Because they add air, you won’t suffer a loss in pressure.
  • Smart home water meter: You can also opt for a smart home water meter, which shows you how you’re using water around the house, as well as how much you’re using. You’ll be able to keep tabs on how much goes to laundry, lawn irrigation and other applications in your home, and you can create a “signature” for each appliance to get a better understanding of where you can cut back and prevent your budget from drying up.

Average Savings: About $100 per year

Green technology that saves money on utilities 3

Toilets

  • Smart toilets: First, they can help you save water, and second, they can eliminate toilet paper waste – so that means you’re helping the environment in two ways. The EPA states that toilets labeled with WaterSense labels can reduce water usage by 20-60% and save around 13,000 gallons of water per year. 

Average Savings: About $100 per year

Smart Home Security

  • Smart Home Security System: Having a smart home security system in place can save you money on homeowners insurance. Think of it like having airbags in the car – your insurer knows that you’re taking measures to mitigate risk, which means your rates are likely to go down. The latest-and-greatest security systems monitor your home’s electricity and wiring, and record activity that goes on inside and outside your house. Sometimes you can even get a claims-free credit, which offers you a discount if you haven’t made a claim in the past.

Average Savings: Up to 20% of your normal bill

Beige siding house exterior with covered porch and trimmed bushes in front. View of soft blue staircase with narrow walkway.

What Smart Tech Do You Depend On?

Utility bills can get expensive, so savvy homeowners are using all kinds of smart tech to save cash, while also helping the environment. We’d love to hear about the technology you can’t live without, so share your story in the comments!

The post Smart and Sustainable In-Home Technology to Reduce Utility Costs appeared first on Redfin Real-Time.

Bay Area Music Teacher Wins Bidding War With Heartfelt Rendition of “Our House”

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When Natan and Elizabeth Kuchar put in an offer on a charming 1929 Berkeley, CA split level, they had no idea what it would take to win the home.

The two teachers were living in a rental with their three children in the Poet’s Corner neighborhood of Berkeley when they heard that the home down the street was about to be listed for sale. They were ready to become homeowners and wanted to stay in the neighborhood. When they toured it, the three-bedroom home stood out to them right away. With original 1930s features like iron rails and hardwood floors, it was unlike anything they’d seen in the area.

“It wasn’t screaming at us like these other houses were with updated kitchens and bathrooms,” Natan said. “It had these very quirky purple and orange stripes on the garage and a well-maintained vintage vibe to it. We liked it immediately.”

The home made a big impression on the couple’s five-year-old daughter, who drew a picture of it that the family submitted alongside a letter and their offer.

The sellers, Kathy and Josh, were touched by the family’s offer letter and also learned that Natan is a music teacher who publishes videos for kids on YouTube under the name Mr. Palindrome. Being huge music fans themselves (the couple met on a bus on the way back from a concert) it left a lasting impression.

There were two preemptive offers put in on the home, according to the listing agent, Redfin’s Jana Cloud. It was between the Kuchar family and another couple. Not long after making their offer, Natan and Elizabeth received a call from their Redfin agent Maya Karpinski, who told them the other couple had offered $20,000 more.

“We couldn’t go over, we couldn’t push our number anymore,” Natan said. “So we felt a little deflated.”

A few hours later, his agent called once again, but with a more hopeful message: “The sellers really like you and they’re rooting for you. They want you to offer something creative alongside the financial offer,” Maya told him.  

“I’m thinking, what on earth am I going to do in a couple hours to win a house?” Natan said. “I went to my piano and turned on my camera and decided I was going to record this message for Kathy and Josh, and in essence it was me saying, I don’t have the words to describe how much we want this house to be our home, so instead I’m going to sing to you this Crosby, Stills, Nash & Young song, ‘Our House’ and that was it.”

What Natan didn’t know was that Kathy and Josh sang that very song to each other the first time they lit the fireplace in the house. Within three minutes of sending the video, Natan got a text from Maya saying they’d won the home. He was in disbelief.

“My wife and I were just very shocked and honestly confused,” he said. “We certainly weren’t the highest bidder, so it was very heartwarming to know that some sellers in Berkeley are looking for more than the highest offer. Josh and Kathy have always been passionate about keeping Berkeley quirky and were doing their bit to keep local people here. I can’t tell you how grateful and excited we feel to be living here.”

His advice to other buyers is this: “Wherever possible, share of yourself. These are really huge purchases and clearly money is very important, but I think if you can attach a personal story to the money, these sellers are looking for that.”

“We were very moved,” Kathy said of the video. “Seeing that made us realize that they were definitely real people who had told us the truth. When they said they couldn’t go any higher, it wasn’t a negotiating tactic. They really love our house.”

The takeaway? Even in a competitive market with rampant bidding wars, waived contingencies and all-cash offers, it’s not always about the money. Cash may be king sometimes, but in this case human connection won.  


Disclaimer: Redfin is pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the United States. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.

The post Bay Area Music Teacher Wins Bidding War With Heartfelt Rendition of “Our House” appeared first on Redfin Real-Time.

New York, Philadelphia and Miami are 2018’s Best Cities for Fresh-Food Access

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New York is the best city for fresh-food access, with 75 percent of its residents living within a five-minute walk of a grocery store or year-round farmers market, followed by Philadelphia (64%) and Miami (57%). To determine these new rankings, we analyzed Walk ScoreⓇ data for 48 major U.S. cities, excluding San Francisco and Los Angeles, for which there was not reliable data.

“While visiting my grandfather’s hometown in South Carolina last summer, the only grocery store there had burned down and residents had to travel 20 minutes to the next town to get fresh food,” said Redfin chief economist Nela Richardson. “Many in the community didn’t have transportation or were elderly. Neighbors organized carpools just to make sure people had access to food. This is obviously an extreme example, but it illustrates the importance of this basic amenity that many people take for granted.”

Boston, Miami and Baltimore showed the biggest improvements in access to fresh food since 2014, when Walk Score last reported a comparable ranking.

“Wegmans and Market Basket are two grocery store chains that have been expanding and opening up new shops throughout the city of Boston over the past couple years to meet the growing demand,” said Redfin Boston agent David Pollack. “Many homebuyers put a premium on homes that are in close proximity to supermarkets with fresh produce, in-store cafes and hot food services.”

U.S. Cities with the Best Access to Fresh Food

Rank City Residents with a Grocery Store or Farmers Market within a 5-Minute Walk (2018) Residents with a Grocery Store or Farmers Market within a 5-Minute Walk (2014)
1 New York 75% 72%
2 Philadelphia 64% 57%
3 Miami 57% 49%
4 Boston 54% 45%
5 Oakland 53% 49%
6 Chicago 50% 44%
7 Baltimore 49% 41%
8 Washington, D.C. 43% 41%
9 Milwaukee 34% 29%
10 Minneapolis 33% 29%

Food Deserts

Our analysis also identified “food deserts,” cities where few residents have a grocery store or year-round farmers market within a five-minute walk. Oklahoma City topped this list, with just 6 percent of its residents living within a stone’s throw from fresh food, followed by Colorado Springs (6%) and Indianapolis (7%). Of the food deserts we identify below, Tucson and Wichita had the biggest increases in shares of residents with fresh food access since 2014.

“Oklahoma City has been slower than other cities to adapt to having fresh food, gyms and outdoor activities within walking distance, ” said local Redfin agent Linda Huynh. “But keep in mind, our city is the eighth largest in the U.S. by land, with just 1.5 million residents. Things are really spread out and mostly accessible by car only.”

U.S. Cities with the Worst Access to Fresh Food (Food Deserts)

Rank City Residents with a Grocery Store or Farmers Market within a 5-Minute Walk (2018) Residents with a Grocery Store or Farmers Market within a 5-Minute Walk (2014)
T1 Oklahoma City 6% 5%
T1 Colorado Springs 6% 6%
3 Indianapolis 7% 5%
4 Charlotte 8% 6%
T5 Wichita 9% 5%
T5 Mesa 9% 6%
T5 Raleigh 9% 6%
T5 Jacksonville 9% 8%
T5 Nashville 9% 9%
10 Tucson 10% 6%


Methodology

To calculate the percentage of city residents with access to healthy food, we used Walk Score data to analyze 48 cities. Walk Score uses population data and city boundaries that come from the U.S. Census, and the list of grocery stores comes from a mix of Google, Localeze and places added via the Walk Score website. We calculated millions of walking routes for this ranking with our Travel Time API to determine how many grocery stores are within a five-minute walk for residents. Our rankings are proximity based and do not consider the cost of food. Los Angeles and San Francisco were excluded from this report because of unreliable data.

 

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Redfin Housing Demand Index Fell 14 Percent from January to February as Ongoing Supply Shortage Crimped Homebuyer Activity

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The Redfin Housing Demand Index fell 14.1 percent month over month to 110 in February. This represents the lowest level of homebuyer demand in 11 months and the largest month-over-month decline on record for the Demand Index, for which Redfin has data going back to January 2013.

The Demand Index is based on thousands of Redfin customers requesting home tours and writing offers. The Demand Index is adjusted for Redfin’s market share growth. A level of 100 represents the historical average for the three-year period from January 2013 to December 2015.

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“There are still plenty of people touring homes; there just aren’t enough of homes to satisfy all the buyers who want to make offers,” said Redfin head of analytics Pete Ziemkiewicz. “We’ve started off each of the past three years with inventory down double-digits from the year before, which has held back buyer activity until enough new listings hit the market to get the offers flowing in the Spring.”

From January to February, the seasonally adjusted number of buyers requesting home tours fell by 12.4 percent, while the number of buyers making offers fell 18.0 percent.

Looking at year-over-year comparisons, the Demand Index declined 6.5 percent from February 2017. The number of buyers requesting home tours actually increased 2.9 percent, while the number making offers fell 20.1 percent.

February marked 33 consecutive months of declining home supply across the 15 metros covered by the Demand Index, with 13.6 percent fewer homes for sale than a year earlier. The inventory shortage, paired with strong demand, has driven rapid home-price appreciation.

Metro-Level Demand Highlights

Below, we provide a slideshow of local charts for each of the metros tracked by the Redfin Housing Demand Index and highlight noteworthy trends and agent insights from select markets. If you’d like to learn more about a particular market, please email press@redfin.com.

For more detail on the Redfin Demand Index methodology, click here.

The post Redfin Housing Demand Index Fell 14 Percent from January to February as Ongoing Supply Shortage Crimped Homebuyer Activity appeared first on Redfin Real-Time.

Easy Easter Egg Hunt Ideas For in and Around Your Home

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Easter Eggs Egg Happy Easter Easter Colorful

One of the high points of Easter is the egg hunt. Kids young and old anticipate it, looking forward to searching for brightly colored eggs and maybe getting a few goodies as well. This year, why not start a new tradition with these clever, creative ideas for in and around the house.

The Easter Bunny Came!

This is more traditional, but with a twist or two. After the kids dye their eggs and put them in their baskets, have them leave the baskets in a prominent place – say, the kitchen table or on the sofa in the living room – when they go to bed. Once they are asleep, hide the eggs and fill their baskets with treats such as trinket gifts and candy. When they wake up, they can have an early morning Easter egg hunt.

When you hide the real eggs, add a few plastic ones filled with special treats. If you are concerned about animals getting them while they are hidden overnight, you can always hide them inside.

Everyone’s a Winner

Skip the candy and give the kids things that they will love. Fill plastic eggs with slips of paper that have rewards like “eat dessert first,” “skip chores for a day,” “stay up for an extra half hour,” or others. The kids get to keep the rewards in the eggs they find.

Winter Weather Easter Egg Hunt

Sometimes Mother Nature just won’t cooperate, and you wake to snow or rain on Easter or other inclimate weather that drives you indoors, you can still have fun searching in the house. Have an adult take the kids in a room while other adults do the hiding in two or three rooms. Just make sure that all breakables are out of reach and those rooms are kid proof. When children hunt Easter eggs they can get rowdy!

The Golden Egg

Hide a golden egg with a special prize inside along with the other eggs. Whoever finds the it gets to keep the prize. Don’t forget to make it a little harder to find though.

The Easter Quest

If a rainy Easter has you stuck in the house, give the kids the indoor egg hunt of their lives. Start with a note from the Easter bunny, then guide them with clues attached to each egg that lead them to the next and ultimately to a big basket with all kinds of goodies. Bunny tracks are fun too if the kids are too little to read clues.

The Little Ones Aren’t Left Out

If you have little ones and you are afraid the big kids will find all the eggs, here are three solutions:

  • Big kid/little kid teams – Each big kid gets a little kid and they hunt as a team, splitting what they find.
  • Each kid gets a color – Each kid is assigned a color and they can only collect eggs that are that color. That way, everyone finds something and they all end up with the same amount.
  • Separate hunts – Let the little ones hunt in a certain area with easier hiding spots and the big kids are in an area that is more challenging.

Safety Tips

Walk with the little ones and help them. Older kids might not be paying attention and accidentally bump into the little ones. Have an adult walk with each little child to help them and prevent accidents from occurring.

Clean the yard or area where the kids will be hunting eggs a few days beforehand. Pick up any debris or trash, empty containers that hold water, and clean your lawn furniture. Make the area as kid friendly as possible.

Set rules such as no running, no throwing, stay within set boundaries, or whatever is relevant to your yard or home and the kids.

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How Redfin Pays Women and Men

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As part of our commitment to a fair workplace, Redfin has published data on how we pay women and men since 2015, with a pledge to discuss and remedy any significant gaps. In our December 2017 diversity report, we announced that we would shift the calendar for publishing this data to April, which let us separate the pay report from the diversity report, exploring each topic in more detail.

Here is the data synthesizing pay for every title at Redfin where there are at least two men and two women with that title. As in past years, we do not have enough data across a large number of departments to make the same comparisons based on race, ethnicity and non-binary gender.

Employee Group Women % of Average Salary Men % of Average Salary
Buyers’ Agents 100.20% 99.0%
Sellers’ Agents 99.7% 100.4%
Managers of Agent Teams 98.80% 101.00%
Licensed Support Staff 101.20% 97.80%
Unlicensed Support Staff 99.90% 100.10%
Programmers, Testers, Product Managers, Seattle 99.80% 100.10%
Programmers, Testers, Product Managers, San Francisco 101.90% 99.00%
Real Estate and Business Operations Recruiters, Seattle 97.80% 103.60%
Customer Experience Coordinators, Partner Program, Seattle 100.20% 99.70%
IT Helpdesk Analysts, Seattle 99.90% 100.10%

Gender-Based Differences in February 2018 Salaries for Groups of Redfin Employees

The gaps in salary between women and men are mostly small, in large part because we try to be rigorous about paying employees based on objective guidelines. Each gap is nonetheless worth exploring, so we can identify and correct sources of bias as they emerge.

The gaps among our agents and team managers surprised us the most, because the real estate teams are where compensation plans at Redfin are most regimented. We found that these gaps are the result of men having higher tenure, as agents earn modest increases to their base salaries over time. The opposite effect is why women make more money as licensed support staff such as transaction coordinators, as women in these roles have more tenure than men.

How We Account for Competing Offers

The other noteworthy gap is in recruiting, which just barely cleared the minimum number of men and women in the same role to support a comparison. Some of this gap is because recruiters with the same title are still at different levels of seniority, with some being closer to a promotion than others.

Like any company, Redfin sometimes finds itself in situations when a new hire demands more money than his or her peers. Our ideal process would be that we’d change our pay ranges on a regular schedule for both current employees and new hires when market-research data shows that pay for a particular role has gone up. In reality, we often learn of changes in market rates when candidates choose to share that information with us, or when current employees show us data about friends in similar roles at other companies, or even go so far as to get an offer somewhere else.

How we respond in these situations has an impact on pay equity. We often refuse to match the compensation requests of a candidate outside of our pay ranges. In cases when we pay above the range to get a candidate, we then have to evaluate whether to increase the pay of others in the same role, often using market-research data, and comparing differences in skills, performance and experience. Any pay increases to bring others to parity may not happen right away, but instead through regular performance and compensation reviews.

In a cost-conscious business that tries to charge the lowest-possible fees to our customers, it’s unrealistic to make the high-water mark for employee pay the average across the board. It results in an endless ratcheting up of pay. We understand that, as U.S. wages rise, this process is unavoidable and even healthy, but we’d still prefer that it happen in a deliberate way. We’re planning to watch our pay exceptions more closely in the year ahead to see what we can learn.

We’ve also updated our recruiting process to ensure we don’t ask candidates about their pay history. We made this change in part to comply with new laws in places like San Francisco that prohibit these questions, but rolled it out nationally to avoid perpetuating biases in how women and men are paid. This sometimes means we end up paying people with lower salary expectations more than we could get away with, but that’s what’s fair.

Methodology

The pay comparisons for agents, team managers, and licensed support staff are limited to markets where we have at least two men and two women with the same title. Twenty-six such markets qualified for the pay comparison of buyers’ agents; 12 for sellers’ agents.

Calculating the Weighted Average

For each row in the table, we make several comparisons between women’s and men’s pay , one comparison for each role or level of seniority. For example, we employ entry-level, mid-level and senior-level software programmers in Seattle. We average women’s and men’s pay for each level, and do the same for testers and product managers.

To calculate a weighted average for each row, we take the average of those averages, weighting each comparison according to how many employees are being compared. If, hypothetically, there are 24 entry-level programmers but only eight senior programmers, we assign three times more weight to the pay comparison for entry-level programmers when calculating the overall gender gap for technical employees. Others in the industry, like Microsoft and Glassdoor, have similarly weighted or adjusted their averages for gender-based pay comparisons.

Accounting for Differences in Seniority Between Men and Women

This is the best way to compare people within a given level, and then to synthesize that for many different levels within a group. But it obscures one reason men make more money than women: there are often more men in senior positions than women. Just extend the hypothetical example above to imagine that only two of those eight senior programmers are women, whereas 18 of the 24 entry-level programmers are.

If, hypothetically, all the senior programmers earned $150,000 per year and all the entry-level programmers earned $75,000, the table above would show that men and women were paid equally, when in fact the average male wage was $112,500, and the average female wage was $82,500. We can argue whether it is reasonable to compare a man deep in his career to a woman just starting out in hers, or if in fact it is necessary to make those comparisons because a glass ceiling is the real reason so many women don’t make the big bucks. We can also acknowledge the tendency for male-dominated disciplines like engineering to pay more. What we can do now is show the distribution of women and men in entry-level and senior roles.

 

Employee Group % of Women in Entry-Level Individual Contributor Roles % of Women in Senior-Level Individual Contributor Roles
Buyers’ Agents 58% 52%
Sellers’ Agents 63% 59%
Programmers, Testers, Product Managers, Seattle 34% 17%
Programmers, Testers, Product Managers, San Francisco 29% 50%

The Percentage of Women in Entry-Level & Senior-Level Roles at Redfin by Group as of February 2018

We limit these comparisons to individual contributors because we do not have enough women and men in different levels of management within a group to make a comparison. We also excluded from this table whole groups that did not have enough people at senior levels for a comparison.

When we conduct this entire study in 2019, we expect our minimum to increase from two of each gender to four, so that we only compare roles with at least four men and four women; the company will have grown to a size where this still allows for a large number of comparisons, and we’ll avoid groups that are so small everyone can guess whose pay is an outlier.

Conclusion

We’re glad to see that many groups at Redfin have no major gap in average pay between men and women. But that doesn’t mean we’re satisfied. We constantly ask ourselves how we can be better at running this company fairly. If you have questions or comments about that, fire away!

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The She Shed: How to Create Your Outdoor Oasis

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Backyard shed painted blue and filled plants and refurbished furniture

Move over, man cave. It’s high time for the she shed – a woman’s private enclave, separate from the house and designed to give ladies a special space of their own. You don’t have to buy a brand-new shed to carve out your own niche, though; you can refurbish an existing shed and transform it into an idyllic escape.

How to Construct the Perfect She Shed: The Basics

When you recognize the need for your own space (one where you can shut the door and escape from a stressful day, noise in the house or anything else), it’s pretty exciting to think about making it all happen.

But where do you start?

If you’re going to create a she shed, you have to start with the basics – and that includes a bare-bones, empty shed. You can buy a new shed at a home improvement store or clear out the one that’s already in your backyard; either way, it needs to be empty so you can put your personal stamp on it. Once your shed is empty and clean, you have to:

• Pick the right paint and apply it
• Furnish and style it
• Add plants and other personal touches
• Give it a mini version of curb appeal

Choosing the Right Paint

Backyard shed with flower planters and a stone pathway for landscaping elements

Your she shed needs the right colors inside and out, but finding the perfect palette can be a challenge. The key? Doing what you like – not necessarily what’s trending or what everyone else does. This is your space, so express yourself based on its purpose. You’ll choose different colors for a she shed you’re using as a meditation space than you will for one you plan to use to write the next NYT best-seller.

With that said, here’s a little paint color psychology to help you make the right choices:

Dark gray-blue, soft gray, neutral green and lavender: Associated with relaxing, so if your she shed is going to be a quiet haven, these might be the perfect picks.
Red: heightens the senses, and it’s the color of passion. If you want your space to be warm and exciting, red might be the ideal choice. If the thought of too much red overwhelms you, consider an accent wall.
• Pink: From cotton candy to bubblegum, carries different connotations based on shade. Pale pastels are soothing and calming, while more vibrant pinks like fuchsia are intense enough to be edgy and dramatic.
Yellow: is optimistic and warm, and if it’s pale, it can make a small space feel larger. This tried-and-true favorite can stimulate your nervous system and promote creativity, so if your she shed is doubling as a workshop where you write, paint or create, this is the color for you.
Brown: the earthiest of all colors, makes it easy to slow down and relax. It makes people feel more stable, but it can make a space look and feel smaller.

Many women want a she shed that complements the big house in front of it, but that’s totally up to you. You’ll have to weigh whether you can see your space from the road with what feels right in your gut, so choosing an exterior color might be even tougher than picking interior shades. The only right answer is to select a color you find attractive and welcoming, which is true whether you’re painting, applying siding or doing something else entirely.

Step-by-Step Style

Turning a painted shed into your private getaway requires you to fill it with things that make you happy. Use new or refurbished furniture (or pieces you’ve pilfered from the house – totally up to you!) to make yourself feel right at home. Must-haves for your space include:

• A daybed or futon that pulls double-duty, depending on whether it’s a sit-and-read or curl-up-into-a-ball-and-nap kind of day
• A coffee table, desk or dresser for décor, a TV or other accessories
• A shelf or two for books and other necessities
• Comfortable seating
• Lots and lots of pillows

Cozy decor for the she shed with a couch, pillows, and carpet

When it’s time to decorate, there are three essentials that no she shed should go without:

1. Personal items. You need to feel comfortable in your she shed or you won’t spend as much time as you can there – and that means you have to give it your personal touch. Maybe you have a favorite photo from a decades-ago vacation, or perhaps you have a cherished trinket that’s been passed down through generations. If you love something, it belongs in your space.
2. Something that helps you find your center. Whether you’re an avid reader, a movie buff or an amateur genealogist, there’s something you can decorate with that helps you stay in touch with who you really are. You don’t have to stick to a theme, which can be overwhelming in a small space; just make sure you include something that helps you stay centered.
3. Live plants. Even if your thumb isn’t particularly green, living plants can make your space more inviting and comfortable. (Bonus: you’ll have to go out there to care for them, which means more time in your she shed – and you can stretch out the time you spend on the plants to care for yourself, too.)

Great Plants for a She Shed

Including live plants in your she shed is about more than style. It’s also about purifying the air and making the entire space more pleasant. Indoor air can be far more polluted than outdoor air is, so plants that improve air quality are tremendously beneficial. Some of the best include:

English ivy: It does well in full shade or full sun, so it’s perfect for a she shed; it also removes volatile organic chemicals, or VOCs, from the air.
Bamboo palm: This plant prefers partial sun and removes benzene and formaldehyde from the air.
Chinese evergreen: This two-foot-tall (max) plant thrives on very little light, but its leaves can be harmful to animals. It’s best if you only use it in a pet-free zone.
Dragon tree: The dragon tree can tolerate low light, and it’s tough enough to go a few days without water.
Mother-in-law’s tongue: This might be the only thing having to do with anyone’s mother-in-law in your she shed, and that’s only because it’s hardy enough to survive questionable care.

Potted split leaf philodendrons and hanging plants

Outside the She Shed: Landscaping Tips and Tricks

The landscaping outside your she shed can match the rest of your yard, but it doesn’t have to. You can make it more like a private island by letting your own style dictate its landscaping. If you’re not that into gardening, pruning and caring for plants, keep it simple – there’s no “She Shed Rule Book” that says you have to do anything special. Bear in mind, though, that gardening and planting have been shown to provide significant health benefits.

Pro tip: putting your she shed beneath a tree can help insulate it from inclement weather, keeping it warm in winter and cool during summer.

Landscaping elements and gardening for curb appeal

What Does Your Dream She Shed Look Like?

Just for the record, your she shed doesn’t have to be an actual shed. You can turn any space into your home into your private haven, from the basement to the attic. The key is making it your own – and we’d love to hear your stories. If you’ve created a she shed or if you’re thinking about it, share your ideas in the comments to inspire other women to take the leap!

The post The She Shed: How to Create Your Outdoor Oasis appeared first on Redfin Real-Time.

Redfin’s Scholarship Winner Predicts Which Industry Will Be Distrupted Next

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The Redfin Scholarship is a way for Redfin to help students on their journey through higher education. The scholarship application period occurs twice yearly with awards given to a student in both the spring and fall. Here is the student essay that won the 2018 spring scholarship. Congrats Neha Nagabothu!

Essay Prompt: Technology and big data are disrupting nearly every facet of our lives. Amazon disrupted the retail industry, Uber disrupted the taxi industry, and Redfin has disrupted real estate. What industry do you think will be disrupted next, and why?

Looking at homes on computer

Have you ever played Sims, designing your house with simple taps and drags? Can you imagine designing your real home and seeing your new creation within a day, 3D-printed just for you? The construction industry is about to make it happen.

The construction industry is often thought of as slow and ancient. From 1945 to today, industries like retail, agriculture, and manufacturing have leapt in productivity, growing by 1500%. However, the construction industry has remained flat in growth, unwilling to embrace innovative technologies – but the landscape is changing. The potential is almost limitless – every step of the process can be transformed, from the initial inspection to collaboration between workers to finally build the homes.

In the next ten years, we will be able to use technologies to 3D-print buildings in a single day. Initial inspections of homes, typically including dozens of time-consuming, rigorous, and dangerous routines, can cause huge delays in building even a single piece of foundation. Drone technologies expedite this process: covering vast areas rapidly, capturing detailed images, and autonomously perform these inspections utilizing artificial intelligence. With the massive amounts of relevant data these drones collect, workers can run simulations to test designs and hypotheses before even building the home, ensuring more safety and quality in the final product.

The next step in the process is creating parts and putting the home together. 3D-printing offers a variety of colors, designs, and unfathomable possibilities; today, it is difficult to create complex, layered, artistic structures by hand. With 3D-printing, architects can easily tap and draw to create intricate curvatures, symmetric patterns, and add vivid details without the worry of tedious, painstaking labor to achieve the masterpiece in their mind. Here, there is even the possibility of businessmen or home owners designing structures to their own preferences with a user-friendly interface, and seeing it come to life in a few days.

Now, it is time to build. Normally, such a convoluted task at such a massive scale would take years – but 3D-printing makes the process dramatically more efficient. Autonomous, unmanned robots can construct beams, place bricks, paint entire condos, install skyscraper windows, and more, all in the fraction of time it would take a manual, human laborer. Even more intriguing, there are technologies being developed to allow these robots to communicate – think of it as uber-powerful Roombas working together to build your home.

It’s like Amazon or Wix for a house or even a skyscraper. Tap, tap, draw, design, and submit – a two-year old could design a house, a neighborhood, a downtown, a new college dormitory, or even a new colony on Mars – but there’s no guarantee that it will be aesthetically pleasing! Users worldwide can design homes and place their designs online for others to utilize, and suddenly, there is HUGE space for innovation within the industry. Suddenly, anyone can have their dream home, building, or city – all thanks to the power of artificial intelligence and robotics to disrupt the entire construction industry.

Student Biography

Redfin Scholarship Winner

Neha Nagabothu is a senior at Westview High School in Portland, Oregon.  She has been recognized internationally for her work in robotics and business and hopes to complete a double major in technology and business in college.  In her free time, she loves to dance, listen to music, cook, read, listen to TED talks, learn new languages, and make puns.

The next scholarship application period is from May 1 – July 31. Click here for more information.

The post Redfin’s Scholarship Winner Predicts Which Industry Will Be Distrupted Next appeared first on Redfin Real-Time.

March Home Prices Up 8.9%, the Biggest Increase in Four Years

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The median home sale price increased 8.9 percent in March from a year ago, the highest price growth in four years. The median home sale price in March was $297,000 in the 174 markets that Redfin tracks.

The lack of homes for sale, down 11.9 percent year over year, continued to constrain sales, which declined 3.7 percent. The number of homes newly listed for sale in March fell 5.6 percent compared to a year ago.

“The Easter holiday fell early this year, which may have played a role in the decline in new March listings. Sellers are slow to list this year and we aren’t seeing enough new construction homes to fill the gap,” said Redfin chief economist Nela Richardson. “If we don’t see the new listings number turn around next month or a pickup in new housing starts, inventory will be a persistent drag on sales for the remainder of the year.”

Though seller enthusiasm is waning, buyer demand is strong, making for a highly competitive market. The typical home went under contract in 43 days, eight days faster than a year earlier and faster than any March on record. Among homes that sold last month, 23.9 percent sold above their list price, up from 22.3 percent last March. One in five (20.5%) homes that sold in March went under contract within two weeks of their debut, compared to 18.4 percent last year.

Seattle was the fastest-moving market for the second month in a row, joined by Denver. Homes in these metros were on the market for a median of just seven days in March.

Market Summary March 2018 Month-Over-Month Year-Over-Year
Median sale price $297,200 4.4% 8.9%
Homes sold 230,300 34.5% -3.7%
New listings 326,100 26.3% -5.6%
All Homes for sale 636,800 2.2% -11.9%
Median days on market 43 -10 -8
Months of supply 2.8 -0.8 -0.2
Sold above list 23.9% 2.8% 1.7%
Median Off-Market Redfin Estimate $281,300 -0.8% 6.1%
Average Sale-to-list 98.6% 0.8% 0.6%

Strong price growth was not limited to hot coastal markets like San Jose, CA (32.3%) and San Francisco (16.7%). Places like Allentown, PA (21.8%), Detroit (20.6%) and Las Vegas (16.5%) are also experiencing strong price appreciation.

Inventory declined in 65 of the 73 most populous metros Redfin tracks below. In 48 of those metros, inventory fell more than 10 percent compared to last year. Baton Rouge, Washington, D.C., and Allentown bucked the declining inventory trend, respectively adding 26.6 percent, 11.8 percent and 11.4 percent to housing supply from last year.

Other March Highlights

Competition

  • Denver, CO and Seattle, WA were the fastest markets, with half of all homes pending sale in just 7 days. San Jose, CA was the next fastest market with 9 median days on market, followed by Oakland, CA (12) and Sacramento, CA (13).
  • The most competitive market in March was San Jose, CA where 83.2% of homes sold above list price, followed by 76.1% in San Francisco, CA, 75.2% in Oakland, CA, 59.8% in Seattle, WA, and 50.7% in Tacoma, WA.

Prices

  • San Jose, CA had the nation’s highest price growth, rising 32.3% since last year to $1,263,500. Allentown, PA had the second highest growth at 21.8% year-over-year price growth, followed by Detroit, MI (20.6%), San Francisco, CA (16.7%), and Las Vegas, NV (16.5%).
  • No metros saw price declines in March.

Sales

  • Detroit, MI saw the largest decline in sales since last year, falling 18.7%. Home sales in Rochester, NY and Buffalo, NY declined by 14.6% and 13.1%, respectively.
  • 2 out of 73 metros saw sales surge by double digits from last year. Milwaukee, WI led the nation in year-over-year sales growth, up 15.1%, followed by Albany, NY, up 10.3%. Allentown, PA rounded out the top three with sales up 6.1% from a year ago.

Inventory

  • Inventory declined in 65 of the 73 metros Redfin tracks. In 48 of those metros, inventory fell by more than 10% compared to last year.
  • Rochester, NY had the largest decrease in overall inventory, falling 42.6% since last March. Buffalo, NY (-42.4%), San Jose, CA (-41.5%), and Indianapolis, IN (-31.9%) also saw far fewer homes available on the market than a year ago.
  • Baton Rouge, LA had the highest increase in the number of homes for sale, up 26.6% year over year, followed by Washington, DC (11.8%) and Allentown, PA (11.4%).

Pricing Strategy

  • To see trends in sellers’ pricing strategies, we compare the list price to the Redfin Estimate, Redfin’s automated home-value estimate with the industry’s lowest published error rate for listed homes.
  • The median list price-to-Redfin Estimate ratio was 93.5% in San Francisco, CA, the lowest of any market. This indicates sellers may be underpricing their homes to create a bidding war, as the typical home for sale in March was listed at a price 93.5% of its estimated value. Only 7.6% of homes in San Francisco, CA were listed for more than their Redfin Estimate.
  • Conversely, the median list price-to-Redfin Estimate ratio was 102.5% in Miami, FL and 102.2% in West Palm Beach, FL, which means sellers in those metro areas are listing their homes for more than the estimated value. In Miami, FL, 84.3% of homes were listed above their Redfin Estimate, the highest percentage of any metro.

Below are market-by-market breakdowns for prices, inventory, new listings and sales for markets with populations of 750 thousand or more. For downloadable data on all of the markets Redfin tracks, visit the Redfin Data Center.

Median Sale Price

Redfin Metro Median Sale Price Month-Over-Month Year-Over-Year
Albany, NY $200,800 8.4% 9.2%
Allentown, PA $201,000 14.9% 21.8%
Atlanta, GA $230,000 5.5% 8.5%
Austin, TX $301,400 0.9% 2.2%
Bakersfield, CA $225,000 0.2% 6.1%
Baltimore, MD $259,900 6.1% 8.3%
Baton Rouge, LA $197,500 -1.0% 9.8%
Birmingham, AL $188,000 -2.1% 12.6%
Boston, MA $462,500 6.0% 7.6%
Buffalo, NY $138,000 4.9% 11.9%
Camden, NJ $169,900 6.3% 6.2%
Charlotte, NC $237,100 5.6% 4.4%
Chicago, IL $240,000 6.7% 6.7%
Cincinnati, OH $174,500 10.2% 10.4%
Cleveland, OH $134,900 -0.1% 7.1%
Columbus, OH $191,000 5.8% 10.6%
Dallas, TX $295,000 3.5% 6.1%
Denver, CO $401,800 0.7% 9.2%
Detroit, MI $120,000 4.3% 20.6%
Fort Lauderdale, FL $255,000 6.2% 13.3%
Fort Worth, TX $229,900 2.2% 6.9%
Fresno, CA $260,000 -0.8% 8.3%
Grand Rapids, MI $187,000 3.9% 9.2%
Greenville, SC $200,000 5.9% 12.2%
Hampton Roads, VA $224,900 4.6% 6.6%
Honolulu, HI $558,000 1.5% 7.8%
Houston, TX $232,000 3.1% 2.2%
Indianapolis, IN $173,000 4.2% 11.6%
Jacksonville, FL $228,400 4.3% 14.2%
Kansas City, MO $205,000 8.0% 10.6%
Knoxville, TN $195,000 5.1% 11.4%
Las Vegas, NV $265,000 3.5% 16.5%
Long Island, NY $425,000 4.3% 11.8%
Los Angeles, CA $600,000 1.3% 8.1%
Louisville, KY $175,000 2.9% 6.7%
Memphis, TN $169,000 5.6% 9.0%
Miami, FL $300,000 9.1% 11.1%
Milwaukee, WI $195,000 14.0% 5.4%
Minneapolis, MN $258,000 3.2% 11.2%
Montgomery County, PA $295,000 3.5% 10.1%
Nashville, TN $281,500 2.4% 8.3%
New Orleans, LA $200,000 -4.8% 1.0%
Oakland, CA $720,000 8.3% 10.8%
Oklahoma City, OK $165,000 0.6% 3.1%
Omaha, NE $185,700 4.3% 9.3%
Orange County, CA $710,000 2.2% 9.2%
Orlando, FL $236,000 1.5% 7.3%
Oxnard, CA $579,000 0.7% 2.5%
Philadelphia, PA $194,500 9.0% 14.8%
Phoenix, AZ $255,000 0.0% 8.5%
Pittsburgh, PA $159,900 5.9% 14.3%
Portland, OR $387,800 2.1% 9.5%
Providence, RI $253,200 2.9% 12.5%
Raleigh, NC $280,000 1.8% 6.9%
Richmond, VA $240,000 7.1% 6.7%
Riverside, CA $355,000 0.6% 6.9%
Rochester, NY $129,400 3.1% 2.7%
Sacramento, CA $385,000 3.6% 10.0%
Salt Lake City, UT $310,000 3.3% 10.7%
San Antonio, TX $214,900 3.3% 7.5%
San Diego, CA $558,500 2.5% 7.4%
San Francisco, CA $1,400,000 1.6% 16.7%
San Jose, CA $1,263,500 7.1% 32.3%
Seattle, WA $557,500 4.8% 15.0%
St. Louis, MO $166,900 1.2% 3.0%
Tacoma, WA $348,500 5.4% 16.4%
Tampa, FL $217,500 1.8% 8.8%
Tucson, AZ $206,800 -0.1% 6.1%
Tulsa, OK $160,000 0.0% 5.3%
Warren, MI $195,000 5.4% 12.7%
Washington, DC $390,000 5.4% 8.3%
West Palm Beach, FL $272,000 2.6% 11.0%
Worcester, MA $245,000 -0.6% 7.5%
National $297,200 4.4% 8.9%

Homes Sold

Redfin Metro Homes Sold Month-Over-Month Year-Over-Year
Albany, NY 749 36.2% 10.3%
Allentown, PA 640 32.8% 6.1%
Atlanta, GA 9,396 33.5% -3.7%
Austin, TX 2,820 31.4% 4.4%
Bakersfield, CA 728 31.4% -8.4%
Baltimore, MD 3,444 33.6% 3.8%
Baton Rouge, LA 910 32.7% -11.2%
Birmingham, AL 1,392 31.2% 0.1%
Boston, MA 3,055 44.8% -10.8%
Buffalo, NY 659 -9.0% -13.1%
Camden, NJ 1,635 23.8% -2.9%
Charlotte, NC 3,323 37.0% -12.5%
Chicago, IL 8,541 36.2% -1.3%
Cincinnati, OH 1,976 38.4% -2.6%
Cleveland, OH 2,213 55.7% -1.6%
Columbus, OH 2,313 35.7% -9.5%
Dallas, TX 5,225 27.9% -6.0%
Denver, CO 4,412 38.4% -2.8%
Detroit, MI 1,543 6.9% -18.7%
Fort Lauderdale, FL 3,067 24.2% -7.0%
Fort Worth, TX 2,658 23.3% -9.0%
Fresno, CA 791 27.8% 4.2%
Grand Rapids, MI 1,207 55.1% -2.4%
Greenville, SC 1,068 31.5% -3.6%
Hampton Roads, VA 2,003 35.8% 2.9%
Honolulu, HI 787 32.3% -0.6%
Houston, TX 7,053 27.1% -3.4%
Indianapolis, IN 2,679 35.6% -10.1%
Jacksonville, FL 2,230 32.4% -1.1%
Kansas City, MO 2,770 40.0% -5.5%
Knoxville, TN 1,152 21.5% -6.1%
Las Vegas, NV 3,861 44.8% -2.3%
Long Island, NY 1,961 15.9% -12.8%
Los Angeles, CA 6,296 45.7% -5.1%
Louisville, KY 1,353 46.6% -4.3%
Memphis, TN 1,056 27.2% -3.4%
Miami, FL 2,544 30.7% -4.8%
Milwaukee, WI 1,582 61.3% 15.1%
Minneapolis, MN 3,985 48.0% -7.0%
Montgomery County, PA 1,839 37.3% -2.9%
Nashville, TN 3,121 37.2% -1.8%
New Orleans, LA 1,092 21.3% -11.9%
Oakland, CA 2,245 55.4% -2.9%
Oklahoma City, OK 1,791 36.1% 5.5%
Omaha, NE 976 39.0% -9.5%
Orange County, CA 2,600 41.9% -9.0%
Orlando, FL 4,013 35.6% 3.1%
Oxnard, CA 715 47.4% -9.4%
Philadelphia, PA 1,907 19.0% -6.6%
Phoenix, AZ 9,321 34.5% 1.3%
Pittsburgh, PA 1,893 55.0% 5.2%
Portland, OR 2,900 23.6% -7.9%
Providence, RI 1,416 34.2% -1.2%
Raleigh, NC 2,118 47.4% -11.1%
Richmond, VA 1,562 46.1% -0.8%
Riverside, CA 4,980 35.0% -8.7%
Rochester, NY 700 12.9% -14.6%
Sacramento, CA 2,467 32.3% -3.5%
Salt Lake City, UT 1,608 32.2% -0.8%
San Antonio, TX 2,458 34.8% -0.1%
San Diego, CA 2,870 24.8% -11.6%
San Francisco, CA 960 54.3% 0.8%
San Jose, CA 1,296 56.9% 1.2%
Seattle, WA 3,683 29.6% -7.8%
St. Louis, MO 3,204 41.3% -6.7%
Tacoma, WA 1,350 26.1% -5.5%
Tampa, FL 5,513 32.5% -3.5%
Tucson, AZ 1,568 32.9% -1.3%
Tulsa, OK 1,075 30.8% 1.5%
Warren, MI 2,965 25.2% -3.3%
Washington, DC 7,267 35.1% -5.5%
West Palm Beach, FL 3,123 37.6% -1.5%
Worcester, MA 632 31.9% -3.7%
National 230,300 34.5% -3.7%

New Listings

Redfin Metro New Listings Month-Over-Month Year-Over-Year
Albany, NY 958 30.9% -6.0%
Albuquerque, NM 1,587 31.4% 4.6%
Allentown, PA 1,025 19.7% -7.0%
Atlanta, GA 12,484 28.1% 3.1%
Austin, TX 4,229 35.2% -1.1%
Bakersfield, CA 1,055 13.0% 0.6%
Baltimore, MD 5,288 41.2% -7.9%
Baton Rouge, LA 1,272 10.5% -7.0%
Birmingham, AL 1,729 18.8% -11.7%
Boston, MA 5,143 27.8% -16.7%
Buffalo, NY 1,105 39.3% -5.7%
Camden, NJ 2,386 15.1% -9.8%
Charlotte, NC 4,915 33.3% -3.1%
Chicago, IL 15,264 36.3% -3.8%
Cincinnati, OH 2,725 32.4% -4.4%
Cleveland, OH 3,119 34.0% -9.5%
Columbus, OH 3,102 45.2% -0.9%
Dallas, TX 7,603 33.6% -2.8%
Denver, CO 5,750 35.7% -7.5%
Detroit, MI 2,198 39.3% -1.4%
Fort Lauderdale, FL 4,500 4.5% -0.8%
Fort Worth, TX 3,773 36.0% 0.4%
Fresno, CA 988 12.8% -9.9%
Grand Rapids, MI 1,538 42.5% -6.7%
Greenville, SC 1,507 37.0% 5.5%
Hampton Roads, VA 2,976 38.4% -4.8%
Honolulu, HI 1,026 7.2% -11.9%
Houston, TX 11,141 32.7% -1.7%
Indianapolis, IN 3,240 40.4% -11.5%
Jacksonville, FL 3,054 18.5% -1.9%
Kansas City, MO 4,138 53.6% 7.5%
Knoxville, TN 1,585 40.1% 11.5%
Las Vegas, NV 4,370 17.8% -7.0%
Long Island, NY 3,464 15.4% -11.7%
Los Angeles, CA 7,959 8.3% -11.4%
Louisville, KY 1,667 37.5% -9.7%
Memphis, TN 1,439 24.5% -9.2%
Miami, FL 4,441 1.3% -8.8%
Milwaukee, WI 2,086 46.4% -10.7%
Minneapolis, MN 6,167 34.4% -19.1%
Montgomery County, PA 2,839 16.7% -20.6%
Nashville, TN 4,520 28.8% 4.9%
New Orleans, LA 1,892 40.1% 3.0%
Oakland, CA 2,873 20.1% -5.3%
Oklahoma City, OK 2,355 37.0% -6.5%
Omaha, NE 1,459 55.4% -9.7%
Orange County, CA 3,373 8.8% -14.8%
Orlando, FL 4,898 14.9% -2.8%
Oxnard, CA 1,009 26.0% -3.7%
Philadelphia, PA 2,962 14.9% -11.6%
Phoenix, AZ 10,404 16.5% -5.8%
Pittsburgh, PA 2,590 38.5% -7.3%
Portland, OR 3,849 47.4% 2.3%
Providence, RI 1,953 19.7% -11.4%
Raleigh, NC 2,901 24.3% -9.3%
Richmond, VA 2,135 30.1% -10.0%
Riverside, CA 6,380 8.2% -6.5%
Rochester, NY 1,240 43.5% -4.1%
Sacramento, CA 3,376 20.3% -5.0%
Salt Lake City, UT 2,058 34.8% -5.9%
San Antonio, TX 3,622 38.5% 3.3%
San Diego, CA 4,031 19.2% -7.3%
San Francisco, CA 1,238 22.1% -5.4%
San Jose, CA 1,583 22.3% -9.2%
Seattle, WA 5,152 50.2% 1.9%
St. Louis, MO 4,664 27.3% -12.1%
Tacoma, WA 1,686 44.7% -3.4%
Tampa, FL 6,907 17.3% -2.3%
Tucson, AZ 1,877 17.5% -1.7%
Tulsa, OK 1,377 22.3% -12.1%
Warren, MI 4,152 48.6% -6.0%
Washington, DC 11,550 42.1% -10.1%
West Palm Beach, FL 4,183 1.9% -2.6%
Worcester, MA 1,019 32.2% -16.7%
National 326,100 26.3% -5.6%

All Homes for Sale

Redfin Metro All Homes for Sale Month-Over-Month Year-Over-Year
Albany, NY 2,109 -4.4% -29.2%
Albuquerque, NM 2,978 -27.9% -21.3%
Allentown, PA 2,933 22.3% 11.4%
Atlanta, GA 22,353 2.3% -28.7%
Austin, TX 6,448 7.9% -4.1%
Bakersfield, CA 1,865 -0.5% -6.4%
Baltimore, MD 10,235 7.7% -0.2%
Baton Rouge, LA 3,608 0.5% 26.6%
Birmingham, AL 4,692 0.7% -18.2%
Boston, MA 5,188 0.2% -25.3%
Buffalo, NY 1,427 -4.4% -42.4%
Camden, NJ 7,297 2.6% -3.8%
Charlotte, NC 9,735 6.3% -23.8%
Chicago, IL 34,036 9.0% -14.0%
Cincinnati, OH 6,698 8.3% -10.9%
Cleveland, OH 7,173 0.1% -17.9%
Columbus, OH 5,112 8.8% -16.3%
Dallas, TX 11,664 0.3% -4.8%
Denver, CO 4,729 10.6% -11.8%
Detroit, MI 3,478 -5.8% -10.2%
Fort Lauderdale, FL 14,376 3.5% 0.3%
Fort Worth, TX 4,921 -5.6% -16.9%
Fresno, CA 1,356 -2.5% -14.3%
Grand Rapids, MI 1,699 -3.1% -15.9%
Greenville, SC 3,749 5.5% -6.1%
Hampton Roads, VA 6,666 0.6% -15.8%
Honolulu, HI 3,075 1.9% 5.7%
Houston, TX 22,853 3.3% -7.5%
Indianapolis, IN 4,777 -5.5% -31.9%
Jacksonville, FL 6,260 1.7% -9.6%
Knoxville, TN 4,255 4.8% -11.3%
Las Vegas, NV 8,802 0.1% -22.9%
Long Island, NY 9,069 1.8% -15.5%
Los Angeles, CA 13,567 -3.0% -15.7%
Louisville, KY 2,490 1.9% -14.3%
Memphis, TN 2,624 -1.8% -23.0%
Miami, FL 17,901 -2.1% -3.0%
Milwaukee, WI 4,438 6.3% -26.0%
Minneapolis, MN 8,105 7.6% -23.7%
Montgomery County, PA 6,592 4.7% -11.2%
Nashville, TN 9,145 5.8% 2.0%
New Orleans, LA 5,843 2.6% 5.2%
Oakland, CA 2,004 -0.1% -19.0%
Oklahoma City, OK 5,003 -1.9% -18.1%
Omaha, NE 1,440 -1.1% -20.1%
Orange County, CA 6,034 -0.8% -18.3%
Orlando, FL 8,581 -4.9% -16.8%
Oxnard, CA 1,342 3.5% -4.6%
Philadelphia, PA 6,670 0.1% -11.3%
Phoenix, AZ 19,249 -3.2% -17.3%
Pittsburgh, PA 8,477 2.4% -16.5%
Portland, OR 4,185 3.4% -0.3%
Providence, RI 4,084 -1.3% -19.4%
Raleigh, NC 5,915 5.3% -10.8%
Richmond, VA 2,748 1.4% -21.0%
Riverside, CA 13,969 -3.3% -13.5%
Rochester, NY 1,520 0.7% -42.6%
Sacramento, CA 3,727 1.0% -5.9%
Salt Lake City, UT 2,689 -11.5% -2.5%
San Antonio, TX 7,037 -4.7% -8.8%
San Diego, CA 5,252 5.2% -2.8%
San Francisco, CA 1,058 3.9% -23.8%
San Jose, CA 907 -9.6% -41.5%
Seattle, WA 2,833 18.2% -14.7%
St. Louis, MO 10,551 1.2% -11.1%
Tacoma, WA 1,355 4.5% -24.8%
Tampa, FL 12,058 -3.3% -12.6%
Tucson, AZ 4,515 -2.9% -9.5%
Tulsa, OK 3,429 -1.2% -14.2%
Warren, MI 5,317 -0.4% -20.7%
Washington, DC 18,996 12.8% 11.8%
West Palm Beach, FL 14,966 -1.4% -2.9%
Worcester, MA 1,410 -0.3% -28.3%
National 636,800 2.2% -11.9%

Median Off-Market Redfin Estimate

Redfin Metro Estimate Month-Over-Month Year-Over-Year
Albany, NY $207,200 0.4% 5.3%
Allentown, PA $196,700 -0.3% 3.9%
Atlanta, GA $199,500 0.5% 10.3%
Austin, TX $289,700 0.5% 1.4%
Bakersfield, CA $202,200 0.5% 5.6%
Baltimore, MD $245,000 0.2% 2.4%
Baton Rouge, LA $147,700 0.4% -3.0%
Birmingham, AL $141,400 0.2% 5.7%
Boston, MA $468,400 0.9% 4.9%
Buffalo, NY $147,300 -0.1% 7.0%
Camden, NJ $186,000 0.2% 3.3%
Charlotte, NC $190,500 1.8% 16.0%
Chicago, IL $229,100 0.0% 3.0%
Cincinnati, OH $158,900 1.7% 7.7%
Cleveland, OH $130,100 0.5% 2.0%
Columbus, OH $177,800 1.3% 10.4%
Dallas, TX $244,800 0.7% 10.1%
Denver, CO $391,700 1.5% 9.5%
Detroit, MI $90,900 4.3% 15.3%
Fort Lauderdale, FL $249,600 0.3% 8.2%
Fort Worth, TX $199,100 0.8% 12.5%
Fresno, CA $239,300 0.6% 8.8%
Grand Rapids, MI $149,100 0.4% 7.7%
Greenville, SC $158,100 0.9% 8.2%
Hampton Roads, VA $216,900 0.4% 3.6%
Honolulu, HI $670,600 0.1% 4.5%
Houston, TX $197,700 0.4% 5.7%
Indianapolis, IN $148,500 0.6% 8.5%
Jacksonville, FL $202,300 0.6% 14.0%
Kansas City, MO $175,000 0.5% 8.5%
Knoxville, TN $140,700 0.7% 5.1%
Las Vegas, NV $249,000 1.2% 15.5%
Long Island, NY $423,800 0.2% 6.5%
Los Angeles, CA $595,500 0.7% 8.0%
Louisville, KY $144,100 -0.1% -2.4%
Memphis, TN $129,800 1.2% 11.9%
Miami, FL $282,600 0.5% 7.0%
Milwaukee, WI $196,000 3.0% 8.8%
Minneapolis, MN $243,500 0.6% 7.8%
Montgomery County, PA $307,500 0.3% 4.1%
Nashville, TN $232,800 0.6% 12.4%
New Orleans, LA $161,900 -2.6% -5.3%
Oakland, CA $733,600 1.1% 10.1%
Oklahoma City, OK $135,700 0.4% 1.2%
Omaha, NE $160,500 0.7% 6.1%
Orange County, CA $691,500 0.6% 5.4%
Orlando, FL $218,400 0.6% 9.2%
Oxnard, CA $581,900 0.2% 5.7%
Philadelphia, PA $192,000 0.2% 9.9%
Phoenix, AZ $252,100 0.7% 6.7%
Pittsburgh, PA $135,000 -0.2% 2.6%
Portland, OR $379,200 0.2% 4.5%
Providence, RI $281,100 0.2% 6.4%
Raleigh, NC $249,800 0.4% 6.7%
Richmond, VA $212,200 0.5% 7.0%
Riverside, CA $347,800 0.7% 8.9%
Rochester, NY $135,900 0.2% 4.4%
Sacramento, CA $384,800 0.7% 7.8%
Salt Lake City, UT $302,000 0.9% 9.8%
San Antonio, TX $182,500 0.2% 7.0%
San Diego, CA $570,600 0.8% 8.0%
San Francisco, CA $1,280,900 1.4% 12.8%
San Jose, CA $1,187,100 3.5% 23.9%
Seattle, WA $536,400 1.4% 14.6%
St. Louis, MO $147,700 0.2% 0.9%
Tacoma, WA $323,800 0.9% 12.7%
Tampa, FL $206,300 0.5% 9.4%
Tucson, AZ $194,900 0.5% 6.6%
Tulsa, OK $133,500 0.3% 2.1%
Warren, MI $198,500 0.4% 5.5%
Washington, DC $375,600 0.3% 2.8%
West Palm Beach, FL $256,900 0.2% 3.6%
Worcester, MA $270,900 0.9% 7.5%
National $281,300 -0.8% 6.1%

The post March Home Prices Up 8.9%, the Biggest Increase in Four Years appeared first on Redfin Real-Time.

The Top 10 Neighborhoods for Green Homes in 2018

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In honor of Earth Day, we’re taking a look at the “greenest” neighborhoods across the country. Eco-friendly upgrades not only help preserve our beautiful planet for future generations, they’re better for your wallet, too. Green homes sold for $46,532 more on average in 2017 than homes without green features, according to our latest analysis. That’s some serious green in your pocket when it comes times to sell!

To find out which U.S. neighborhoods are leading the way in sustainability, Redfin data scientists analyzed real estate listings for all of the homes in Redfin markets that sold between January 1, 2017 and April 2018 and identified those that mentioned one or more “green” features. Examples of “green” features include “energy efficient,” “solar,” and “LEED.” The 10 neighborhoods with the highest percentage of green homes earned a spot in the ranking.

1. Malvern (Cleveland, OH)

Homes With Green Features: 66%
Median Sale Price of All Listings: $455,000
Median Sale Price of Green Listings: $460,000

Philadelphia took the top spot in our 2016 ranking, but it’s Cleveland that wins the “green” medal this year. Three out of the top 10 neighborhoods for green homes were in Cleveland, and all in the suburb of Shaker Heights. Malvern took the number one spot, with 66 percent of all homes having green features.

We’re not surprised to see more than one Shaker Heights neighborhood on the list; the city has its very own Climate Change Task Force! To encourage residents to reduce their carbon footprint, the city of Shaker Heights offers a recycling program, home energy assessments, energy incentive programs, access to financing for solar panels and more.

The work that the city is doing is evident, according to local Redfin agents.

“As our homes age, it’s important to not only preserve the classic architectural charm of Shaker Heights but update them to meet today’s modern lifestyle,” said Redfin Cleveland agent Danielle Parent. “Homebuyers are drawn to the historic, classic-style tudors that adorn the tree-lined streets of Shaker Heights, but many homes, because of their age, are in need of significant updates. The city has done a tremendous job of communicating the resources that are available to homeowners to help them implement eco-friendly features like solar panels and energy-efficient windows. The city was ahead of the curve and has been an ardent supporter of reducing its carbon footprint since 2002.”

2. Fernway (Cleveland, OH)

Homes With Green Features: 60%
Median Sale Price of All Listings: $212,250
Median Sale Price of Green Listings: $229,650

In Fernway, another Shaker Heights neighborhood, 60 percent of all home sold had green features. Again, many of the homes there are historic and have been retrofitted.

“Fernway a very tight-knit community centered around Fernway Elementary school, and there are lots of older, well-maintained homes there,” said Redfin Cleveland agent Summer Mayhugh. “Many of those homes still use old techniques that don’t require a lot of energy, such as boiler systems, wood-burning fireplaces and open windows for cross ventilation. Many owners have upgraded to energy-efficient appliances as well.”

3. Chestnut Hill (Philadelphia, PA)

Homes With Green Features: 59%
Median Sale Price of All Listings: $440,000
Median Sale Price of Green Listings: $480,000

Grabbing spots three and four on the list are neighborhoods in Philadelphia. The city has its own Office of Sustainability, focusing on improving the quality of life in neighborhoods like Chestnut Hill. Their Greenworks on the Ground checklist encourages residents to grow their own food, reduce food waste, conduct a home energy audit, explore solar and more.

“Philadelphia was established by William Penn in 1682 as a ‘greene country town’, so it’s no wonder that the city continues to lead when it comes to sustainability,” said Philadelphia’s Director of Sustainability Christine Knapp. “Under Mayor Kenney’s leadership, the city has committed to reducing carbon emissions 80 percent by 2050 by focusing on the efficient use of clean energy, creating zero waste plans, expanding bike sharing and bike lanes, and using green stormwater infrastructure to manage stormwater. These programs help to reduce Philadelphia’s carbon footprint, but also help to create a healthier and more equitable city that people want to live in. Programs are most effective when they help address current problems facing our residents while also moving us closer to our vision of a sustainable city for all.”

4. Spruce Hill (Philadelphia, PA)

Median Home Price: 59%
Median Sale Price of All Listings: $350,000
Median Sale Price of Green Listings: $335,900

“Spruce Hill is a classic Philadelphian neighborhood with many older homes,” said Philadelphia Redfin agent Erik Lee. “This highly desirable area of the city also contains part of the Penn Alexander School catchment. Due to this high-ranking school and the classic features of the homes, properties in Spruce Hill often receive multiple offers and competition can drive prices up. This has led many homeowners to update their homes with more energy efficient systems, newer windows and insulation, all of which reduce energy costs. Along with Energy Star appliances, we are seeing many owners take advantage of the benefits of a smart home. App controlled lights and thermostats help homeowners be more aware of their energy use.”

5. Red Hook (Brooklyn, NY)

Homes With Green Features: 59%
Median Sale Price of All Listings: $1,414,000
Median Sale Price of Green Listings: $1,888,000

In October 2012, Hurricane Sandy devastated Red Hook, a neighborhood in the New York City borough of Brooklyn. But the quirky waterfront destination is now on the rebound. Developers have converted many old buildings into condo units and vacant land is being purchased for new builds. In addition to these new-construction homes that are more eco-friendly, many of the homes that were constructed in the 1800s and early 1900s have been gutted and renovated or restored with sustainable features.

Rounding out the top ten were Baker Ranch, Echo Ridge Village, Georgetown, Painted Trails and Mercer:

6. Baker Ranch (Orange County, CA)

Homes With Green Features: 58%
Median Sale Price of All Listings: $1,032,827
Median Sale Price of Green Listings: $1,080,372

7. Echo Ridge Village (Orange County, CA)

Homes With Green Features: 57%
Median Sale Price of All Listings: $729,500
Median Sale Price of Green Listings: $729,500

8. Georgetown (Seattle, WA)

Homes With Green Features: 56%
Median Sale Price of All Listings: $597,500
Median Sale Price of Green Listings: $602,750

9. Painted Trails (Orange County, CA)

Homes With Green Features: 56%
Median Sale Price of All Listings: $734,500
Median Sale Price of Green Listings: $762,500

10. Mercer (Cleveland, OH)

Homes With Green Features: 55%
Median Sale Price of All Listings: $285,000
Median Sale Price of Green Listings: $297,500

The post The Top 10 Neighborhoods for Green Homes in 2018 appeared first on Redfin Real-Time.

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