Whether they live in a red, blue or purple county, homeowners are benefiting from the strong real estate market despite the global pandemic, according to a new Redfin report.
But what political affiliation is doing better in the time of the coronavirus? That depends on whom you ask.
“Home values are up, which is great financial news if you’re a homeowner, regardless of your politics,” Redfin chief economist Daryl Fairweather said in a press release. The hot market might not be such great news for first-time homebuyers, he added.
“Many of them have long been priced out of urban blue counties and are searching in suburban swing counties and more rural areas,” he said. “This trend is being exacerbated by the pandemic-driven work-from-home culture, which is causing many homebuyers to place more emphasis on indoor and outdoor space and less on commute times.”
The median price of a home in blue counties rose 13.1% year over year to $346,000 for the month ending Sept. 6, while in swing counties it was up 11.5% to $259,500 and in red counties 10.6% to $209,000.
Counties were classified as “blue” or “red” if the 2016 presidential candidate won the county vote by more than 10 percentage points. All others were classified as “swing” counties.
Swing counties saw the biggest drop in supply from last year, declining 35% year over year, followed by a 32% decline in red counties and a 22.2% in blue ones.
Blue counties saw the greatest increase in new listings, up 12.4% year over year, compared to 7.1% in swing counties and 3.8% in red ones.
Swing counties had the fastest home sales, with 43.5% going under contract within two weeks, versus 39.6% for blue and 35.3% for red counties.
Home sales were up most in red counties in August, at 15.9% year over year, followed by 11.6% in swing counties and 11% in blue ones.