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10 Surprising Places Where the Pandemic Housing Boom Is Concentrated

Gabrielle Olya
·2 min read
DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

"Hot" housing markets are typically concentrated in metropolitan areas, but the coronavirus pandemic has changed that trend. Now, real estate markets are booming in vacation towns and suburbs. According to Redfin, this shift has been caused by the expansion of remote-work policies -- people no longer need to live in a major city to be afforded plenty of job opportunities. Now, buyers are prioritizing places where homes are affordable, as well as places that meet their personal preferences, like proximity to nature and recreation. In addition, many buyers have been purchasing vacation homes to have an easy escape from the city -- mortgage applications for second homes increased 84% year over year in January, Redfin reported.

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Here's a look at 10 surprising places where the housing boom has been concentrated over the past year.

Last updated: May 17, 2021

Mandatory Credit: Photo by Everett/Shutterstock (10277003a)Taconic State Parkway, Shenandoah Service Station, the highway represents an important development in the evolution of American transportation planning.
Mandatory Credit: Photo by Everett/Shutterstock (10277003a)Taconic State Parkway, Shenandoah Service Station, the highway represents an important development in the evolution of American transportation planning.

10. Orange County, New York

  • Parent metro area: Poughkeepsie, New York

  • Median sale price: $344,950

  • Median sale price year over year change: 29%

  • Share of homes sold above list price: 40.7%

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travel

9. Ocean County, New Jersey (Jersey Shore)

  • Parent metro area: New Brunswick, New Jersey

  • Median sale price: $339,950

  • Median sale price year over year change: 31%

  • Share of homes sold above list price: 36.3%

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Frederick, MD, USA - June 7, 2014: People gather on the walkway at Frederick Maryland's Linear Creek to celebrate Frederick's annual Festival of the Arts.
Frederick, MD, USA - June 7, 2014: People gather on the walkway at Frederick Maryland's Linear Creek to celebrate Frederick's annual Festival of the Arts.

8. Frederick County, Maryland

  • Parent metro area: Frederick, Maryland

  • Median sale price: $375,000

  • Median sale price year over year change: 19%

  • Share of homes sold above list price: 39.5%

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Mandatory Credit: Photo by John Greim/Shutterstock (4843106aq)First Presbyterian Church of Moorestown, NJ, USAVarious, America.
Mandatory Credit: Photo by John Greim/Shutterstock (4843106aq)First Presbyterian Church of Moorestown, NJ, USAVarious, America.

7. Burlington County, New Jersey

  • Parent metro area: Camden, New Jersey

  • Median sale price: $264,000

  • Median sale price year over year change: 23%

  • Share of homes sold above list price: 37.6%

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Mandatory Credit: Photo by John Greim/Shutterstock (5224658m)Historic Charles Carroll House and St Mary's Church, Annapolis, Maryland, USAMaryland, America.
Mandatory Credit: Photo by John Greim/Shutterstock (5224658m)Historic Charles Carroll House and St Mary's Church, Annapolis, Maryland, USAMaryland, America.

6. Charles County, Maryland

  • Parent metro area: Washington, D.C.

  • Median sale price: $350,000

  • Median sale price year over year change: 21%

  • Share of homes sold above list price: 44.4%

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5. Barnstable County, Massachusetts (Cape Cod)

  • Parent metro area: Barnstable Town, Massachusetts

  • Median sale price: $514,875

  • Median sale price year over year change: 31%

  • Share of homes sold above list price: 36.7%

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4. Kendall County, Illinois

  • Parent metro area: Elgin, Illinois

  • Median sale price: $274,500

  • Median sale price year over year change: 22%

  • Share of homes sold above list price: 31.8%

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sunset in Bend Oregon neighborhood
sunset in Bend Oregon neighborhood

3. Deschutes County, Oregon (Bend)

  • Parent metro area: Bend, Oregon

  • Median sale price: $509,450

  • Median sale price year over year change: 24%

  • Share of homes sold above list price: 43%

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View of the pier and beach in Capitola, California.
View of the pier and beach in Capitola, California.

2. Santa Cruz County, California

  • Parent metro area: Santa Cruz, California

  • Median sale price: $1 million

  • Median sale price year over year change: 17%

  • Share of homes sold above list price: 49.7%

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Children kayak and play in the beautiful clear waters of Lake Tahoe, California on a beautiful summer morning.
Children kayak and play in the beautiful clear waters of Lake Tahoe, California on a beautiful summer morning.

1. El Dorado County, California (Lake Tahoe)

  • Parent metro area: Sacramento, California

  • Median sale price: $592,500

  • Median sale price year over year change: 36%

  • Share of homes sold above list price: 37.4%

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Methodology: Sourced from the Redfin analysis of the 10 U.S. housing markets that have heated up most over the past year. Ranking is based on year-over-year change in home prices, home sales, the share of homes that sold above their list price, the speed of home sales and number of Redfin.com searches.

This article originally appeared on GOBankingRates.com: 10 Surprising Places Where the Pandemic Housing Boom Is Concentrated