Though the coronavirus pandemic is putting a strain on almost all metro housing markets, it is hitting some cities harder than others. But it isn’t just large cities such as San Francisco that are feeling the heat. Rust Belt cities, Midwestern mainstays, and New Jersey are seeing a huge drop in listings due to stay-at-home orders and spikes in COVID-19 cases. See which cities are seeing the steepest declines in listings and why.
Springtime in the United States looks a whole lot different this year. No kids playing on playgrounds or filing into classrooms. No groups of friends sitting at sidewalk cafes to enjoy the warmer weather. Beaches and public parks? Roped off.
But few areas are more altered than the process of home buying and selling. In some places, real estate agents can't even visit a client's house until stay-at-home orders are lifted.
Since it became apparent that COVID-19 was spreading across the United States, many of the usual spring sellers have opted to hold off listing their properties—whether real estate has been deemed an essential business in their state or not.