Florida’s housing market reported more closed sales, higher median prices, more pending sales and continuing tight inventory levels

 

Florida’s Nov. Sales: Single-Family Up, Prices Up - By Marla Martin

Florida Realtors: Condo sales dropped slightly year-to-year, single-family home sales and pending sales rose in Nov. prices rose more than 19% for both.

ORLANDO, Fla. – Florida’s housing market reported more closed sales, higher median prices, more pending sales and continuing tight inventory levels in November compared to a year ago, according to Florida Realtors® latest housing data.

Closed sales of single-family homes statewide last month totaled 27,541, up 4.3% year-over-year, while existing condo-townhouse sales totaled 11,598, down 5.4% from November 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“High demand for homes in Florida continued to result in homes selling quickly in November: The median time to contract for existing single-family homes was 11 days last month; it was 15 days for existing condo-townhouse properties,” says 2021 Florida Realtors President Cheryl Lambert, broker-owner with Only Way Realty Citrus in Inverness.

“Buyer demand and the pace of sales has continued to result in rising home prices,” Lambert adds. “However, if mortgage rates begin to increase more in the coming months, as analysts expect, that could ease prices.”

The statewide median sales price for single-family existing homes in November was $364,900, up 19.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $273,270, up 19.9% over November 2020. The median is the midpoint; half the homes sold for more, half for less.

“How high sales levels are compared to two years ago, before the pandemic, is impressive,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “Compared to November 2019, sales this November were up by over 28% for single-family homes and by over 37% for condos and townhouses. The significant volume of home sales we’ve been experiencing continued to keep inventory levels low in November, however.

“As of the end of the month, single-family home inventory was down by over 31% compared to a year ago, while condo and townhouse inventory was down by close to 56%. It is primarily the huge rate of sales – and not a lack of new listings coming onto the market – that have kept inventories so low. In fact, year-to-date, there have been almost 4% more single-family homes and 7% more condos and townhouses listed for sale in 2021 than by this time in 2019, before the pandemic. These homes are simply selling so quickly that many potential buyers never have a chance to consider them.”

In a continuing trend over the past few months, the share of closed sales that were cash purchases rose year-to-year. In November, single-family existing home sales paid in cash increased by 41.8% year-over-year, while cash sales of condo-townhouse units rose by 20.3%.

On the supply side of the market, inventory (active listings) remained restricted. Single-family existing homes were at a low 1.2-months’ supply in November, while condo-townhouse properties were at a 1.5-months’ supply.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.07% last month, up from the 2.77% averaged during November 2020.

To see the full statewide housing activity reports, go to the Florida Realtors’ Newsroom and look under Latest Releases or download the November 2021 data report PDFs under Market Data on the site.

© 2021 Florida Realtors®

U.S. Home Values Predicted to Grow 11 Percent in 2022, Says Zillow

 There will be more closed home sales than in 2022 than any year since the 2008 housing crash

According to Zillow economists, 2022 will be anything but slow next year. Zillow says to expect the strong seller market to persist, the Sun Belt to maintain its top spot as the most in-demand region, and flexible work options to continue to shape housing decisions in new ways in 2022. Zillow also makes the following market predictions for 2022 that include:

2022 will fall just short of record-breaking

2021 marked the hottest housing market in U.S. history by some measures, including Zillow's Home Value Index. While we may not see those records broken in 2022, Zillow economists expect incredibly strong price growth and sales volume to continue.

Zillow's forecast calls for 11% home value growth in 2022. That's down from a projected 19.5% in 2021, a record year-end pace of home value appreciation, but would rank among the strongest years Zillow has tracked. Existing home sales are predicted to total 6.35 million, compared to an estimated 6.12 million this year. That would be the highest number of home sales in any year since 2006.

Sellers keep the upper hand

The usual seasonal cooldown in the housing market is reappearing this fall after a hiatus in 2020. Fewer homes are selling above list price, homes are staying on the market a few days longer than they did during the summer, and more sellers are cutting their price.

Zillow economists expect these metrics to trend slightly cooler in 2022, but don't mistake that for a buyers market. The market forces that have given sellers the upper hand over the past two years or so -- tight supply after years of underbuilding, and elevated demand due to remote work, U.S. demographics and low mortgage rates -- will persist next year as well. Expect to see bidding wars on many homes, especially as the market heats up during the spring and summer shopping season.

Large rentals will be in high demand

Rising home values will impact the rental market as well. After a slowdown in the early months of the pandemic, rent prices came roaring back, especially in what were previously some of the most affordable markets. As rising costs make it harder to save for a down payment, expect demand for larger rentals to increase, including for single-family homes, as families stay in the rental market longer.

The 'Sun Belt surge' will extend to secondary markets

2021 was in many ways the year of the Sun Belt. Zillow predicted Austin would be the hottest market of 2021 as part of a "Sun Belt surge," which proved to be the case -- no metro has seen home values grow more than Austin so far this year, and all of the top destinations for long-distance movers were in the Sun Belt.

Zillow predicts this surge will extend to smaller Sun Belt cities in 2022 as price hikes in this year's star markets make more-affordable nearby markets more attractive. From April to August, Austin held the top spot in quarter-over-quarter home value growth, which is a good indicator of current housing demand. As of October, the smaller Florida metros of Fort Myers and Sarasota held the top spots, and 24 of the top 25 markets were in sunny states - a sign of things to come in 2022.

More Gen Zers and millennials will buy a 'second home' before a primary residence

Americans are taking advantage of remote work flexibility to move to larger homes in more-affordable markets, but many will not want to commit to a new location full-time. This is often true for younger people who are attracted to the amenities of living in a city, where expensive housing is more likely to put homeownership out of reach.

With these factors in play, there may be more people buying what's traditionally a second home -- either a part-time vacation home or an investment property -- before they buy a home as a primary residence.

No end in sight for the renovation boom

In the race to buy a home in the ultra competitive pandemic housing market, many buyers have had to make one or more compromises (81%). As prices and mortgage rates rise, expect many homeowners to upgrade their existing home rather than try to wade back into the market to trade up.

A Zillow survey of homeowners found nearly three-quarters would consider at least one home improvement project in the next year. The top projects on their to-do list are renovating a bathroom (52%) or kitchen (46%), adding or improving a home office space (31%), finishing a basement or attic (23%), adding a room (23%) or adding a separate dwelling unit (21%).

Work will play a key role in moving decisions

The rise of flexible work options has changed how heavily a short commute factors into where Americans live. Home buyers used to pay handsomely to live near downtown and reap the benefits of a quick trip to and from the workplace each day, but that dynamic flipped in much of the country last year as buyers prioritized affordability and extra space. In 2022, hybrid and fully remote work will continue to reshape which areas are most in demand as the pandemic winds down and more workers receive permanent guidance on their flexible work options.

Zillow economists expect fully remote workers to continue to seek affordable markets, like those in the Sun Belt and other nontraditional housing hot spots where they can afford to buy their first home or trade up for a bigger one. And amid the "Great Resignation" and a generally aging population, traditional retirement markets are likely to see elevated demand.

New construction gains will only be a drop in the bucket despite best efforts of builders

The reason home prices are rising so quickly is economics 101: high demand and low supply. Zillow research shows that in the 35 largest housing markets alone, there has been a shortfall of 1.35 million new homes since 2008 because of a construction slowdown following the housing crash. Home builder confidence is sky-high, and builders are doing all they can to get houses up, but supply chain snags and labor shortages are limiting progress. The gap shrunk in 2021 and will likely shrink again in 2022, but the housing shortage will be a defining feature of the market once again next year.

Residential News » Seattle Edition | By WPJ Staff |

Home Flipping Profits in U.S. Hit 10-Year Low

 According to ATTOM's third-quarter 2021 U.S. Home Flipping Report showing that 94,766 single-family houses and condominiums in the United States were flipped in the third quarter.

Those transactions represented 5.7 percent of all home sales in the third quarter of 2021, or one in 18 transactions, a figure that was up for the second quarter in a row after a year of declines. The latest total marked an increase from 5.1 percent, or one in every 20 home sales in the nation, during the second quarter of 2021, and from 5.2 percent, or, or one in 19 sales, in the third quarter of last year.

But the report also shows that typical raw profits remained below where they were a year ago and, more importantly, profit margins dipped to their lowest point since early 2011.

Among all flips nationwide, the gross profit on typical transactions (the difference between the median sales price and the median paid by investors) stood at $68,847 in the third quarter of 2021. While that was up 2.7 percent from $67,008 in the second quarter of 2021, it was 1.6 percent less than the $70,000 level recorded in the third quarter of 2020.

Profit margins meanwhile, went down for the fourth quarter in a row, as the typical gross-flipping profit of $68,847 in the third quarter of 2021 translated into just a 32.3 percent return on investment compared to the original acquisition price. The national gross-flipping ROI was down from 33.2 percent in the second quarter of 2021 and from 43.8 percent a year earlier, to its lowest point since the first quarter of 2011.

The decrease in the typical profit margin from the third quarter of last year to the same period this year was the largest annual drop since early in 2009, when the housing market was crashing from the effects of the Great Recession.

Profit margins declined in the third quarter of 2021 as prices on flipped homes continued to rise more slowly than they did when investors originally bought their properties.

Specifically, the median price of homes flipped in the third quarter of 2021 shot up to another all-time high of $281,847. That was up 4.8 percent from $269,000 in the second quarter of 2021 and 22.5 percent from $230,000 a year earlier. The annual increase stood out as the largest for flipped properties since 2005 while the quarterly gain was the second biggest since 2015.

But the latest resale price run-ups again failed to surpass increases that investors were absorbing - 5.4 percent quarterly and 33.1 percent annually - when they bought the homes that were sold in the third quarter of this year. That gap - prices rising less on resale than on purchase - led to profit margins dropping again.

The price surges on both sides of flipping deals came as the decade-long housing-market boom in the United States continued throughout the nation during the third quarter of 2021. Prices kept spiking as a glut of buyers largely unscathed by the Coronavirus pandemic continued chasing an already tight supply of homes. Buyers have flooded the market since the pandemic hit early in 2020, drawn in large part by 30-year home-mortgage rates that dipped below 3 percent and a desire among many to escape virus-prone areas and get space for developing work-at-home lifestyles.

"Home flipping produced another round of competing trends in the third quarter of this year as more investors got in on the action but got less out of it," said Todd Teta, chief product officer at ATTOM. "It's clear that declining fortunes weren't enough to repel investors amid a typical scenario of 32 percent profits before expenses on deals that usually take an average of five months to complete. We will see over the coming months whether the amount they can make on these quick turnarounds will still be enough to keep luring them into the home-flipping business or start pushing them elsewhere."

Home flipping rates up in three-quarters of local markets

Home flips as a portion of all home sales increased from the second quarter of 2021 to the third quarter of 2021 in 142 of the 195 metropolitan statistical areas analyzed in the report (73 percent). While rates commonly rose by less than one percent across the country, they reached levels that generally reflected percentages seen throughout most of the past decade. (Metro areas were included if they had a population of 200,000 or more and at least 50 home flips in the third quarter of 2021.)

Among those metro areas, the largest flipping rates during the third quarter of 2021 were in Ogden, UT (flips comprised 9.5 percent of all home sales); Phoenix, AZ (9.5 percent); Salisbury, MD (9.3 percent); Salt Lake City, UT (9.3 percent) and Laredo, TX (9.2 percent).

Aside from Phoenix and Salt Lake City, the highest flipping rates during the third quarter of 2021 in 53 metro areas with a population of 1 million or more were in Memphis, TN (9 percent); Oklahoma City, OK (8.8 percent) and Austin, TX (8.5 percent).

The smallest home-flipping rates in the third quarter were in Honolulu, HI (0.8 percent); Portland, OR (2.5 percent); Rochester, NY (2.5 percent); Manchester, NH (2.7 percent) and Santa Rosa, CA (2.7 percent).

Typical home flipping returns decrease in half of markets

The median $281,847 resale price of homes flipped nationwide in the third quarter of 2021 generated a gross flipping profit of $68,847 above the median investor purchase price of $213,000. That resulted in a 32.3 percent profit margin.

Profit margins dipped from the second quarter of 2021 to the third quarter of 2021 in 92 of the 195 metro areas with enough data to analyze (47 percent).

The biggest declines came in Fargo, ND (ROI down from 196.5 percent in the second quarter of 2021 to 107.2 percent in the third quarter of 2021); Trenton, NJ (down from 117.6 percent to 45 percent); Oklahoma City, OK (down from 192.1 percent to 127.6 percent); Omaha, NE (down from 143.3 percent to 95.3 percent) and Macon, GA (down from 79.5 percent to 33.5 percent).

Markets with the largest returns on investment during the third quarter of 2021 on typical home flips were Buffalo, NY (ROI of 130.6 percent); Oklahoma City, OK (127.6 percent); Florence, NC (125.8 percent); Pittsburgh, PA (124.6 percent) and Scranton, PA (123.2 percent).

Aside from Buffalo, Oklahoma City and Pittsburgh, the largest investment returns in the third quarter among metro areas with a population of at least 1 million were in Baltimore, MD (90.6 percent) and Philadelphia, PA (88.7 percent).

Metro areas with the smallest profit margins on typical home flips in the third quarter of 2021 were Laredo, TX (7.5 percent return); Boise, ID (8 percent); Gulfport, MS (8.4 percent); Lubbock, TX (10 percent) and Portland, OR (10.1 percent).

Raw profits still highest in the West and Northeast; lowest in the Midwest and South

The highest raw profits on median-priced home flips in the third quarter of 2021, measured in dollars, were again concentrated among western and southern metro areas. Among metros with enough data to analyze, nine of the top 10 were in the West and Northeast, led by San Jose, CA (typical gross profit of $213,000); Honolulu, HI ($176,070); Fargo, ND ($166,458); Salisbury, MD ($145,000); and Baltimore, MD ($145,000).

At the opposite end of the range, 23 of the 25 lowest raw profits on typical deals were spread across the South and Midwest. The smallest were in Gulfport, MS ($14,579 profit); Laredo, TX ($15,281); Beaumont, TX ($16,850); Lubbock, TX ($17,725) and Huntington, WV-Ashland, KY ($18,400).

Home flips purchased with cash up slightly

Nationally, the portion of homes flipped in the third quarter of 2021 that had been purchased with cash by investors increased to 60.4 percent, up from 59.4 percent in the second quarter of 2021, and up from 57.7 percent in the third quarter of 2020. Meanwhile, 39.6 percent of homes flipped in the third quarter of 2021 had been bought with financing. That was down from 40.6 percent in the prior quarter, and down from 42.3 percent a year earlier.

Among metropolitan areas with a population of 1 million or more and sufficient data to analyze, those with the highest percentage of flips in the third quarter of 2021 that had been purchased with cash by investors were in Buffalo, NY (86.1 percent); Cleveland, OH (82 percent); Pittsburgh, PA (82 percent); Detroit, MI (81.9 percent) and Cincinnati, OH (80.1 percent)

Average time to flip nationwide at shortest level since 2010

Home flippers who sold properties in the third quarter of 2021 took an average of 147 days to complete the transactions, the smallest turnaround time since the third quarter of 2010. The latest number was down from an average of 148 in the second quarter of 2021 and 189 in the third quarter of 2020.

FHA buyers continue to purchase historically low portion of flipped homes

Of the 94,766 U.S. homes flipped in the third quarter of 2021, only 7.8 percent were sold to buyers using loans backed by the Federal Housing Administration (FHA), up slightly from 7.6 percent in the prior quarter but down from 13.7 percent in the third quarter of 2020. That latest figure marked the second lowest portion since the fourth quarter of 2007.

Among the 195 metro areas with a population of at least 200,000 and at least 50 home flips in the third quarter of 2021, those with the highest percentage of flipped properties sold to FHA buyers -- typically first-time home buyers -- were Hagerstown, MD (23.5 percent); Laredo, TX (22 percent); Reading, PA (20.2 percent); Allentown, PA (20 percent) and Yuma, AZ (19.7 percent).

Only 64 counties have home-flipping rate of at least 10 percent

Home flips accounted for more than 10 percent of all home sales in just 64 of the 1,123 counties around the U.S. with at least 10 home flips in the third quarter of 2021. They were led by Camden County, NC (south of Norfolk, VA) (15.9 percent); Lumpkin County, GA (north of Atlanta) (15.1 percent); Logan County, KY (outside Bowling Green) (14.7 percent); Canadian County, OK (outside Oklahoma City) (14.4 percent) and Adams County, OH (east of Cincinnati) (13.4 percent).

Florida Grand Jury Recommends More Condo Inspections

 A Grand Jury tasked with recommending Florida condo law changes in the wake of the Surfside collapse wants more inspections, less corrosion, and faster reporting.

MIAMI (AP) – A Florida grand jury issued a lengthy list of recommendations Wednesday aimed at preventing another condominium collapse like the one that killed 98 people in June, including earlier and more frequent inspections, and better waterproofing.

In its report on the Surfside collapse, the Miami-Dade County Grand Jury called on state and local officials to require condominium towers to have an initial recertification inspection by an engineer between 10 and 15 years after their construction and every 10 years thereafter. Currently, Miami-Dade and neighboring Broward County require inspections at 40 years. Other Florida counties have no requirement.

Champlain Towers South, built in 1981, collapsed June 24 as its 40-year recertification was due. No cause of the collapse has been determined, but records show the building had significant structural damage in its underground parking garage. An engineer had already concluded that $15 million of repairs would be required to bring it up to code. Some of the damage at the oceanside building is believed to have come from saltwater in the air.

The grand jury report laments that the state repealed a requirement imposed in 2008 requiring that all condo towers bigger than three stories be inspected every five years. The requirement was repealed two years after it was imposed because it was deemed too costly.

“In hindsight, it would appear the Legislature’s repeal of that statute was a huge mistake!” the report says.

Other recommendations include:

• Requiring that condo towers be repainted and waterproofed every 10 years to prevent corrosion.
• Having local governments increase the size of their building departments, including by hiring more inspectors.
• Suspending for at least a year the licenses of engineers and architects who submit false or misleading recertification reports and barring their employers from doing such inspections for the same period. Requiring that a second offense results in license revocation.
• Requiring architects and engineers who find severe structural damage during an inspection to report it to local officials within 24 hours and not just to the condo board.
• Requiring condo board owners to take courses on their role in overseeing building maintenance and effectively managing a building’s finances.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Florida Frenzy: America’s Hottest Neighborhoods of 2022 include Weston

 by Lily Katz and Ben Walzer

• Eight of the places on the annual top 10 list are in Florida, which is luring scores of house hunters in search of sunshine, low taxes and more affordable housing.
  
• Retirement communities surrounding Sarasota, in particular, are seeing growing demand from young homebuyers who have been priced out of other areas and from remote workers coming in from out of state.
• A majority of the top 10 metros face substantial risk from storms, flooding and heat.

Eight of Redfin’s 10 hottest neighborhoods of 2022 are in the Sunshine State. Seven of those eight are in the Sarasota metropolitan area alone.

This is according to a Redfin analysis that ranked U.S. zip codes by year-over-year growth in listing views on Redfin.com and Redfin Compete Score—a measure of how difficult it is to win a home based on factors including days on market, share of homes that sold above their listing prices and sale-to-list price ratio. All data represents September 2021. 

“The Sarasota area has changed radically over the past year,” said local Redfin real estate agent Eric Auciello. “Many of the towns surrounding Sarasota are exploding in popularity because so many people are getting priced out of Sarasota proper or moving in from out of state to work remotely and take advantage of the sunshine, low taxes and relative affordability. A lot of the neighborhoods house hunters are flocking to have historically been retirement communities, but are becoming younger with all of the first-time buyers and early retirees moving in.”

These communities are also likely gaining steam because retirement is on the rise among older Americans. More than half (50.3%) of U.S adults aged 55 and up had left the labor force due to retirement as of the third quarter, up from 48.1% two years earlier. More than 3 million Americans have retired early due to the pandemic.

The Sarasota metro area was the eighth most popular destination for house hunters looking to switch metros in the third quarter. That’s based on net inflow, a measure of how many more Redfin.com home searchers looked to move into a metro than leave. More than two-thirds (67.1%) of home searches in the Sarasota metro came from a different metro area.

“Now that remote work is the norm for many Americans, the most popular neighborhoods are in suburbs with natural beauty and homes that are more affordable than those in major coastal cities like New York and San Francisco,” said Redfin Chief Economist Daryl Fairweather. “Many of the hottest neighborhoods on Redfin’s 2022 list check all three boxes and likely won’t stay much more affordable for long.”

Three metros in the top 10 had median sale prices below the national level in September ($376,800), while nine of the top 10 metros saw annual price growth above the national level (14%). Every place in the top 10 experienced a greater year-over-year decline in housing supply than the overall U.S. (-19%), and all but two of the top 10 metros saw homes sell faster than the national average (18 days).

A majority of the places on the annual top 10 list also face substantial risk from storms, flooding and heat—a reality house hunters should consider as the impacts of climate change intensify. 

While research has shown that most people consider climate change when buying or selling homes, there are often other factors—like affordability or proximity to family—that drive them to high-risk places anyway. Overall, more people are moving into than out of areas facing high risk from climate change, an August Redfin analysis found. 

“People who are set on moving to Florida have to take the bad with the good; hurricanes are just part of life here,” Auciello said. “It’s a growing concern for a lot of Floridians, but especially those in communities with aging infrastructure since older buildings are more likely to crumble and have drainage problems when flooding occurs. Flood insurance has also become astronomically expensive, which means we may start to see even more cash buyers than normal because homeowners without mortgages aren’t required to have flood insurance.”

1) South Sarasota, FL

Zip code: 34238
Parent metro area: Sarasota, FL
Median sale price: $434,023 (+19% YoY)
Median sale price of parent metro area: $300,000 (+7% YoY)
Share of homes that sold above list price: 36%
Median days on market: 7 (-77 days YoY)
Housing supply (active listings), year-over-year change: -50%
Median views per listing, year-over-year change: +208%
Climate risks: Heat (extreme), storm (high), flood (moderate), fire (moderate), drought (low)

“South Sarasota is known for its proximity to Siesta Key, a barrier island with stunning beaches on the Gulf of Mexico. You can get from one place to the other by car in 20 minutes,” Auciello said. “The neighborhood is full of desirable single-family homes that are still relatively affordable compared to the houses in central Sarasota. It’s one of the last parts of Sarasota where you can find a home for under $500,000—a draw for folks who have been priced out of other parts of town due to skyrocketing housing costs.”

2) East Venice, FL

Zip code: 34292
Parent metro area: Sarasota, FL
Median sale price: $420,000 (+38% YoY)
Median sale price of parent metro area: $300,000 (+7% YoY)
Share of homes that sold above list price: 53%
Median days on market: 4 (-48 days YoY)
Housing supply (active listings), year-over-year change: -25%
Median views per listing, year-over-year change: +173%
Climate risks: Heat (extreme), flood (major), storm (high), fire (moderate), drought (low)

“East Venice is a hub for retirees. It has a number of 55+ communities and great access to golfing,” Auciello said. “We’ve seen a huge uptick in house hunters coming to check out the area, which may be because many of Florida’s retirement communities have been getting younger. First-time buyers are moving in from more expensive parts of Florida and the West Coast in search of better bang for their buck.”

3) Englewood, FL

Zip code: 34223
Parent metro area: Sarasota, FL
Median sale price: $427,500 (+38% YoY)
Median sale price of parent metro area: $300,000 (+7% YoY)
Share of homes that sold above list price: 28%
Median days on market: 8 (-62 days YoY)
Housing supply (active listings), year-over-year change: -28%
Median views per listing, year-over-year change: +170%
Climate risks: Heat (extreme), flood (extreme), storm (high), fire (moderate), drought (low)

“Englewood has a small-town feel and is certainly less populated than other parts of the Sarasota metro area,” Auciello said. “It has excellent beach access and relatively affordable waterfront real estate. The neighborhood is about an hour south of Sarasota and an hour north of Fort Myers and Cape Coral, but has grown in popularity as remote work has allowed people to move farther away from big cities.”

This area is also home to Manasota Key, a barrier island along Florida’s Lemon Bay that has beautiful beaches, high-end homes and access to Stump Pass Beach State Park.

4) Venice, FL

Zip code: 34285
Parent metro area: Sarasota, FL
Median sale price: $305,000 (+5% YoY)
Median sale price of parent metro area: $300,000 (+7% YoY)
Share of homes that sold above list price: 39%
Median days on market: 6 (-43 days YoY)
Housing supply (active listings), year-over-year change: -39%
Median views per listing, year-over-year change: +155%
Climate risks: Heat (extreme), flood (major), storm (high), fire (low), drought (low)

“Venice is a retirement community and has a cool historic downtown with excellent bars, restaurants and shops. New businesses are opening up all of the time,” Auciello said. “It has a more quaint feel than many other nearby neighborhoods—instead of strip malls, there’s beautiful architecture. It also has gorgeous beaches and is the shark teeth capital of the world, which lures tourists and beachcombers.”

5) Nokomis, FL

Zip code: 34275
Parent metro area: Sarasota, FL
Median sale price: $475,000 (+32% YoY)
Median sale price of parent metro area: $300,000 (+7% YoY)
Share of homes that sold above list price: 39%
Median days on market: 10 (-50 days YoY)
Housing supply (active listings), year-over-year change: -26%
Median views per listing, year-over-year change: +152%
Climate risks: Heat (extreme), flood (extreme), storm (high), fire (moderate), drought (low)

“Nokomis is a charming beach town that borders Venice but has more luxury homes,” Auciello said. “The downtown area isn’t quite as built up as Venice’s, but is still very walkable.”

Auciello continued: “A year ago, this part of Florida was probably half locals and half out-of-staters, but now I’d say 75% of the residents are transplants. While home prices have increased sharply here, housing still isn’t as expensive as it is in many other parts of the country.”

6) The Meadows, FL

Zip code: 34235
Parent metro area: Sarasota, FL
Median sale price: $275,000 (+20% YoY)
Median sale price of parent metro area: $300,000 (+7% YoY)
Share of homes that sold above list price: 41%
Median days on market: 5 (-25 days YoY)
Housing supply (active listings), year-over-year change: -24%
Median views per listing, year-over-year change: +178%
Climate risks: Heat (extreme), storm (very high), flood (moderate), fire (moderate), drought (low)

“The Meadows is a golf community northeast of Sarasota. It has direct access to Interstate 75, which means it’s a great place for folks who still need to commute to the city for work. Another appeal is the price point; you can still find homes in the half-million range, whereas many of the surrounding neighborhoods are more expensive. We’re seeing a lot of early retirees moving to the area.”

7) Chatham, Cape Cod, MA

Zip code: 02633
Parent metro area: Barnstable Town, MA
Median sale price: $965,000 (+33% YoY)
Median sale price of parent metro area: $500,000 (+20% YoY)
Share of homes that sold above list price: 51%
Median days on market: 11 (-109 days YoY)
Housing supply (active listings), year-over-year change: -48%
Median views per listing, year-over-year change: +149%
Climate risks: Storm (very high), flood (moderate), heat (low), drought (low), fire (very low)

“Chatham is a romantic town on the southeastern tip of Cape Cod. It’s quintessential Cape Cod, with beaches, bike trails and charming historic buildings dotting the downtown area that lure lots of tourists. It’s also close to the ferries that go to Nantucket and Martha’s Vineyard,” said local Redfin real estate agent Susan Arnoff. “Cape Cod has always been popular, but has received a whole new level of interest during the pandemic because it offers so much incredible beauty and tranquility. Chatham is relatively expensive, but you can still find affordable homes in other parts of the Cape.”Arnoff continued: “A majority of Chatham’s homeowners are seasonal. We’re seeing a lot of buyers come in from Boston, New York and San Francisco to purchase second homes that they rent out for part of the year as investment properties.”

8) Weston, FL

Zip code: 33332
Parent metro area: Fort Lauderdale, FL
Median sale price: $860,000 (+51% YoY)
Median sale price of parent metro area: $305,000 (+15% YoY)
Share of homes that sold above list price: 27%
Median days on market: 46 (-45 days YoY)
Housing supply (active listings), year-over-year change: -30%
Median views per listing, year-over-year change: +216%
Climate risks: Heat (extreme), storm (high), flood (moderate), drought (low), fire (very low)

“Weston is a beautifully designed housing development right near the Everglades, about a half hour west of Fort Lauderdale. It has large homes with lots of land, perfectly-landscaped streets and great parks,” said local Redfin real estate agent Anthony Cervoni. “It also has one of the top-rated school systems in South Florida, which is the biggest draw for most buyers.”Cervoni added: “Before the pandemic, we were seeing empty nesters sell their 5,000-square-foot homes in Weston and move into smaller beachfront homes in Fort Lauderdale. Now we’re seeing the opposite—people are coming here from the city because they’re tired of being trapped in cramped condos and apartments.”Fun fact: Weston was built by the same developer who constructed Walt Disney world.

9) Lake Lure, NC

Zip code: 28746
Parent metro area: Forest City, NC
Median sale price: $427,750 (+26% YoY)
Median sale price of parent metro area: $235,250 (+40% YoY)
Share of homes that sold above list price: 41%
Median days on market: 48 (-63 days YoY)
Housing supply (active listings), year-over-year change: -25%
Median views per listing, year-over-year change: +152%
Climate risks: Storm (very high), heat (high), flood (major), drought (low), fire (low)

“Lake Lure is a major tourist attraction because it’s where a handful of scenes in ‘Dirty Dancing’ were filmed. Visitors can go on guided ‘Dirty Dancing’ pontoon boat tours and even attend an annual ‘Dirty Dancing Festival,’ where they can try their hand at reenacting the famous lift scene,” said local Redfin real estate agent Scott Walker. “It’s primarily a second-home destination. People buy property in Lake Lure because they want to be in the mountains of North Carolina and away from the hustle and bustle of Asheville, which is located about 45 minutes west.”Interest in vacation homes exploded during the pandemic as affluent Americans sought respite from crowded cities. Second-home demand was 70% higher than pre-pandemic levels as of October, a Redfin analysis found.

10) Downtown Fort Myers, FL

Zip code: 33916
Parent metro area: Cape Coral, FL
Median sale price: $264,328 (+25% YoY)
Median sale price of parent metro area: $264,500 (+13% YoY)
Share of homes that sold above list price: 35%
Median days on market: 9 (-51 days YoY)
Housing supply (active listings), year-over-year change: -37%
Median views per listing, year-over-year change: +183%
Climate risks: Heat (extreme), flood (major), storm (high), drought (high), fire (low)

“This part of Downtown Fort Myers has a lot of 1950s-era homes that need some TLC but are relatively affordable, which is attracting investors, builders and people who have been priced out of more expensive parts of town,” said local Redfin real estate agent Chris Jancich. “I recently worked with a disabled veteran who for years had been living in a nearby neighborhood where he was spending over $2,000 a month on rent. He bought a home for $200,000 in the Downtown Fort Myers area, and his monthly housing costs dropped to around $1,400.”Jancich continued: “The neighborhood is also right on the Caloosahatchee River, where builders are developing a handful of high-end, high-rise condos with beautiful waterfront views. With so many people retiring early now, we’re seeing increased interest in condos, which don’t require as much upkeep as single-family homes.”