Interest in Single-Family Homes Hits 4 Year High, Demand for Condos Drops
Home may be where the heart is, but after a few cramped months in an apartment or condo, some homebuyers are looking for something a bit roomier than their old abode. Online searches for single-family homes in May rose to the highest level in four years as buyers look for more space further away from urban areas, according to Redfin. Thirty-six percent of saved searches by Redfin users filtered for only single-family homes. On the other hand, searches for condos, townhouses, and multifamily listings have declined to the lowest level in three years, with only 7.5 percent of saved searches filtered for these kinds of properties.
Online searches for single-family homes rose to the highest level in four years last month. This comes as the coronavirus pandemic drives buyers to seek out larger houses located farther away from dense urban areas.
In May, 36% of saved searches created by Redfin.com users filtered exclusively for single-family homes. That’s up from 33% in February—before the coronavirus was known to be widespread in the U.S.—and represents the largest share since March 2016. It also marks an increase from 28% in May 2019.
Meanwhile, the share of searches for other types of homes, such as condos, townhouses and multifamily listings, has declined. Last month, 7.5% saved searches on Redfin.com excluded single-family homes—the lowest level in three years.