The pandemic has upended many aspects of life from the way we shop, how we connect with friends or business partners, or where we work. For the moment, it also appears to have changed preferences for where people want to live with profound implications for the future.
Before the pandemic, people highly valued and were willing to pay up for homes with a high level of walkability, that is the ability to complete most of life’s daily errands on foot as measured by Redfin’s Walk Score®. We reported in February 2020 that properties with walkability had a utility for which buyers were willing to pay extra. Year-over-year home price appreciation (HPA) in the most walkable quintile of the 50 largest metros averaged 7.3%, but only 6.0% in the least walkable quintile (beginning in 2012:Q1 and updated through 2020:Q1).
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