Research was recently conducted regarding the COVID-19 pandemic alongside the real estate markets in the nation. It was discovered that the pandemic has been shown to boost the markets rather than reduce them.
Across the nation, the competitive market score average is 8.38 out of 15. Studies show that between March and September of 2020, the average share of homes that were sold above the listing price was 28.42%. During the same time, the mean number of homes that were sold per month within two weeks of their listing date totaled 41.
The average month’s supply of property was 2.41 months. On a list out of 10 states in the US that are seeing the most competitive real estate markets this year, Utah found itself right in the middle of the list, coming out at number five. Virginia rounded out the list at number ten and Washington was found most competitive at number one.
Utah’s competitive market score was 11.21 out of 15 with 40.67% of homes sold above the listing price. The average number of homes per month sold within two weeks of the listing date in Utah came out to 50 homes and the average month’s supply in 2020 was 1.50. It was stated in the study that Utah scored 26% higher than the national average on its competitive market score.
Similarly, Oregon came in at number four and also came in at 26% more competitive than the nationwide mean. The study stated that those that can afford to invest in homes that are more fitting for the new normal are flocking to smaller towns and suburban regions.