Today, Explained The bonkers housing market
May 3, 2021
Jerusalem Demsas, a Vox policy reporter specializing in the housing market, dives into the chaotic landscape of home buying in America. She discusses whether we're in a housing bubble and tackles the emotional toll of bidding wars and overpriced homes. The podcast explores how remote work is reshaping where people live, and highlights the stark economic divides exacerbated by zoning laws. Listeners hear personal stories reflecting the struggles of aspiring homeowners in a market that seems relentlessly challenging.
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Listener Experiences
- Listeners shared their struggles in the current housing market, citing overbidding and high prices.
- One listener in Austin shared that houses are going for $80,000 over listing price.
Hottest Housing Market
- The current housing market is the most competitive in US history, with record-high prices and low supply.
- In March 2021, 43% of homes sold above listing price, and the supply dipped below two months.
Widespread Housing Boom
- Houses are selling quickly across the US, including suburban, rural, and urban areas.
- The hottest markets remain those that were already hot pre-pandemic, like Phoenix and Austin suburbs.