The Effects of COVID-19 on the Change in Real Estate Prices

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Authors
Murphy, Alan
Ladson, William
Issue Date
2021-05
Type
Presentation
Keywords
Scholarship Sewanee 2021 , Economics , Real Estate , COVID-19
Abstract
The Coronavirus pandemic disrupted the global economy as governments enacted stay-at-home orders and businesses shut down to combat the spread of the disease. These actions led to an increased prevalence of remote work in the US. Allowing Americans the opportunity to relocate away from cities to areas they perceived as safer from the spread of COVID-19. This migration has the potential to impact housing markets throughout the US. Using monthly county-level data on COVID-19 cases and real estate prices, we study the impact of COVID-19 on changes in housing prices for rural and urban counties. We find that an increase in COVID-19 cases within a county had a negative impact on median housing prices, in that county.
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