Challenges and Trends in the Real Estate Market during COVID-19

I thought you might like to see a recent CNBC segment where Compass’ Founder & CEO, Robert Reffkin, discusses the current climate in real estate amidst COVID-19.


Watch the full clip on YouTube below:

As you may have experienced yourself, buyer searches for properties dropped 36% during the peak of COVID-19—from March 10th to 24th. However, our data is showing the number of buyer searches is steadily increasing, and we are now only 15% lower than where we were before the drop.

As the curve flattens for increases in COVID-19 cases, Compass is seeing a flattening of the declining curve in real estate transactions. In fact, in the 135 cities where we operate, last week Compass saw a ~20% week-over-week growth in new listings and listings in contract / pending after the market spent 2 weeks at bottom.

I wanted to share a few highlights that you might find particularly interesting about how Shelter-in-Place has changed what people are looking for in a home:

These numbers are a reflection of what is happening right now but these sentiments will likely evolve. It’s worth mentioning that it’s important in real estate to focus on the long term, rather than making reactive decisions when so much is yet to be seen.

I am here if you would like to chat or have questions about the current state of the market—or my thoughts on the future.

Stay safe and healthy.