Hot markets and home feature fads: How the pandemic changed home buying
Zillow's analysis reveals dramatic changes in the U.S. housing market over the past five years since the pandemic's start. Home values have surged 45.3% nationally, with Miami leading both home value and rent growth among major metros. The number of million-dollar homes has increased by approximately 989,000, now totaling about 1.65 million nationwide.
The typical $1 million home has shrunk by 70 square feet to 2,388 square feet. Construction has responded strongly, with over 1 million single-family home starts in 2021. Houston, Dallas, Phoenix, Atlanta, and Austin led in single-family permits.
Buyer preferences have evolved, with outdoor features remaining popular - homes with outdoor kitchens and pizza ovens commanding 2% price premiums. Virtual home shopping has gained significant traction, with Zillow 3D Home tour listings quadrupling since December 2022. Buyers are now conducting fewer in-person tours, with only 15% attending five or more private showings in 2024, down from 31% in 2020.
L'analisi di Zillow rivela cambiamenti drammatici nel mercato immobiliare statunitense negli ultimi cinque anni dall'inizio della pandemia. I valori delle case sono aumentati del 45,3% a livello nazionale, con Miami che guida sia la crescita dei valori delle case che degli affitti tra le principali metropoli. Il numero di case da un milione di dollari è aumentato di circa 989.000, per un totale di circa 1,65 milioni a livello nazionale.
La tipica casa da un milione di dollari si è ridotta di 70 piedi quadrati, arrivando a 2.388 piedi quadrati. La costruzione ha risposto in modo forte, con oltre 1 milione di nuove costruzioni di case unifamiliari nel 2021. Houston, Dallas, Phoenix, Atlanta e Austin hanno guidato per permessi di costruzione di case unifamiliari.
Le preferenze degli acquirenti sono evolute, con le caratteristiche esterne che rimangono popolari: le case con cucine all'aperto e forni per pizza hanno un premio di prezzo del 2%. Lo shopping virtuale per le case ha guadagnato una notevole trazione, con le inserzioni di Zillow 3D Home tour che sono quadruplicate dal dicembre 2022. Gli acquirenti ora effettuano meno visite di persona, con solo il 15% che partecipa a cinque o più visite private nel 2024, in calo rispetto al 31% nel 2020.
El análisis de Zillow revela cambios drásticos en el mercado de vivienda de EE. UU. en los últimos cinco años desde el inicio de la pandemia. Los valores de las casas han aumentado un 45,3% a nivel nacional, siendo Miami la que lidera el crecimiento tanto en el valor de las casas como en los alquileres entre las principales áreas metropolitanas. El número de casas de un millón de dólares ha aumentado en aproximadamente 989,000, alcanzando un total de alrededor de 1.65 millones a nivel nacional.
La típica casa de un millón de dólares se ha reducido en 70 pies cuadrados, quedando en 2,388 pies cuadrados. La construcción ha respondido con fuerza, con más de 1 millón de nuevos inicios de casas unifamiliares en 2021. Houston, Dallas, Phoenix, Atlanta y Austin lideraron en permisos para casas unifamiliares.
Las preferencias de los compradores han evolucionado, con características al aire libre que siguen siendo populares: las casas con cocinas exteriores y hornos para pizza tienen una prima de precio del 2%. La compra virtual de casas ha ganado una tracción significativa, con las listas de Zillow 3D Home tour que se han cuadruplicado desde diciembre de 2022. Los compradores ahora realizan menos visitas en persona, con solo el 15% asistiendo a cinco o más visitas privadas en 2024, una disminución del 31% en 2020.
질로우의 분석에 따르면 팬데믹 시작 이후 지난 5년 동안 미국 주택 시장에서 극적인 변화가 있었습니다. 주택 가치는 전국적으로 45.3% 상승했으며, 마이애미가 주요 대도시 중 주택 가치와 임대 성장 모두에서 선두를 달리고 있습니다. 백만 달러짜리 주택의 수는 약 989,000채 증가하여 현재 전국적으로 약 165만 채에 달합니다.
전형적인 백만 달러 주택은 70평방피트 줄어들어 2,388평방피트가 되었습니다. 건설은 강력하게 반응했으며, 2021년에는 100만 채 이상의 단독 주택이 착공되었습니다. 휴스턴, 달라스, 피닉스, 애틀랜타, 오스틴이 단독 주택 허가에서 선두를 차지했습니다.
구매자의 선호도가 변화하였으며, 야외 기능이 여전히 인기를 끌고 있습니다 - 야외 주방과 피자 오븐이 있는 주택은 2%의 가격 프리미엄을 부과합니다. 가상 주택 쇼핑이 큰 인기를 끌고 있으며, 질로우 3D 홈 투어 목록은 2022년 12월 이후 4배로 증가했습니다. 구매자들은 이제 대면 투어를 덜 진행하고 있으며, 2024년에는 15%만이 5회 이상의 개인 투어에 참석하여 2020년의 31%에서 감소했습니다.
L'analyse de Zillow révèle des changements dramatiques sur le marché immobilier américain au cours des cinq dernières années depuis le début de la pandémie. Les valeurs des maisons ont augmenté de 45,3 % au niveau national, Miami étant en tête de la croissance des valeurs immobilières et des loyers parmi les grandes métropoles. Le nombre de maisons à un million de dollars a augmenté d'environ 989 000, atteignant maintenant environ 1,65 million à l'échelle nationale.
La maison typique à un million de dollars a diminué de 70 pieds carrés pour atteindre 2 388 pieds carrés. La construction a fortement réagi, avec plus d'un million de nouvelles constructions de maisons individuelles en 2021. Houston, Dallas, Phoenix, Atlanta et Austin ont dominé en termes de permis de construire pour maisons individuelles.
Les préférences des acheteurs ont évolué, les caractéristiques extérieures restant populaires : les maisons avec cuisines extérieures et fours à pizza commandent une prime de prix de 2 %. Les achats de maisons virtuels ont gagné en popularité, avec les annonces de Zillow 3D Home tour quadruplées depuis décembre 2022. Les acheteurs effectuent désormais moins de visites en personne, avec seulement 15 % assistant à cinq visites privées ou plus en 2024, contre 31 % en 2020.
Die Analyse von Zillow zeigt dramatische Veränderungen auf dem US-Immobilienmarkt in den letzten fünf Jahren seit Beginn der Pandemie. Die Hauswerte sind landesweit um 45,3% gestiegen, wobei Miami sowohl beim Anstieg der Hauswerte als auch bei den Mieten unter den großen Metropolen führend ist. Die Anzahl der Millionen-Dollar-Häuser ist um etwa 989.000 gestiegen und beträgt nun landesweit etwa 1,65 Millionen.
Das typische Haus im Wert von 1 Million Dollar hat sich um 70 Quadratfuß auf 2.388 Quadratfuß verkleinert. Der Bau hat stark reagiert, mit über 1 Million Neubauten von Einfamilienhäusern im Jahr 2021. Houston, Dallas, Phoenix, Atlanta und Austin führten bei den Genehmigungen für Einfamilienhäuser.
Die Käuferpräferenzen haben sich entwickelt, wobei Außenmerkmale weiterhin beliebt sind - Häuser mit Außenküchen und Pizzaöfen erzielen einen Preisaufschlag von 2%. Virtuelles Haus-Shopping hat erheblich an Bedeutung gewonnen, wobei die Zillow 3D Home Tour-Listings seit Dezember 2022 um das Vierfache gestiegen sind. Käufer führen nun weniger persönliche Besichtigungen durch, wobei nur 15% an fünf oder mehr privaten Besichtigungen im Jahr 2024 teilnehmen, ein Rückgang von 31% im Jahr 2020.
- Record 45.3% national home value growth since February 2020
- Construction boom with over 1 million single-family home starts in 2021
- Significant increase in virtual home touring adoption, reducing buying friction
- 989,000 increase in million-dollar homes nationwide
- Decreased home affordability due to surging prices
- Typical $1 million home shrunk by 70 square feet nationally
- Some markets experienced significant price volatility (e.g., Austin's 14% decline)
- Rising mortgage rates squeezing buyers' budgets
Insights
Zillow's latest housing report reveals significant implications for its business model and growth trajectory. The documented 45.3% surge in national home values since February 2020 has fundamentally altered the housing landscape where Zillow operates, creating both challenges and opportunities for the company's platform.
The report strategically positions Zillow as not just a tracker of these trends but as a solution provider amid changing market dynamics. Their investment in virtual viewing technology appears particularly well-timed, with 3D Home tour listings quadrupling since December 2022. This represents a potential revenue accelerator as the company's AI-powered Zillow Showcase drives measurably higher engagement metrics (more views, saves, and shares) compared to standard listings.
The shifting housing market has created favorable conditions for Zillow's technological initiatives. With nearly a million additional homes crossing the $1 million threshold nationwide, commission-based revenue potential has increased substantially. Meanwhile, the construction boom in markets like Houston, Dallas, and Phoenix creates listing volume opportunities that Zillow is well-positioned to capture.
Particularly notable is how consumer behavior data validates Zillow's technology investment strategy. The report indicates 70% of buyers now prefer 3D tours over static photos (up from 52% in 2019), while fewer buyers attend multiple open houses or private tours than before the pandemic. This behavioral shift suggests Zillow's digital tools are becoming increasingly central to the home-buying process rather than merely supplementary.
For investors, this report demonstrates Zillow's ability to adapt its platform to evolving market conditions while creating new monetization opportunities through enhanced digital offerings. The company appears to be successfully transforming from primarily a listing service to an integrated technology platform that shapes how consumers navigate an increasingly complex housing market.
Zillow's market report reveals a strategic evolution beyond simply tracking housing trends to actively reshaping the real estate transaction process. The 45.3% national home value growth since February 2020 has created a fundamentally different marketplace where Zillow's digital tools have become increasingly essential rather than optional.
The quadrupling of 3D Home tours represents a significant competitive moat for Zillow against traditional real estate platforms. This technology investment is paying dividends as the report shows a measurable reduction in physical home tours (only 15% of buyers attended 5+ private tours in 2024 vs. 31% in 2020), positioning Zillow as the primary gateway to property discovery rather than just a preliminary research tool.
Regional market variations highlight how Zillow can leverage its data intelligence for targeted growth. While Miami leads in value growth, the construction boom in Houston, Dallas, and Phoenix creates opportunities for Zillow to capture market share in high-volume regions through tailored services. The Austin market's volatility (from 40.3% growth to 14% decline) demonstrates the value of Zillow's real-time data in helping consumers navigate rapidly changing conditions.
The report strategically emphasizes consumer preference insights that Zillow is uniquely positioned to monetize. The sustained demand for outdoor features (commanding 2% price premiums) versus the decline of pandemic-specific adaptations like "cloffices" represents actionable intelligence that Zillow can package for developers, agents, and homeowners.
Most critically, Zillow's AI-powered Showcase listings—which drive higher engagement metrics—suggest the company is successfully transitioning from an advertising-based model toward becoming an essential transaction infrastructure. This positions Zillow to potentially capture greater value from each real estate transaction as the digital-first approach to home shopping becomes the new standard rather than a pandemic-era necessity.
Record price growth, new in-demand features and a rise in virtual home touring mark the past five years in the housing market
U.S. home values are up45% since the start of the pandemic five years ago. Home values and rents shot up most significantly inMiami .- There are nearly a million more
$1 million - Demand for outdoor home features has stuck, while the "cloffice" proved to be a fad.
"A perfect cocktail of lower mortgage rates, higher savings and a growing desire for space drove housing demand to new heights during the pandemic. Just about every major market experienced price growth far above what they'd become accustomed to, resetting the financial bar for homeownership," said Orphe Divounguy, senior economist at Zillow®. "While the financial hurdle is higher, the home-shopping process has improved. Virtual tools are helping buyers make more informed decisions and reducing the time they spend on in-person tours."
Home values and rent prices
Nationally, home values have grown
The hottest market over that period is
Home values in
In
What
Skyrocketing prices over the past five years sent the value of nearly a million more homes above the
Nationally, the typical
Construction boom putting a ceiling on price growth
Builders reacted in a big way to the surge in housing demand, with more than 1 million single-family home starts in 2021, reaching that milestone for the first time since 2007.
The metro areas with the most single-family permits since 2020 are
With rising mortgage rates squeezing buyers' budgets, builders have pivoted to build more higher-density homes, such as townhomes and condos, in recent years, allowing them to keep prices within reach while mitigating rising land and material costs.
Some in-demand features stuck — and some did not (sorry, 'cloffices')
While stuck at home during the pandemic, functional home features often outweighed style — buyers prioritized backyards over barn doors. Five years later, outdoor features remain highly sought after, with buyers willing to pay at least
A few pandemic-era must-haves proved to be short-lived fads. "Cloffices" — micro home offices carved out of closets — are one such example, showing up in half as many for-sale listings on Zillow by the end of 2023. A similar fate befell "Zoom rooms," office sheds and a spot for an exercise bike.
The pandemic supercharged virtual home shopping
Buyers are spending less time touring homes in person than they did before the pandemic, likely in part because they are better able to understand floor plans with improved digital tools. The share of for-sale listings on Zillow with a Zillow 3D Home tour has more than quadrupled since December 2022, the earliest data available.
That evolution may progress more rapidly in the coming years with innovations like Zillow Showcase, which features AI-powered listings with immersive media to give richer insights into a home's layout and features. Zillow Showcase listings drive more views, saves and shares compared to similar nearby non-Showcase listings on Zillow.
The demand for these types of online tools is growing. Seven out of 10 buyers say 3D tours help them get a better feel for the space than static photos (up from
A smaller share of buyers now say they wasted time during their home search by viewing properties they would have skipped if they better understood the floor plan ahead of time (
Metro Area* | Home Value | Rent Growth Since | New Single-Family | Typical | Typical |
45.3 % | 33.4 % | 4,900,000 | 2,455 | 2,388 | |
35.1 % | 25.8 % | 59,522 | 2,325 | 2,240 | |
43.8 % | 26.0 % | 53,682 | 2,141 | 1,626 | |
36.6 % | 28.2 % | 42,732 | 3,500 | 3,290 | |
43.8 % | 27.7 % | 217,456 | 4,734 | 3,791 | |
36.8 % | 22.4 % | 245,425 | 3,957 | 3,872 | |
31.4 % | 22.6 % | 58,382 | 2,683 | 2,758 | |
45.6 % | 29.0 % | 39,373 | 4,250 | 3,650 | |
61.1 % | 54.1 % | 33,196 | 2,757 | 2,429 | |
53.9 % | 36.0 % | 133,666 | 4,334 | 3,897 | |
42.8 % | 24.7 % | 20,992 | 2,544 | 2,336 | |
52.6 % | 36.6 % | 145,790 | 3,629 | 2,964 | |
22.7 % | 6.8 % | 16,969 | 1,470 | 1,409 | |
52.6 % | 45.3 % | 57,405 | 3,605 | 2,832 | |
40.6 % | 38.1 % | 24,208 | 4,370 | 3,821 | |
45.6 % | 22.1 % | 36,060 | 2,530 | 2,116 | |
27.3 % | 15.9 % | 46,887 | 3,887 | 3,614 | |
55.6 % | 39.2 % | 15,574 | 2,435 | 1,759 | |
58.0 % | 53.1 % | 76,729 | 3,223 | 2,832 | |
34.7 % | 20.8 % | 51,712 | 3,763 | 3,168 | |
31.2 % | 27.9 % | 19,797 | 4,527 | 3,631 | |
41.2 % | 37.6 % | 24,869 | 4,300 | 3,711 | |
53.1 % | 36.9 % | 80,113 | 4,094 | 3,442 | |
58.2 % | 34.9 % | 92,214 | 4,266 | 3,600 | |
31.5 % | 19.4 % | 53,696 | 4,319 | 3,594 | |
32.1 % | 23.9 % | 33,699 | 3,616 | 3,126 | |
33.8 % | 31.1 % | 40,411 | 3,300 | 2,802 | |
31.2 % | 26.2 % | 12,262 | 4,668 | 3,892 | |
48.1 % | 39.9 % | 22,347 | 4,296 | 3,756 | |
37.8 % | 17.6 % | 97,962 | 3,155 | 3,030 | |
47.6 % | 35.9 % | 51,948 | 4,107 | 3,362 | |
46.6 % | 38.2 % | 27,112 | 4,411 | 3,736 | |
49.9 % | 35.8 % | 28,188 | 3,800 | 3,500 | |
50.9 % | 41.5 % | 41,928 | 6,599 | 5,042 | |
48.0 % | 42.1 % | N/A | 5,249 | 4,536 | |
44.2 % | 10.2 % | 11,715 | 1,562 | 1,263 | |
48.6 % | 28.5 % | 73,964 | 4,078 | 3,051 | |
42.2 % | 42.0 % | 20,036 | 4,000 | 3,528 | |
55.4 % | 50.4 % | N/A | 3,060 | 2,730 | |
50.1 % | 37.6 % | 68,308 | 3,819 | 3,084 | |
42.5 % | 31.0 % | 7,864 | 4,775 | 3,969 | |
43.1 % | 32.9 % | 31,662 | 4,832 | 4,277 | |
51.6 % | 30.5 % | 64,417 | 4,723 | 3,727 | |
45.0 % | 39.8 % | 17,645 | 5,738 | 5,026 | |
47.4 % | 39.0 % | 25,082 | 4,332 | 3,830 | |
38.8 % | 37.2 % | 17,660 | 4,900 | 4,377 | |
3.0 % | 28.1 % | 13,903 | 3,628 | 3,660 | |
47.9 % | 31.9 % | 20,869 | 3,854 | 3,000 | |
58.1 % | 44.4 % | N/A | 5,109 | 3,818 | |
52.8 % | 39.9 % | N/A | 5,134 | 4,135 | |
36.8 % | 32.8 % | 16,029 | 5,347 | 4,590 |
* | Table ordered by market size |
** | Full |
About Zillow Group:
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Zillow Rentals®, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce®, and Follow Up Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2025 MFTB Holdco, Inc., a Zillow affiliate.
View original content to download multimedia:https://www.prnewswire.com/news-releases/hot-markets-and-home-feature-fads-how-the-pandemic-changed-home-buying-302387305.html
SOURCE Zillow
FAQ
How much have U.S. home values increased since the start of the pandemic?
Which city experienced the most extreme home value fluctuations during the pandemic?
How has the $1 million home market changed in the last five years?
Which home features have remained popular since the pandemic?
How has virtual home touring transformed the buying process?
