In March 2020, when COVID-19 became a surreal reality, the housing market was at a standstill. However, after a few unpredictable months, residential real estate experienced explosive growth. With the nation confined to their homes and having to pivot to a new norm of working remotely — more space, larger homes and better quality of life became a hot commodity.
With frenzied buyers looking for an escape from more urban areas coupled with low mortgage rates the real estate market was sent into an upheaval. According to the National Association of Realtors, after plunging 18% from March to April 2020 and another 10% from April to May 2020, sales of existing homes shot back up nearly 21% in June 2020.
Per LA Times staff writer, Sarah Parvini:
“Many who leave the Bay Area do not move far. Counties in the Sierra region, including El Dorado, saw a large inlux of migrants from…