Source: Redfin —
The typical high-fire-risk home sold for $550,500 in April, while the typical low-risk home sold for $431,300. That’s the biggest premium since at least 2017.
The median sale price of high-risk homes jumped 52% during the pandemic, while the median sale price of low-risk homes rose 41%.
High-risk homes sell for more in part because remote work has allowed many Americans to move to suburbs and rural areas, which are often more vulnerable.
Homes with high fire risk are also selling faster than low-risk homes, but are more likely to experience price cuts once they’re on the market.
The median sale price of U.S. homes with high fire risk was $550,500 in April, compared with $431,300 for homes with low fire risk. In other words, the typical home with high fire risk sold for $119,200 (27.6%) more than the typical home with low fire risk—the largest premium in dollar terms since at least 2017. By comparison, homes with high fire risk sold for just $56,700 more (18.5%) two years earlier.