More New Listings at Major Climate Risk Now Than Five Years Ago - Zillow Research
More new listings nationwide in August come with major climate risk than homes listed for sale five years ago. Across all five climate risk categories Zillow analyzed — flood, wildfire, wind, heat, and air quality — a greater share of newly listed homes in August were classified as having major risk than in August 2019.
That is according to a new analysis of climate risk data powered by First Street, which is now available on for-sale listings on Zillow. Climate risk is a clear factor in the minds of home buyers, with more than 80% of buyers now considering climate risks when purchasing a home, according to Zillow survey data.
Across all new listings of existing homes nationwide in August, more than half (55.5%) have a major risk of extreme heat and a third are at major risk of extreme wind exposure. That compares to 16.7% at major wildfire risk, 13% with major air quality risk and 12.8% with major risk of flooding.
While climate risks like extreme heat affect an area’s livability, wildfire, flood and wind risk are more likely to impact a homeowner’s ability to insure their home and the cost of that insurance. Amid today’s housing affordability crisis, the cost of insurance could be the difference between a buyer being able to afford a home and not.
More than 70% of new listings in August in the Riverside metro area have a major wildfire risk. Just less than half do in Sacramento (47%) and more than a third of August new listings are at major wildfire risk in Jacksonville (37.6%), Phoenix (36.2%), San Diego (34.3%) and Denver (33.4%).
The New Orleans metro area has by far the greatest share of new listings at major flood risk, with 76.8%. More than a quarter of August new listings are at major flood risk in Houston (33.9%), Miami (32.7%). Tampa (30.4%) and Virginia Beach (26.4%).
New home listings in many Midwest markets hold the lowest climate risk. Across all five climate risk categories Zillow analyzed — flood, wildfire, wind, heat, and air quality — fewer than 10% of new listings in August were at major risk of any of these risks in Cleveland, Columbus, Milwaukee, Indianapolis, Minneapolis, Detroit and Kansas City.
