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Sheharyar Bokhari, Redfin senior economist, said: "While flood risk is intensifying in many parts of the country, it doesn't seem to be a deal breaker for a lot of homebuyers. This may be because buyers aren't aware they're purchasing a home in a flood plain or just don't view it as an immediate danger.” (Credit: DFLC Prints/Shutterstock.com) Sheharyar Bokhari, Redfin senior economist, said: “While flood risk is intensifying in many parts of the country, it doesn’t seem to be a deal-breaker for a lot of homebuyers. This may be because buyers aren’t aware they’re purchasing a home in a flood plain or just don’t view it as an immediate danger.” (Credit: DFLC Prints/Shutterstock.com)

During the first quarter of 2021, the median selling price for homes with a high flood risk was $402,010, almost $50,000 more than houses with low flood risks, according to Redfin, which noted the premium paid for waterfront properties hit a record 13.6%. In Q1 2020, the premium was around 10%.

On top of this, home sales in flood-prone areas are also surging with an 18.6% year-on-year increase during 2021’s first quarter, the real estate brokerage reported. Sales of low flood risk homes rose about half that, 9.6%, during the period.

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Steve Hallo

Steve Hallo is an assistant editor with PC360 Group. Prior to his current position, Steve spent nearly a decade covering retail transformation, consumer trends, manufacturing issues and supply chain challenges impacting global CPG markets. He can be reached at [email protected], and on LinkedIn and Twitter.  

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