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Waiting after the storm: the effect of flooding on time on the housing market in coastal Virginia

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  • Timothy M. Komarek
  • Larry Filer

Abstract

Flooding is the most common natural disaster experienced by many households and rising sea levels have made recurrent flooding events common in many coastal cities. This study uses a difference-in-differences model to estimate how the residential real estate market responds to significant flooding events. The analysis examines time-on-market for 137,348 residential property sales between 2007 and 2016 in southeast Virginia. This timeframe includes a Nor’easter, referred to as Nor’Ida, and Hurricane Irene. Results differentiate between high-risk (100-year flood plain) and low-risk (500-year flood plain) areas, and show that homes in the high-risk flood zones remain on the market 5–7 days longer. Our results suggest that the housing market cools down at a localized level after a severe weather event.

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  • Timothy M. Komarek & Larry Filer, 2020. "Waiting after the storm: the effect of flooding on time on the housing market in coastal Virginia," Applied Economics Letters, Taylor & Francis Journals, vol. 27(4), pages 298-301, February.
    • Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:298-301
    DOI: 10.1080/13504851.2019.1616047
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    Cited by:

    1. Josep Maria Raya Vilchez & Aleksander Kucel, 2023. "How fiscal policy affects housing market dynamics: Evidence from Spain," Bulletin of Economic Research, Wiley Blackwell, vol. 75(2), pages 323-347, April.
    2. Seung Kyum Kim, 2020. "The Economic Effects of Climate Change Adaptation Measures: Evidence from Miami-Dade County and New York City," Sustainability, MDPI, vol. 12(3), pages 1-19, February.

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