San Jose,
Calif., Salt Lake City,
Utah, and San Francisco Round out the Top Markets
SANTA
CLARA, Calif., April 10,
2024 /PRNewswire/ -- In 2023, 1.2 million U.S.
vehicle buyers chose to go electric according to Kelley Blue Book, a Cox Automotive company. For
electric vehicle (EV) owners certain factors, like home-charging
ability and easy access to charging facilities are necessary for
smooth EV ownership. A new report from Realtor.com® and
Cox Automotive has uncovered the top housing markets for EV owners.
These markets include; San Jose,
Calif.; Salt Lake City,
Utah; San Francisco;
Boston; Seattle, Wash.; Durham, N.C.; Austin, Texas; Los
Angeles; Washington, D.C.;
Denver, Colo.
"A mix of accessibility to charging facilities and a high share
of EV-friendly homes listed on Realtor.com® made these
places the most EV-friendly housing markets," said Danielle Hale, Chief Economist of
Realtor.com®. "The data shows that home sellers are very
aware of the trend toward electrification. Mirroring the rise in
the number of electric vehicles, the share of homes marketing
EV-friendly characteristics on Realtor.com® is growing
over time. Similarly, rates of EV adoption vary by market, and
rates of EV-friendly homes in different areas reflect this. As the
number of EV owners grows, I expect to see more demand for at-home
charging and EV friendly characteristics from both buyers and
renters. Sellers and property managers who can meet this
demand–which can be found in newer and older homes– will
undoubtedly have an edge."
Top EV-Friendly Housing Markets
Rank
|
Top Markets
|
Share of EV-Friendly
Listing
|
# EV per Public
Charging Port
|
1
|
San
Jose-Sunnyvale-Santa Clara, CA
|
4.9 %
|
24
|
2
|
Salt Lake City,
UT
|
1.6 %
|
17
|
3
|
San
Francisco-Oakland-Berkeley, CA
|
3.8 %
|
29
|
4
|
Boston-Cambridge-Newton, MA-NH
|
1.3 %
|
13
|
5
|
Seattle-Tacoma-Bellevue, WA
|
3.3 %
|
29
|
6
|
Durham-Chapel Hill,
NC
|
1.7 %
|
21
|
7
|
Austin-Round
Rock-Georgetown, TX
|
2.0 %
|
24
|
8
|
Los Angeles-Long
Beach-Anaheim, CA
|
3.1 %
|
29
|
9
|
Washington-Arlington-Alexandria,
DC-VA-MD-WV
|
1.6 %
|
19
|
10
|
Denver-Aurora-Lakewood,
CO
|
1.6 %
|
20
|
11
|
San Diego-Chula
Vista-Carlsbad, CA
|
2.6 %
|
30
|
12
|
Sacramento-Roseville-Folsom, CA
|
1.9 %
|
26
|
13
|
Atlanta-Sandy
Springs-Alpharetta, GA
|
1.3 %
|
19
|
14
|
Oxnard-Thousand
Oaks-Ventura, CA
|
2.9 %
|
40
|
15
|
Riverside-San
Bernardino-Ontario, CA
|
2.6 %
|
33
|
16
|
Urban Honolulu,
HI
|
2.1 %
|
36
|
17
|
Portland-South
Portland, ME
|
0.8 %
|
13
|
18
|
Portland-Vancouver-Hillsboro, OR-WA
|
1.7 %
|
32
|
19
|
Fresno, CA
|
0.7 %
|
14
|
20
|
Las
Vegas-Henderson-Paradise, NV
|
1.1 %
|
28
|
The analysis of most EV-friendly housing markets looked at
markets on Realtor.com® with a great combination of EV-friendly
listings and congestion index, measured as the ratio of EVs and
Plug-In Hybrids (PHEVs) to public charging ports to uncover the
best housing markets for electrified-vehicle owners.
The Rise in EV ownership Means More Demand EV-Friendly
Homes
As EV ownership grows, so does the share of home
listings being described as EV-friendly. In 2023, 0.9% of for-sale
homes listed on Realtor.com® were described as
EV-friendly. While the share was slightly below 1%, it has been
growing rapidly. Five years ago, it was only 0.1%.
In the number one EV-friendly housing market, San Jose, Calif., one in five households has
an electric vehicle. The metro area, consequently, also saw the
highest share of EV-friendly homes listed (4.9%) among all the
metros in 2023. Additionally, Boulder,
Colo. (3.4%), Seattle,
Wash. (3.3%), Bloomington,
Ill. (2.2%), Urban Honolulu,
Hawaii (2.1%), Bend, Ore.
(2.1%), Trenton, N.J. (2.0%) and
Austin, Texas (2.0%) all saw a
higher-than-average share of EV-friendly homes listed for sale.
"We have found a clear and positive synergy between the housing
market and EV adoption," remarked Jonathan
Smoke, Chief Economist, Cox Automotive. "While we remain in
the early innings in the electrification of the auto market with
dramatic variation in adoption thus far, EV-friendly homes are
proving to be key. Having access to a charger is fundamental to the
ease of use for an EV, and when that charger is in a home it is
both convenient and economical. This in turn makes EV-friendly
homes stand out in markets with more EV owners."
Opportunity for EV-Friendly Home Growth
There's
a growing demand for more EV-friendly homes to
accommodate the increasing number of EV owners. Even
in EV-friendly markets like Oxnard, Calif., Riverside, Calif., Urban Honolulu, Hawaii and Portland, Ore, where there's already a high
concentration of EV-friendly listings, the crowded
public charging facilities indicate a potential for even greater
demand for EV-compatible homes.
For more information on the top housing markets for EV owners
and for a general snapshot of the state of EV ownership and home
friendliness please visit
https://www.realtor.com/research/electric-vehicles-2024/.
Methodology
Top EV-friendly markets
were first determined by calculating percentile levels for 1) share
of EV-friendly listings and 2) congestion index
(EV per public port). Then a weighted average was
taken between the two metrics to come up with an EV-friendly
housing score for each market, forming the basis for market
rankings. According to a study from the U.S.
Department of Energy, 80% of EV charging is done at
home. We assign 0.8 as the weight to the home metric and 0.2 to the
public charging metric. EV-friendly homes are
single-family homes and
condos/townhomes/rowhomes/co-ops listed
for-sale on Realtor.com® with featuring terms such as
'electric vehicles' and '240-volt outlet' in the listing
descriptions.
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone.
Realtor.com® pioneered the world of digital real estate more than
25 years ago. Today, through its website and mobile apps,
Realtor.com® is a trusted guide for consumers, empowering more
people to find their way home by breaking down barriers, helping
them make the right connections, and creating confidence through
expert insights and guidance. For professionals, Realtor.com® is a
trusted partner for business growth, offering consumer connections
and branding solutions that help them succeed in today's on-demand
world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA]
[ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit
Realtor.com®.
About Cox Automotive
Cox Automotive is the world's
largest automotive services and technology provider. Fueled by the
largest breadth of first-party data fed by 2.3 billion online
interactions a year, Cox Automotive tailors leading solutions for
car shoppers, automakers, dealers, retailers, lenders and fleet
owners. The company has 26,000+ employees on five continents and a
family of trusted brands that includes Autotrader®,
Dealertrack®, Kelley Blue
Book®, Manheim®, NextGear Capital™ and
vAuto®. Cox Automotive is a subsidiary of Cox
Enterprises Inc., a privately-owned, Atlanta-based company with $22 billion in
annual revenue. Visit coxautoinc.com or connect
via @CoxAutomotive on X, CoxAutoInc on Facebook or
Cox-Automotive-Inc on LinkedIn.
Media contact: press@realtor.com
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content:https://www.prnewswire.com/news-releases/realtorcom-and-cox-automotive-identify-the-top-electric-vehicle-friendly-housing-markets-302112139.html
SOURCE realtor.com