Forecasting the Value of Single Family Homes as a Result of Hurricane Florence

Abstract

The purpose of this study is to investigate and forecast the impact of hurricane Florence on home prices in North Carolina. Quantitative data was gathered from real estate comparison websites such as Zillow and Redfin, while qualitative data from news reports and FEMA disaster declarations were used to better analyze the impact of hurricane Florence. Using both qualitative and quantitative sources, an analysis was conducted to compare historical home values with home values immediately following hurricane Florence. Using methodologies from past studies, forecasts were made for each impacted zip code that estimate the median home value one year following hurricane Florence to better understand the rate at which different areas recover. Charts and maps were used to visualize historical trends as well as forecasts. By conducting this data analysis study, similar studies on focused on other hurricanes can be used to compare the impact of Hurricane Florence to other hurricane events. Conducting this research serves to enhance the growing literature on the economic impact of hurricanes.