Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Climate Change Adaptation: Natural Disasters 3 Location: B003 Session Chair: Wai Yan Siu, Old Dominion University | |
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Coastal Flooding and Housing Market Liquidity: Policy Implications for Eastern U.S. Communities Old Dominion University, United States of America Flooding is a persistent threat, especially to communities along the coast of the United States. Due to rising sea levels and intensifying storms, these communities face elevated risks of property damage and economic instability. The impact of flood risks on price capitalization in the real estate industry has been a focus of climate risk research studies. However, such studies often overlook the impact on housing market liquidity. This study investigates the relationship between coastal flooding and days-on-market (DOM), a key measure of housing market liquidity. We use National Oceanic and Atmospheric Administration (NOAA) tidal records with real estate market data for East U.S. coastal zip codes from July 2017 to July 2024. DOM and tidal flooding can be simultaneously affected by factors such as precipitation and flood mitigation policies. To estimate causal effects, we employ a two-stage least squares (2SLS) approach, using onshore wind speed as an instrument. Findings show that 1% increase in flood exposure extends the DOM by 1.78 days; a 2.26% increase relative to the average. The effect is more than three times larger in areas with lower Special Flood Hazard Area (SFHA) coverage, where flood insurance and disclosure requirements are less uniformly applied. This pattern indicates that tidal flooding generates meaningful housing market liquidity frictions, particularly in moderate-risk coastal markets. Scaled across all active listings, these delays lock up an estimated $1.05–$2.11 billion in housing capital annually, slowing market turnover and affecting local tax bases. Results underscore the growing economic footprint of tidal flooding and highlight the need for policy tools that address liquidity risks both inside and beyond officially mapped flood zones. | |