“While migration trends were toward urban centers before the pandemic, real estate thought leaders have predicted a suburban resurgence as home buyers seek more space for social distancing. Now the data is supporting that theory. Coronavirus and work-from-home flexibility is sparking the trend reversal, Yun said. More first-time home buyers and minorities have also been looking to the suburbs for affordability, he added.”NAR surveyed agents across the country asking them to best describe the locations where their clients are looking for homes (they could check multiple answers). Here are the results of the survey:
- 47% suburban/subdivision
- 39% rural area
- 25% small town
- 14% urban area/central city
- 13% resort community/recreational area
Real Estate Brokers and Owners AgreeZelman & Associates surveys brokers and owners of real estate firms for their monthly Real Estate Brokers Report. The last report revealed that 68% see either a ‘moderate’ or ‘significant’ shift to more suburban locations. Here are the results of the survey:
Bottom LineNo one knows if this will be a short-term trend or an industry game-changer. For now, there appears to be a migration to more open environments.
If you have any questions about the buying or selling process, OUR TEAM CAN HELP! Call or text me today!!!!
Read Our Client Reviews: CLICK HEREADDITIONAL RESOURCES
- Buyer Resources
- Seller Resources