Will We See a Surge of Homebuyers Moving to the Suburbs?
As remote work becomes more prevalent and individuals weigh the risks of residing in densely populated areas, the question arises: will there be an increase in the number of people moving away from major cities? The COVID-19 pandemic has prompted a desire for more spacious indoor and outdoor living among potential homebuyers. Initial data suggests a shift towards moving from urban to suburban communities; however, the future of this trend remains uncertain.
Zillow’s recent data highlights a surge in high-end listings within certain metropolitan areas. The rise in the number of homes hitting the market on a monthly basis suggests that urban homeowners may be contemplating a move away from the city, particularly within the upper price range. The reasoning behind this trend can be attributed to several factors, including the desire for additional interior and outdoor space, the aspiration for homeownership, and the appeal of fewer neighbors in proximity. These features have become highly desirable in this new era, where affordability also plays a significant role.
Industry experts have observed a faster acceleration of this trend than initially anticipated. John Burns Consulting notes that the need for more space is driving the migration to suburban areas. Sheryl Palmer, CEO of Taylor Morrison, a prominent home building company, confirms the increased preference for rural and suburban locations among homebuyers. The National Association of Home Builders (NAHB) also supports this notion, stating that demand for new homes is growing in lower density markets such as small metro areas, rural regions, and large suburban areas, as people seek larger homes and anticipate the need for flexibility in remote work.
The question remains: will the interest in suburban and rural living sustain and intensify? Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), believes that a movement towards the suburbs is a distinct possibility, driven not only by the current pandemic but also by the expanding work-from-home options that are likely to remain even beyond the resolution of the health crisis. However, it is still too early to draw definitive conclusions. Monitoring the trajectory of this trend is crucial, as businesses are adapting to remote work environments, which may solidify the shift. Much like the long-lasting effects of the economic recovery, the ultimate impact of this trend will likely hinge on the broader health landscape of the nation.
In conclusion, early data suggests a movement from urban to suburban markets; however, it is important to closely follow this trend to gain a deeper understanding of its ultimate trajectory. It is plausible that this shift may be a temporary swing in a new direction until individuals regain a sense of comfort in the cities they once cherished.
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About Diane Casey Luong
As an award-winning, full-time Realtor®, Diane is a proven leader among Worcester MA real estate agents, fully committed to you and your property goals.
As a requested speaker, Diane educates audiences on topics such as the purchasing foreclosure properties, nuances of the real estate market from neighborhood to neighborhood, and understanding the ever-changing trends in the real estate industry.
A graduate of the Massachusetts Academy of Real Estate, Diane has brought her expertise in real estate to Worcester, MA, and its surrounding towns.
Diane Casey Luong
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