Americans are starting to shift from the appeal of living in large cities and looking to move into more spacious suburban areas. As social distance, space become top of mind people are not as comfortable living as closely amongst one another.
In Realtor Magazine, Lawrence Yun states, “Now the data is supporting that theory. Coronavirus and work-from-home flexibility is sparking the trend reversal. More first-time home buyers and minorities have also been looking to the suburbs for affordability.”
According to a NAR survey 47% of clients are looking to move to suburban areas which is 33% more than urban/ central city areas. This information supports the trending of the publics preference to move to areas that are not as populated. Zelman & Associates survey supports the finding with 68% see either a “moderate” or “significant” shift to more suburban locations with only 3% shifting toward urban areas.
Homebuyers have made significant shifts in the wake of a pandemic. We don’t know what will happen in the future but as the shifts continue real estate will continue to change as well. What we do know now is that homebuyers are feeling much more comfortable in larger open areas than in the past.