Suburban trends as work-from-home options expand – RISMedia

The demand for suburban housing is increasing, according to a new report from realtor.com®, as work-from-home options and flexible hours become the norm, allowing potential buyers to buy outside of their commuting area.

The results:

  • The share of suburban home buyers has grown 42.1% since the onset of COVID and took a 24% higher share on realtor.com® views in September than ads in urban areas
  • Suburban housing is still relatively affordable compared to expensive urban areas, but buyer demand is closing the home price gap, which fell to 7% from 10% in 2019.

Takeaway meals:

“The suburbs have always attracted homebuyers looking for more expensive housing for their money, but recent data reflects just how much competition from the suburbs has intensified. With the increase in long-term remote working options and the rapid return of downtown rents, the dynamics of suburban versus urban housing are shifting, ”said Danielle Hale, Chief Economist of realtor.com® , in a press release. “From inventory to market, recent data shows that suburban shoppers’ activity has accelerated at a faster rate than in urban areas. Notably, the price premium decreases between notoriously expensive urban housing and suburban homes for sale, generally known for more bargains. “

“Buyers can still get their money’s worth in the suburbs, but affordability is increasingly a factor to consider in many markets,” Hale added. “As the COVID recovery continues and US home prices remain near record highs, the fact that the suburban-city gap in housing costs continues to narrow will be a big factor. to monitor. “

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