A quarter of home buyers say they intend to uproot from where they currently call home. The pandemic has nudged them to look to relocate to smaller metros.
One recent Real Estate survey reports that its data of more than 1 million house hunters shows a record 27% of home searchers at its site looking to move to another metro area in April and May.
Similar recent housing reports have indicated an increasing desire among home buyers to leave dense urban areas for more spacious suburbs. A report released last week from realtor.com® showed that more than half of the nation’s 100 largest metros are focusing on the suburbs in those areas. Suburban listing views on realtor.com® in May exceeded those from a year prior. While the migration to the suburbs is not a new trend—it was also showing up prior to the pandemic—it’s accelerating, says Javier Vivas, realtor.com’s director of economic research.
“After several months of shelter-in-place orders, the desire to have more space and the potential for more people to work remotely are likely two of the factors contributing to the popularity of the burbs.
Source: National Association of Realtors, Realtor Magazine and ApartmentList.
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