Many home buyers used the coronavirus as an excuse to get away from it all. After the pandemic’s initial onset, interest in small towns and rural areas spiked, as more Americans looked to move somewhere where they could have more space for the same money. The increased interest in suburbs and exurbs pushed price growth in those areas and soon their prices were outpacing urban neighborhoods. But while the trend continued through the end of 2020, the beginning of this year brought a change.
Home buyers were, once again, looking to buy in bigger cities. Now, according to one recent analysis, urban single-family homes are showing price increases of almost 20 percent year-over-year. They’re also getting more pageviews online. And, in both cases, they’re outpacing properties in the small towns and rural areas that boomed last year at this time.
The newfound interest in urban neighborhoods seems to stem from increasing optimism about the coronavirus vaccines and rebounding economy. But while buyers are looking at properties in the city, they haven’t let go of their need for more space. In fact, single-family homes have been selling faster than condos – not just in cities, but in neighborhoods of all types. (source)
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