Two New Surveys Indicate Urban to Suburban Lean | MyKCM

 

       

Two New Surveys Indicate Urban to Suburban Lean

           

There has been much talk around the possibility that Americans are feeling less enamored with the benefits of living in a large city and now may be longing for the open spaces that suburban and rural areas provide.

In a recent Realtor Magazine article, they discussed the issue and addressed comments made by Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):

“While migration trends were toward urban centers before the pandemic, real estate thought leaders have predicted a suburban resurgence as home buyers seek more space for social distancing. Now the data is supporting that theory. Coronavirus and work-from-home flexibility is sparking the trend reversal, Yun said. More first-time home buyers and minorities have also been looking to the suburbs for affordability, he added.”

NAR surveyed agents across the country asking them to best describe the locations where their clients are looking for homes (they could check multiple answers). Here are the results of the survey:

Thinking of Selling Your Home in Rhode Island?

Find Your Home Value

  • 47% suburban/subdivision

  • 39% rural area

  • 25% small town

  • 14% urban area/central city

  • 13% resort community/recreational area

Search Newest Homes for Sale in Rhode Island

According to real estate agents, there’s a strong preference for less populated locations such as suburban and rural areas.

Real Estate Brokers and Owners Agree

Zelman & Associates surveys brokers and owners of real estate firms for their monthly Real Estate Brokers Report. The last report revealed that 68% see either a ‘moderate’ or ‘significant’ shift to more suburban locations. Here are the results of the survey:Two New Surveys Indicate Urban to Suburban Lean | MyKCM

Bottom Line

No one knows if this will be a short-term trend or an industry game-changer. For now, there appears to be a migration to more open environments.

       

   



Just Getting Started with the Home Buying Process?

Read our Guide to Buying a Home in Rhode Island

Guide to Buying a House in Rhode Island       

    Our Guide to Buying a House in Rhode Island is a great resource for our first time buyers to learn what to expect throughout the home buying process. It goes over the basics from financing and mortgage options, to finding a home and tips for a successful home search, the offer process, and through the contract process to closing. It is a great place to start your journey to home ownership. Tap the link above to read our full Guide to Buying a House or tap the button below to reach out to us with anything we can help you with.

 

We LOVE helping our clients find and buy homes they love.

 

>>>Contact Us<<<

Why You Need Guidance in a Bidding War