Two New Surveys That Indicate A Urban To Suburban Lean

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. There are two new surveys that indicate a urban to suburban lean.

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:

  • 47% suburban/subdivision
  • 39% rural area
  • 25% small town
  • 14% urban area/central city
  • 13% resort community/recreational area

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 48% see either a “moderate’ and 20 % ‘significant’ shift to more suburban locations. Here are the results of the survey:

Two New Surveys That Indicate Urban to Suburban Lean

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. With low mortgages rates leading the way right now is a great time to make a move if you are planning to buy or sell a home today. Let’s talk today about what’s happening in your local real estate market and create a a plan to accomplish your real estate goals.

I am committed to the real estate market to make sure you have all the information you need to make your next move. Make sure to check out all the resources I have to put together for you on my website  and if you have any real estate questions or even just want to meetup for a quick coffee, reach out to me anytime. I look forward to hearing from you. Have a great day.

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