Amid coronavirus-induced urban exodus, rural housing markets just as hot as suburbs
Homebuyers in rural towns carried on with searches despite pandemic, new data shows
While homebuyers reentering the market have begun to move out to the suburbs as state economies slowly reopen, some appear to be seeking out even less populated small towns.
According to a new survey from Realtor.com, about 45 percent of respondents said their market is entering a recovery phase – while 28 percent said their market is “hotter” than normal.
One-third of those living in rural towns reported their market is hotter than usual, which was more than 29 percent in the suburbs and 23 percent in urban areas.
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Ninety-two percent of respondents said that at least some of their buyers have returned to the market, while industry insiders in small and rural towns were more likely to say their buyers never left.
Nearly one-quarter of respondents in those rural towns said they continued to work with buyers throughout the pandemic.
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As previously reported by FOX Business, there has been a migration of individuals from urban areas to suburban neighborhoods throughout the pandemic. The virus has caused individuals to realize the value of homeownership, a house with ample space and private property.
The new data shows that, during the coronavirus pandemic, nearly one in four buyers shifted the areas in which they were looking for a home. Nearly half say people were looking in the suburbs, while nearly 40 percent said clients wanted a home in rural towns, followed by 25 percent in a “small town.”
Highlighting this trend, 13 percent of homebuyers shifted their preference of home type from multifamily to single-family.
Per-property views for homes located in the suburbs grew by 13 percent in May, about double the pace of views for residences in urban areas, according to Realtor.com.