Currently Reading

Did the Pandemic Cause Current Housing Trends or Accelerate Them?

Advertisement
Market Data + Trends

Did the Pandemic Cause Current Housing Trends or Accelerate Them?


November 30, 2020
Rooftops of suburban homes
Photo: Shuang Li

As interest in suburban living grows, it begs the question: is this entirely a result of the pandemic, or has the pandemic accelerated already established trends? RCLCO Real Estate Advisors tried to find the answer, among insight into other pandemic trends, and says that the pandemic undoubtedly has impacted the housing market in the short and long term. But the high demand for housing now is a hastening of longer-term trends. A 2016 report from the Urban Land Institute found suburban growth to drive overall metropolitan growth for many years, in terms of both household and employment growth.

More recently the impact of housing preferences influenced by the coronavirus appears to have at least temporarily accelerated growth in the suburbs that was already being driven by historically low-interest rates and long-term demographic shifts.

For many home buyers the pandemic has created economic and lifestyle changes that have influenced people to make moves sooner than they otherwise may have:

  • Working and learning remotely
  • Not being able to capitalize on urban amenities due to partial or complete shutdowns, and the need for social distancing, have made living in urban areas temporarily less important for many people
  • Having the home transformed from a place they spend some of their time, to a place they most of their time, with a greater need for home offices, homeschooling, home exercise, etc. has accelerated many households’ desires for more space or at least differently configured space.

Read More

 

Related Stories

Market Data + Trends

Existing Home Sales Soared in 2020 Despite Record Low Inventory

Existing home sales hit a 14-year peak in December, with a seasonally adjusted annualized rate of 6.76 million units closed. If housing inventory…

Market Data + Trends

Not All Buyers Want More Space—Tiny Homes are Steadily Rising

Larger suburban homes are not the only housing type seeing an influx of interest during the pandemic. Tiny dwellings are popping up for sale or…

Market Data + Trends

Many New-Homes Can Be Just as Affordable Long-Term as Older Homes

Homeowners who may have a higher mortgage due to purchasing a new home still pay the same first-year costs of ownership as a homeowner of an older…

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.