flexiblefullpage - default
Currently Reading

Homebuyer Demand Shifts Toward Less Dense Rural Markets

Advertisement
billboard - default

Homebuyer Demand Shifts Toward Less Dense Rural Markets


April 20, 2020
view across front lawn of rural home with nearby stream
By EvgeniiAnd

As the highly transmittable coronavirus rips through communities across America, an increasing number of homebuyers are trading city dreams for country life. The driving factor? Urban areas have been hit the hardest so far due to their dense populations. This uptick in rural interest is a huge shift from prior preferences for urban houses, according to Glenn Kelman, the CEO of Redfin. Along with the rise of virtual tours, this is just one more way the coronavirus is reshaping the housing industry. 

The CEO of real estate brokerage Redfin said Friday that demand for homes has shifted to rural areas as people react to the coronavirus pandemic and look to move out of dense urban areas.

“We have seen that people are more interested in that house at the foot of the mountains by the lake,” Glenn Kelman said on CNBC’s “Closing Bell.” “Rural demand is much stronger right now than urban demand, and that’s a flip from where it’s been for the longest time, where everybody wanted to live in the city. We’ll see how it comes back, but there seems to be a profound, psychological change among consumers who are looking for houses.” 

The coronavirus pandemic has led to ballooning unemployment in the United States, and construction has paused in many cities across the country. Governors in many states, including in the northeastern part of the country, have extended their orders for staying at home into mid-May. 

Read More
 

Related Stories

Demographics

Younger Generations Are Staying Away From the Housing Market—Here’s Why

Gen Zers and Millennials are most disadvantaged by a financial crisis caused by soaring inflation and stagnant wage growth, and as a result, many are boycotting a volatile housing market

Demographics

Why Millennials Still Trail Behind Baby Boomers in Today’s Housing Market

Millennials are losing out to Baby Boomers in the hunt for a limited supply of starter homes

Demographics

In the Race to Homeownership, Millennials Are Trailing Behind

Buying a home in today's high-cost housing market isn't a feat for the weak, and Millennial buyers who are making their first home purchase face the biggest challenges

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category



Advertisement
native2 - default
Advertisement
halfpage1 -

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.