Rural and suburban neighborhoods garnered more interest than urban areas in July, and it has heavily influenced median home prices. For rural homes, Redfin reports a 11.3% year-over-year median sale price increase. Since April, rural areas have experienced higher price growth compared to their more densely populated counterparts. Rural neighborhoods experienced the largest price jump in July, but suburban homes trail behind with a 9.2% increase. Urban home prices still saw an increase of 6.7%. A Redfin economist says this data helps to support the "urban exodus" theory that more buyers are interested in rural and suburban areas compared to cities.
The pandemic has caused 13% of homebuyers to search for homes in a different area than originally planned, according to a survey of more than 1,000 people who plan to buy a home within the next 12 months conducted by Redfin from July 19-21. We asked those 140 buyers two questions: 1) What best describes where you were searching for a home before the onset of the pandemic, and 2) What best describes where you’re now searching for a home?
Results indicate that interest in rural areas and suburbs is up and interest in urban areas is down. Here’s a breakdown of where those 140 people were searching before the pandemic and where they’re searching now:
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