Currently Reading

Less Dense Areas Remain Most Popular for Buyers

Advertisement
Market Data + Trends

Less Dense Areas Remain Most Popular for Buyers


August 4, 2021
suburb
Photo: John Takai | stock.adobe.com

The National Association of Realtors says the uncertainty of the delta variant’s impact, remote work, and starting families are three big factors influencing homebuyers’ decisions on where to live. These influences have pushed many buyers into outlying counties where housing demand is more robust than central counties. A central county holds a substantial portion of an urbanized area while an outlying county has commuting ties to the central county. Both types of counties are performing well overall, but there’s faster price appreciation in outlying counties and fewer days a listing stays on the market.

In June, the median listing price in outlying counties rose 12% from one year ago, while the median listing price in central counties rose at a slower pace of 7.8%. The median price appreciation of listing prices has decelerated in the central counties while the pace of price appreciation in outlying counties rebounded in June after a slight deceleration in May to 9.8%.

In fact, the median listing price in the outlying counties was slightly higher at $303,700 compared to the median listing price of $301,400 in central counties. The median listing price per square foot is also higher in the outlying counties, at $151/square feet compared to $147/square feet in the central counties.

Fewer days on market in outlying counties. Properties in both central and outlying counties are selling at about half the pace compared to one year ago, but properties are selling a day faster in outlying counties, at 34 days, compared to 35 days in the central counties. One year ago, the median days on market in outlying counties was 78 days, a day faster than in the central counties.

Active listings are down in both central and outlying counties while pending listings are up. The typical number of homes that are actively listed on any given day in a month are down 45% in both central and outlying counties, indicating a severe lack of supply in both areas.

On the other hand, pending listings are up in both central and outlying counties, with a slightly higher rate of increase of 5.1% in central counties compared to outlying counties, at 4.5%.

Read More
 

Related Stories

Market Data + Trends

The State of Employment in August

Construction sector jobs in the U.S. increased by 193,000 year-to-date, which is a 2.7% increase from August 2020.

Market Data + Trends

Multi and Single-Family are Neck and Neck

An analysis by National Association of Home Builders shows that single-family construction activity recently closed that gap with multifamily.

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.