As working remotely continues for many businesses and city folks are weighing the risks of being in densely populated areas, will more homeowners move out of bigger cities? Spending extra time at home and wanting more indoor and outdoor space is certainly sparking interest among homebuyers. Data shows a trend of moving to the suburbs, but will it continue?
According to Zillow, there is a current surge in the larger cities’ high-end listings in some larger metro areas. The increase in these homes going on the market indicates more homeowners may be ready to make a move out of the city, particularly at the upper end of the market.
Why are People Moving to the Western Suburbs?
With the ongoing COVID-19 pandemic, it’s no surprise that many people are starting to consider a shift from the city to the suburbs. A July survey from HomeLight listed the top reasons people are actually moving.
1. More interior space
2. Desire to own
3. Move from city to suburbs
4. More outdoor space
More space, fewer people, and more affordable prices are highly desirable features in this new era, so the list makes sense.
John Burns Consulting says, “The trend is accelerating faster than anyone could have predicted. The need for more space is driving suburban migration.”
The National Association of Home Builders (NAHB) stated, “New home demand is improving in lower density markets, including small metro areas, rural markets, and large metro exurbs, as people seek out larger homes and anticipate more flexibility for telework in the years ahead. Flight to the suburbs is real.”
Sheryl Palmer, CEO of Taylor Morrison, a home building company states, “Most recently, we’re really seeing a pickup in folks saying they want more rural or suburban locations. Initially, there was a lot of talk about that, but it’s really coming through our buyers today.”
With all the looters in the city and the current pandemic, city folks do not feel safe and are looking to relocate to the western suburbs.
Will the Shift from the City to the Suburbs Continue?
Will this interest in suburban and rural living continue? Lawrence Yun, Chief Economist at the National Association of Realtors (NAR) thinks the possibility is there, but it is still quite early to tell for sure. Yun said, “Homebuyers considering a move to the suburbs is a growing possibility after a decade of urban downtown revival…Greater work-from-home options and flexibility will likely remain beyond the virus and any forthcoming vaccine.”
While much of the movement has largely been accelerated by the coronavirus, monitoring the momentum over time is important. Businesses are discovering new and innovative ways to function in remote environments, allowing their employees to work from home. Working from home has increased productivity for some businesses and it has the potential to stick. Much like the economic recovery, however, the long-term impact may hinge largely on the health situation throughout this country.
Early data is showing a shift from city to suburban markets but keeping an eye on this trend will help us understand how it will ultimately play out. It may just be a temporary swing in a new direction until Americans once again feel a sense of comfort in the cities they’ve grown to love. If you are looking to purchase a home in DuPage County, contact a real estate agent at Wenzel Select Properties today at 630.430.4790. Our future office is conveniently located at 4941 Main Street in the heart of downtown Downers Grove by the train station.
For those who are interested in selling your home contact one of our Real Estate Brokers. They are experienced, dependable, and will assist you with all your home selling needs. Wenzel Select Properties is one of the first real estate companies in the Chicago area to offer our clients an experience like no other. Our digital 3D virtual tours will allow potential homebuyers to virtually walk through your home, anytime, anywhere. It’s like having an open house 24 hours a day, seven days a week.
Wenzel Select Properties has clients from Chicago, Downers Grove, Woodridge, Darien, Willowbrook, Lisle, Lombard, Westmont, Glen Ellyn, Burr Ridge, Oak Brook, Wheaton, Warrenville, Hinsdale, as well as other Chicago suburban locations. When you are in the market to buy or sell a home, Wenzel Select Properties will help you find the perfect real estate solution that best fits your needs. Call Wenzel Select Properties today at 630.430.4790.