2020 Homebuyer Trends May Have Lasting Impact

The housing industry has experienced plenty of changes this year since COVID-19 drastically changed the way people go about their day-to-day lives--and the way they buy homes. 

2020’s new housing trends and consumer needs may be here to stay for a while, as work-from-home situations are likely to persist in 2021 and beyond. Many homeowners and potential homebuyers are starting to rethink the way they live and reevaluate what they need out of their homes in the age of COVID-19. Realtor.com analyzed some of the new major housing trends and consumer needs that may persist for years to come.

MReport has broken down some of the major changes in migration patterns this year, and one of them is the new boom of the suburbs. According to Realtor.com, housing inventories in the suburbs are dwindling faster than those in more urban areas. This is likely because people working from home are eager to find more space and no longer have to worry about being close to their place of employment in the city. 

Low inventories have made home buying so competitive that buyers are now more willing to purchase a home without seeing it in person. Experts say this growing demand for suburban homes is likely to continue past 2020.

Smaller cities with job opportunities, affordable living, and good Internet access are likely to see more growth moving forward. MReport has compiled a list of some of the best small cities of 2020 and the best cities for working remotely, which may see increased popularity in the years ahead.

Consumer demand for a “Zoom room” or designated work-from-home space has also become prevalent this year. In addition to working remotely, virtual schooling is another new way of life in 2020. This means families with children who are attending classes online are in search of homes that offer a space that is functional for video conferences and working from home. 

Homeowners and potential buyers are also looking for more outdoor space. COVID-19 has many people spending significant time at home and indoors, so there has been a growing demand for homes with more outdoor space. Realtor.com reports that some homeowners are willing to choose a home with less square footage if it offers a large backyard.

As homes continue to take on more functions like working and schooling, these trends and consumer demands may extend into 2021 and beyond.