According to a recent Realtor.com report, the suburbs are sizzling in the housing market. With the COVID-19 pandemic placing pressure on homeowners living in big American cities, the wide-open spaces and much lower prices are attracting more and more to make the move to less urban areas.
The lure of being able to afford a much roomier property, complete with an extra room perhaps for a home office, is especially a pull for remote workers, who are multiplying each day thanks to the need for social distancing due to COVID-19.
This mass exodus of urbanites now places the demand for suburban life (and home properties) at an all-time high. Match this with the housing inventory at an all-time low, and home price tags are definitely starting to show it; up and up they go.
The experts at realtor.com reveal which of America’s 10 suburbs are seeing the greatest uptick in sales price.
Despite what many hardcore city dwellers might believe, not all bedroom communities are the same. So realtor.com® set out to find which pockets of suburbia have prices that are rising the most—and the fastest. And we found a few surprises.
The list is topped by the number one suburb with soaring prices, Lakewood, NJ, where median home prices currently hover at around $309,000 (a nearly 48% increase year-over-year).
Fast on its heels at spot number two is Lake Arrowhead, CA ($499,000; 45.7%). In third place on the list is Grosse Pointe, MI ($399,500; 35.6%), followed by Beacon, NY ($440,000; 33.1%), 5. Delray Beach, FL ($270,000; 32.5%), Jasper, GA ($259,900; 32.2%), and Paradise Valley, AZ ($2,500,000; 30.9%), respectively.
The final spots of eighth, ninth, and tenth are filled by Brandon, MS ($220,100; 27.3%), Roanoke, TX ($405,000; 26.9%), and Wayzata, MN ($877,000; 26.1%), respectively.
Susan Miller, a sales associate with Diane Turton Realtors, commented on the present migration pattern in housing: “Boomers are moving. It’s a seller's market right now, so you see people wanting to take advantage of that.”