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Midsized Cities Heat Up Housing Market

Friday, October 16, 2020   /   by Ken Couture

Midsized Cities Heat Up Housing Market

Midsized Housing Market.jpgHomebuying is hot, but priorities are shifting, as homebuyers focus on factors such as larger homes and yards with room for remote work and virtual schooling.

In the wake of the ongoing COVID-19 pandemic, many employers across a range of businesses and industries are encouraging and extending the work-from-home trend, and most experts agree this shift will endure even as the pandemic becomes controlled.

As a result, the housing markets in less expensive areas of the country, such as Tampa and Phoenix, are booming as buyers realize they can find affordable, spacious homes while keeping their big-city jobs. Tech workers are leaving the Bay Area for Sacramento, where they can get a break from high home prices and still drive to the office once or twice a month after the pandemic.

Data from the real estate brokerage, Redfin, shows that approximately 29 percent of its users are looking to move from larger metropolitan areas to smaller ones.

“People who could barely afford to rent a one- or two-bed- room apartment in New York or San Francisco are finding that with their newly remote job, they can buy a nice-size house in the most desirable part of a place such as Sacramento, Tampa or Las Vegas,” says Redfin chief economist Daryl Fairweather. “In addition, buyers from larger metro areas find that their big, coastal-city salaries allow them to outbid local homebuyers in bidding wars, which is starting to drive up home prices in those areas,” Fairweather explains.

“The trend is likely to continue as remote work becomes permanent for more companies,” she adds.

So, whether you’re a serious homebuyer, want to sell your current home, or just starting to explore other locations, you can find national and local housing- market trends on Redfin’s website. Redfin’s housing-market tool makes it easy to search by neighborhood, city, or zip code for information on home prices and detailed market trends for the past five years. You’ll also find local insights from Redfin’s real estate agents across the country, including what it takes to win the home of your dreams.

Redfin has resources for buyers and sellers, such as the most accurate home value estimate and a calculator to determine your monthly mortgage payment.

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