Urban residents are making a splash in the real estate market, by showing interest and purchasing more homes outside of metro areas than ever before. The COVID-19 pandemic mixed with other factors laid out by Fox 32 Chicago anchors (violent crime, civil unrest, closed schools, and high urban taxes) has made city-dwelling less appealing for many in the last months. Moving to the suburbs provides a whole new range of opportunities such as more outdoor space, lower taxes, and bigger homes.
The pandemic created what realtor Chicago-area realtor Katie Gerding Legrand calls a “delayed spring market”, meaning that what was usually the busiest time of the buying/selling market got pushed back by a few months. Families who are now realizing that their kids will be home from school all year are more inclined to move somewhere where they can have more space and freedom. Adults who are working from home and without the usual city activities available to them are also seeing the benefits of leaving an urban environment.
Redfin real estate company reported a year-over-year increase of 25% when it comes to house hunters searching for homes outside of their metro area. Chicago residents are moving to places like Winnetka, Evanston, and Glenview. New Yorkers are moving to New Jersey and the Hudson Valley. West coast buyers are looking towards more remote, smaller cities such as Boise, ID.
Of course, there are many factors that play into this kind of mass relocation: economic, social, and political shifts are going to be coming to these smaller suburban towns when more city dwellers start to arrive.
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