‘Jury still out’ on whether migration to suburbs will continue post-pandemic

‘Jury still out’ on whether migration to suburbs will continue post-pandemic

‘Jury still out’ on whether migration to suburbs will continue post-pandemic
When the coronavirus took hold in the U.S. last year, the housing market saw a radical shift with more Americans relocating to the outer suburbs than ever before. In fact, the exurbs saw the largest home price growth over the past year, according to a report from Realtor.com. The question experts are asking themselves now is whether or not this migration away from big cities will continue in a post-pandemic world when offices open up again.

“The jury is still out,” said Danielle Hale, chief economist at Realtor.com. “It’s possible that some areas that saw prices rise because they were particularly attractive during the pandemic might not be able to sustain those high prices.”

The report added that as vaccines become more available and big city attractions like fine dining and entertainment return, a desire for the urban-life may return.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.