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Housing Prices in the Rural Real Estate Market Rise
Homeowners are gravitating more towards rural areas than big cities, which thus increases the housing prices. The percentage of people searching for homes in rural areas has gone up over 10% in the last 5 months. Since July, home prices in rural areas have risen 11.3%, which is 4.6% higher than in urban areas.
This shift in desirable housing locations has resulted from the working-from-home phenomenon. Because more people are working from home, transportation times are not as much of a concern, so prospective homebuyers are starting to move further away from the heart of urban areas.
In a study conducted before the pandemic, 37% of homebuyers were searching for homes in urban areas. However, since the pandemic struck, that percentage has dropped to 19%. The percentage of people who stated they were looking for a home in suburban areas grew to 50%.
If you have been considering buying a home in a rural area, you need to act fast. The top-notch realtors at VB Realty would be happy to help with all of your real estate needs.
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