SANTA CLARA, Calif.,
June 17, 2020 /PRNewswire/
-- The housing market began to bounce back in May, but new
data released today by realtor.com® shows that consumers
are showing an increasing preference for suburban and rural areas
as they return to the market. In May, online listing views on
realtor.com® in suburban ZIP codes grew by 13 percent,
nearly doubling the pace of growth of urban areas.
While time on market has slowed nationally due to complications
surrounding deal closings during the pandemic, suburban and rural
markets are seeing lower increases due to strong consumer interest.
Time on market increased by 25 percent in rural areas, 30 percent
in suburban areas and 35 percent in urban areas year-over-year.
This represents the widest gap in percent change since
realtor.com® started tracking the metric in 2016.
More than half (54) of the nation's 100 largest metros are
seeing increased interest in the suburbs. Suburban listing views in
May 2020 exceeded those from
May 2019, as well as the start of the
year. Out of the nearly 20,000 ZIP codes tracked in
realtor.com®'s Hottest Market rankings, suburban ZIP
codes saw a median jump of 404 spots, while rural ZIPs saw a median
jump of 846 spots. Hottest Markets are determined by popularity
(online listing views) and time on market.
"This migration to the suburbs is not a new trend, but it has
become more pronounced this spring," said Javier Vivas, realtor.com® director
of economic research. "After several months of shelter-in-place
orders, the desire to have more space and the potential for more
people to work remotely are likely two of the factors contributing
to the popularity of the burbs."
For the past several years, it's been common to see suburban
areas outpace urban areas in growth of views per property. However,
May marks the second largest discrepancy since
realtor.com® started tracking the metric in 2016. Views
per property in rural and suburban ZIP codes were up an average of
16 and 13 percent, year-over-year respectively. Views per property
in urban areas were up 7 percent year-over-year on average.
"Suburban interest typically peaks during the summer, as
families look to move before the start of the school year. However,
suburban interest in May outpaced last year's July peak, which
could indicate even stronger interest in the suburbs as the summer
homebuying season continues to heat up," said Vivas.
Top 10 metros where suburban listing views increased most
year-over-year:
- McAllen, Texas is
shifting toward Mission (ZIP: 78572)
- Oklahoma City,
Okla. is shifting toward Norman (ZIP: 73072)
- Augusta, Ga. is
shifting toward Aiken (ZIP:
29801)
- Fresno, Calif. Is
shifting toward Kingsburg (ZIP:
93631)
- Minneapolis is
shifting toward Andover (ZIP:
55304)
- Durham, N.C. is
shifting toward Rougemont (ZIP:
27572)
- Raleigh, N.C. is
shifting toward Clayton (ZIP: 27527)
- Colorado Springs,
Colo. is shifting toward Peyton (ZIP: 80831)
- Greensboro,
N.C. is shifting toward Brown's Summit (ZIP:
27214)
- Knoxville,
Tenn. is shifting toward Louden (ZIP: 37774)
To learn more, visit the realtor.com® research
portal.
Methodology
Realtor.com® classified ZIP
codes in the nation's 100 largest metropolitan areas as rural,
suburban or urban based on their household densities. ZIP codes
with densities falling between the 75th and 100th percentiles of a
metro area were considered to be 'urban' and ZIPs falling between
the 25th and 75th percentiles of a metro area were considered to be
'suburban'. The remaining low-density ZIPs were classified as
'rural'.
About realtor.com®
Realtor.com®
makes buying, selling and living in homes easier and more rewarding
for everyone. Realtor.com® pioneered the world of
digital real estate 20 years ago, and today through its website and
mobile apps is a trusted source for the information, tools and
professional expertise that help people move confidently through
every step of their home journey. Using proprietary data science
and machine learning technology, realtor.com® pairs
buyers and sellers with local agents in their market, helping take
the guesswork out of buying and selling a home. For professionals,
realtor.com® is a trusted provider of consumer
connections and branding solutions that help them succeed in
today's on-demand world. Realtor.com® is operated by
News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move,
Inc. under a perpetual license from the National Association of
REALTORS®. For more information, visit
realtor.com®.
Media Contact:
Nicole Murphy,
nicole.murphy@move.com
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SOURCE realtor.com