Press release
People Are Searching in the Suburbs More Than Ever Before
Remote work, desire for more space is driving home shoppers to less dense, relatively nearby metros - After a brief pause, home shoppers are increasingly
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[{"type":"text","content":"Remote work, desire for more space is driving home shoppers to less dense, relatively nearby metros\n - After a brief pause, home shoppers are increasingly searching outside their metro area\n - Interest in the Northeast heats up as Midwest, South and West cool\n - Majority of views from residents of the 100 largest U.S. metros went to suburban properties in their metros\n\n\nSANTA CLARA, Calif., Aug. 10, 2020 /PRNewswire/ -- America is looking to move again, and the COVID-19 pandemic is influencing the U.S. housing market both in terms of where people are searching and what they are searching for, according to realtor.com®'s quarterly Cross Market Demand Report, which measures search data to provide insight into where shoppers are looking for their next home.\nAfter an initial shift in search habits at the onset of the coronavirus in the U.S., home shoppers looking outside their current metro area for homes have surpassed pre-COVID levels, and more are increasingly setting their sights on the suburbs. During the second quarter of 2020, 51% of views from urban residents of the U.S.' 100 largest metros went to suburban properties in their metros, an all-time high since realtor.com® began tracking metro level search data in 2017.\n\"We see lingering effects of the coronavirus on shopping behavior and preferences. In the Northeast, especially, people are now as likely as before the pandemic to be looking for a home in a market that's not where they currently live. However, those looking elsewhere are much more likely to be looking in smaller, nearby markets,\" said realtor.com® Chief Economist Danielle Hale. \"With remote work more common and accepted, it seems that people are looking to locate further from the office either to enjoy more space at a better price, or get closer to nature in the mountains or at the beach. At this point, they are not venturing too far away.\"\nThe search data analysis reinforces the findings of a recent realtor.com® Harris X consumer survey of 2,000 active home shoppers, which indicated that home purchase decisions are being influenced by consumers' ability to work remotely, desire for more space and their willingness to commute longer to get what they want in a home.\nNortheastern markets heat up as search activity is shifting to smaller, less dense areas Following a decline in searchers looking outs...