The latest cross-market demand report from Realtor.com illustrates a trend that we’ve reported on previously: people who are living in densely populated urban areas are looking for housing in less dense, suburban areas.
Shark Tank investor Robert Herjavec said he expects to see the “biggest exodus from big cities in 50 years.”
The cross-market report stated that “Within the largest 100 metros, home shoppers were searching for homes within suburban areas more than ever before.”
For instance, residents of large metropolitan areas, such as Los Angeles, were looking for homes in Riverside, CA, a smaller suburban city east of Los Angeles in a different county. And while intrastate searches were high, there’s still a lot of domestic demand, especially with more employers allowing employees to telecommute for work. Since employees can work remotely, without the need of going to a physical office, they can live in locations where their income goes farther.
Nearly 64% of the real estate searches for listings within Ada County are coming from out of state, with six of the top viewing counties being in California. Interestingly, Los Angeles County was the number one viewer of properties in Ada County. Again, demonstrating how people are looking to leave densely populated areas for more suburban locales.
Of note, Idaho is getting a considerable amount of interest from those in the New York area. People living in Seattle, Phoenix, and Salt Lake City are also showing interest in the Gem State as well.
The COVID-19 pandemic has forced people to examine what’s important to them, and many are discovering that living in a highly-populated area isn’t necessarily ideal. They’re finding out that areas such as Idaho are going to be more welcoming.
We’ve mentioned a time or two before that our area’s housing inventory is severely limited, and will continue as demand outpaces supply. The good news for people looking to sell their home is that they’re going to earn top-dollar should they decide to sell.
Photo Credit: iStock.com/Wenjie Dong