Are people fleeing the cities because of the pandemic?

It’s been months since the first stay-in-place and social distancing orders were announced and people are finding ways to combat cabin fever – including moving.

Why are they moving? Homebuyers are looking for more dedicated office/work spaces in their homes and more private outdoor space. With the relaxing of telecommuting rules in many workplaces, many city residents are less concerned about living as close to work as they were before Covid-19. And moving further outside the city gets more space for less money which is appealing to many first time buyers.

According to the National Association of REALTORS, homes in rural areas saw median sales prices increase 11.3% year over year in the four weeks ending Aug. 2nd. Suburban area home prices jumped 9.2% during that time, and urban areas saw a smaller increase of 6.7%.

If you are re-thinking your housing situation, give me at call at 202-271-5301 to explore the many options available throughout the DC Metropolitan Area.