Millions of Americans are entering the housing market and the shift away from urban areas is drastic.
A recent Zillow survey showed that more than 1 in 10 Americans reported moving in the part 12 months. And now, with the COVID-19 vaccine circulating and the economy slowly regaining strength, Zillow researchers say millions of additional households could enter the housing market this year.
Among the surveyed movers, approximately 75% reported moving for positive reasons, such as being closer to family and friends or living in a desired part of the country. And that is where the Great Reshuffling comes into play. With work-from-home becoming the national norm, this has allowed people to live wherever they want to live.
Suburban and so-called “secondary cities” have seen a massive influx of movers looking to take advantage of bigger homes and larger lots for a fraction of the price. Places like Portland, Maine, Bay City, Michigan and Pueblo, Colorado are becoming huge destinations for movers.
There is another uptick of movers to the South as well. Phoenix, Charlotte and Austin are all cities that have seen an influx of home sales in the last year. For-sale inventory climbed the highest in four major real estate markets – Los Angeles, Chicago, San Francisco and New York.
Jeff Tucker, Zillow senior economist says that “the pandemic has catalyzed purchases by millennial first-time buyers, many of whom can now work from anywhere.”
The moves around the country have brought happiness to many. Per Zillow, more than half of Americans said they experienced happiness (54%) and relief (53%) from their move, with nearly 80% saying the move was the correct decision. And about 60% said the move led to positive life events, such as a bigger home, a cheaper mortgage, and new experiences in a new city and state. This is the data that Zillow factors into believing that approximately 2.5 million new households entering the housing market will happen in 2021.
We want to hear from you! Have you made a move recently? Are you thinking of moving? If yes, to where?
Reach out to today to talk about the market and how to find the best deal for your situation.
Ken Thayer – kthayer@rfmoc.com
