The coronavirus ushered in a heavy shift to remote work and pushed
Median sales prices in rural areas spiked 11.3% year-over-year for the four weeks ending Aug. 2,
"We're seeing concrete evidence that rural and suburban neighborhoods are more attractive to homebuyers than the city, partly because working from home means commute times are no longer a major factor for some people,” Taylor Marr, Redfin economist, said in the report. "And due to historically low mortgage rates, interest is turning into action."
Trends in home searches have fluctuated since the pandemic began, with 19% of shoppers looking at rural properties now compared to 9% before the quarantining started. Suburb searches grew to 50% from 43% while interest in cities suffered the biggest change, falling to 19% from 37%. Small towns stayed at 11% in both cases.
Bottomed-out inventory adds upward pressure to the rising prices while the market faces
Overall, median sales prices increased 8.2% annually in July and 4.3% month-over-month.
"It may seem like the Twilight Zone for the housing market to be performing better than ever while the economy is in the tank, but it goes to show that we are in truly unprecedented times," said Redfin Chief Economist Daryl Fairweather.
"The