Skip to main content

Interest In Rural Areas Rise Along With Home Prices

Aug 17, 2020
Front porch of a rural home.
Director of Events

Median sales price in homes in rural areas nationwide increased by 11.3% year-over-year for a four-week period ending on Aug. 2. There was also a 9.2% increase in the median sale price for homes in suburban areas.

While urban areas did see a 6.7% increase, homes in rural areas still showed higher price growth than both urban and suburban areas from April 2020, according to a Redfin report .

"Now 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. And due to historically low mortgage rates, interest is turning into action," said Redfin economist Taylor Marr. "There will always be buyers who choose the city because their jobs don't allow for remote work or they place a premium on cultural amenities like restaurants and bars—which will eventually come back—but right now the pendulum is swinging toward farther-flung places."

According to the report, the COVID-19 pandemic is responsible for 13% of homebuyers searching for homes in different areas than they had originally planned on. Redfin polled 140 buyers, asking them what best described where they were searching for a home before the pandemic and what best described the areas they are now searching for a home.

"Most (59%) respondents indicated that they're searching for a home in the same type of area as they were before the pandemic, with the most common combination of answers (30%) being suburban before and suburban now, though those respondents are likely searching in a different suburb or an entirely different metro area," Redfin determined.

 

About the author
Director of Events
Navi Persaud is Director of Events at NMP.
Published
Aug 17, 2020
HUD Freezes Foreclosures On FHA Mortgages In Texas Flood Zone

Kerr County homeowners among hardest hit in disaster that’s claimed more than 100 lives

Jul 09, 2025
Fewer Canadians Hunt For U.S. Property

Largest component of international buyers in U.S. takes more than 25% hit

Jul 08, 2025
Fannie, Freddie Now Allow Lenders To Use VantageScore 4.0

Lenders will keep tri-merge credit scoring model; what this shift means

Fairway Independent Mortgage Corporation Announces Rebranding

Now Fairway Home Mortgage, company also donates $1M to support relief efforts in deadly Texas flooding

Jul 07, 2025
FHFA Chief Officially Calls For Investigation Of Federal Reserve Chairman Powell

Alleges Powell lied in testimony to Congress regarding Fed building renovations, says Fed Chair should be fired

BBB Will Impact Homeowners, Buyers

U.S. House and Senate must agree on certain tax, mortgage insurance premium deductions