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The COVID-19 pandemic has altered the lifestyle of folks across the world. Here in the U.S., it caused more than 1 in 10 Americans to move in the past year by choice or by circumstance, according to Zillow's 2021 Mover Report. It is this impact that has led to the Great Reshuffling and the company believes millions of additional households could enter the real estate market as a result of the pandemic.
The report states that people either wanted to or needed to move during the pandemic. For some folks, that meant selling their which according to Zillow, represents an additional 2.5 million households that could enter the real estate market already being driven by incredible demand.
"Among those recent movers, 75% say they moved for positive reasons, such as being closer to family or friends or living in an area they've always dreamed of," according to Zillow.
Additionally, the new flexibility to work remotely has opened up those opportunities for many and new real estate technology has also made it easier for folks to purchase or sell their homes during the pandemic.
According to the Mover Report, the Sun Belt topped all moving destinations with Phoenix, Charlotte, NC and Austin, TX seeing the highest net inbound moves in the first 11 months of 2020.
"The pandemic brought an acceleration of trends we were seeing in 2018 and 2019," said Zillow senior economist Jeff Tucker. "More affordable, medium-sized metro areas across the Sun Belt saw significantly more people coming than going, especially from more expensive, larger cities farther north and on the coasts. The pandemic has catalyzed purchases by millennial first-time buyers, many of whom can now work from anywhere."
Click here to read more findings from Zillow's 2021 Mover Report.