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The most popular market in the United States this year, says online real estate brokerage firm Zillow, is a suburb outside of Seattle, Woodinville, where home prices in the Washington state town are usually around $1.4 million.
According to Zillow’s study of pageview traffic, home value growth and homes for sale among 1,000 cities, Woodinville topped the list of most popular destinations for people to buy a home – and it’s all due to remote work.
“The most popular markets so far this year paint a picture of how remote work has changed the U.S. housing landscape,” said Zillow economist Nicole Bachaud. “Demand for suburban homes found extra gear last summer, perhaps as buyers gained more clarity in their employers’ return-to-offices policies.
“Research suggests the rise of remote work is responsible for roughly half of home price growth during the pandemic. How many employers continue to allow this flexibility for employees to live where they choose will go a long way toward determining which markets are most in demand in the future,” she continued.
Other suburbs on the list included Burke, Va., just outside of Washington; Highlands Ranch, Colo., outside of Denver; Westchase, Fla., near Tampa and Edmonds, Wash., also near Seattle.
National Mortgage Professional recently reported that home prices in the suburbs were outpacing those in cities by more than $66,000.
“Remote work is a driving force behind this shift, prompting homebuyers to prioritize affordability and space over a short commute,” Zillow said. “More than half the gain in U.S. home prices since late 2019 can be attributed to remote work, according to the National Bureau of Economic Research.”