Build and They Will Come – to Outlying Suburbs
Pre-pandemic, homeowners and future homebuyers were looking to purchase as close to the city as possible – but now, it seems as though the more space, the better.
Home construction in small-metro suburbs increased 10.6% in the second quarter on an annual average basis. Before the pandemic, 55% of purchases were centered on large metro areas, which made it difficult for builders to expand. Now that buyers are looking to spread out, building is predicted to boom.
What exactly are small-metro suburbs, you might ask? These areas are defined as “outlining counties” outside from urban areas that have less than 1 million population.
According to a Harris Poll, a third of Americans have considered moving to smaller populated areas, following the initial outbreak in mid-April.
With a mixture of home affordability, workers either part- or full-time, and the need for larger home space, single-family construction will be growing faster in these low-density markets.
Looking for more real estate news? Stop by Alliance’s Blog.