One popular theory circulating since COVID-19 surfaced is that urban residents, imprisoned in their homes under tight lockdown rules, would flee cities for wide-open suburban spaces and rural communities, given the chance.
Not so, it now appears. Housing markets in cities are pretty much keeping pace with markets in suburban areas, according to Route Fifty, an online news source for state and local government leaders. It cited research from Zillow, the real estate website, which found urban and suburban markets each had a similar share of homes selling above listing price, time on the market and number of sales pending.
“Both region types appear to be hot sellers' markets right now,” the researchers wrote.
“The Zillow analysts also concluded that the share of people viewing suburban, rural and urban home listings hasn't changed dramatically compared to last year,” Route Fifty reported. “Similarly, there hasn't been a clear rise in people searching for larger homes with more square footage.”