Despite the appearance of the Omnicron variation of COVID-19, some sense of normalcy is returning to the world around us; workers are returning to the office, and so-to is the desire for city-living. Nonetheless, the demand for suburban homes has remained steady across the country.
When COVID-19 first landed, and remote work and lockdowns became the new norm, demand for suburban homes went through so many roofs, people stopped being surprised. As things return to normal, the appeal of the suburbs hasn’t diminished; they represent 62% of all homes viewed on Realtor.com in September (that means 38% of homes viewed are in the city).
This demand, of course, has its own drawbacks. The difference between cost-of-living between the city and the suburbs was a draw to many buyers; they could get more bang for their buck. That difference is shrinking rapidly, as a function of the massive demand spike and reduced inventory.
At the Chernov Team we understand that knowledge is power and knowledge of market trends is powerful knowledge indeed. At the Chernov Team, we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.
The Suburban Market Remains Hot Despite Slow Return to Normalcy
