Single Family Housing Demand – What the changing market looks like.

The majority of the global population has spent a large part  of their time at home over the past few months. This shift due to the coronavirus has far reaching implications for the housing market. What have homebuyers realized in terms of quarantining at home? What is missing in their location?

The desire for space, privacy, and quick access to resources has made many realize they would like a more secluded, single family home. “Polling data suggests that nearly one-third of Americans are considering a move to less populous areas, and in some regions, they are already relocating. Between March 15 and April 28, moves from New York City to Connecticut, for instance, jumped 74% compared to the previous year, and the Hamptons have already been flooded with New Yorkers fleeing the city.” (realtor).

As we spoke about last week – this increasing demand for single family homes indicates that homebuilders and remodelers may be very busy over the next several months. For those who do not want to relocate, remodeling a home to increase the amount of bedrooms, kitchen space, or a new specialty space like a gym seems to be the growing trend.

This is certainly an interesting year for data. We will be tracking the latest news to inform you and ourselves of the current buying and selling situations and what that environment may look like going forward.

Happy Monday everyone!

-Altered Properties Team