If remote work does become more of an option for workers, there may be varying migration trends. Those with a city-based job may leave to the suburbs and people with a rural or suburban job may move to the city.
At the beginning of the pandemic, many people who could work from home left cities, retreating to the suburbs. But as businesses and offices begin to reopen in-person, many people are looking to return to urban areas.
Van Nieuwerburgh said there has been a “big change” in how much more people are willing to pay to live in the city center. Olga Zakinova is a realtor in New York who has been helping people buy and sell their homes for over 20 years. She expanded her team to Long Island because she saw a “huge transformation” of buyers looking in the suburbs, especially during the pandemic.But as more people are required to work in person, Zakinova has seen a shift again in people looking for real estate in cities. The S&P CoreLogic Case-Shiller Home Price Index rose to 254.
In the U.S. the median price of newly built homes increased by 6% from June 2020 to June 2021 while new home sales fell to a pandemic low, according to data released by the U.S. Census Bureau on July 26. Arapovic said the low cost of living, affordable housing prices, lack of natural disasters and job opportunities attract buyers to Phoenix. The S&P CoreLogic Case-Shiller Home Price Index in Phoenix rose to 262.13 in May.
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