Demand for Rural Homes Leads to 11.3% Price Increase in July

Redfin, the Seattle-based real estate brokerage firm is reporting that demand for rural homes, which suddenly started to increase in April, has continued to grow through the month of July. During the four week period that ended on August 2^nd, the median sales prices for rural homes rose, year-over-year, 11.3%. The suburban and urban markets were however not left out, with suburban median sales prices increasing 9.2% and urban median prices growing 6.7% for the same time period. In prepared remarks, Taylor Marr, an economist for Redfin said, “We’ve been speculating about increasing interest in the suburbs and rural areas since the start of the pandemic. Now we are seeing concrete evidence that rural and suburban neighborhoods are more attractive to homebuyers than the city, partly because working from home means commute times are no longer a major factor for some people. And due to historically low mortgage rates, interest is turning into action”.