In 2020, we saw another “great migration” as hundreds of thousands of Americans depart large urban cities for the suburbs, the countryside and different parts of the country. The existing homes sales for the year 2020, report ending November 2020, shows an increase of 5% over 2019.
The reasons?
There are a myriad of reasons behind this migration:
1. The impact of the pandemic is clearly at the top of the list.
2. The shift from being required to live where you work to an economy and job market that allows you live outside of where you work, as employers redeploy workers away from offices and to their homes.
3. The civil unrest in a number of cities in the spring and summer.
4. Again, due to the pandemic, the closing of so many amenities that make great cities so attractive with no assurance of when or whether they may return.
5. Lastly, the rising costs of living in major urban core areas when work can now be located in less expensive areas.
The trends we saw:
➡Trend 1: Migration continues to states with
favorable tax and weather conditions, vacation home destinations and suburbs.
People settling in vacation home destinations has become a strong trend this
year and expected to continue. Luxury home sales continue to surge.
➡Trend 2: Move-up Buyers. The need for more space,
interior and exterior continues to be as strong as ever. The buyers today are
looking for larger homes, with a designated home office and more outdoor space.
➡Signs of low inventory in single family homes. Condo
markets soft in select areas, Miami Dade, balanced in Broward and Seller’s
market in Palm Beach.

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