Housing market trends evolve
The housing market, like any other business or social entity, is constantly evolving. Its changes reflect the needs and lifestyle preferences of consumers and their families.
Zillow recently undertook a study of current trends. They subsequently released a report on their findings:
“Urban home values are outpacing the value of homes in the suburbs in most top-tier metros, as city life gains popularity and high-end condos fill the sky in Boston, Washington, D.C., Seattle, and other cities with fast-changing downtowns.
“Homes in the suburbs — a longstanding symbol of the American Dream — have typically been worth more, on average, than homes in urban areas. That’s still true in much of the country. Suburban homes in Nashville, Tenn., Cincinnati, Ohio, and Richmond, Virginia have a higher price tag than the average home in the city.”
The report continues to pinpoint areas most affected by these evolving changes.
“In Boston, Washington, D.C., and San Francisco, the mean value of urban homes has recently surpassed the mean value of homes in suburban areas. And urban homes are gaining ground in Denver, Phoenix, and Chicago.
“The shift reflects demographic trends of millennials delaying family life and choosing condos, and shifting preferences, as people seek walkable neighborhoods with urban amenities.
“It has vast implications for low-income people who have traditionally lived in cities to be near services and employment. Zillow recently found that, in San Francisco and Seattle, high-income people are making shorter commutes to downtown, while low-income people are traveling much further to get to work in the urban core.”