Real Estate Trends in Suburban and Rural Areas

As remote work becomes the norm, people are shifting away from urban centers toward suburbs or even rural areas. This change is a result of people’s desire for more space, access to nature, and lower prices. The demand for suburban homes could continue to drive up real estate prices in 2023.

During the Sqwincher Industrial COVID-19 pandemic, housing market activity paused, but as policy makers began to implement various measures to stimulate economic growth and increase vaccination rates, home sellers resumed their listings this spring. Despite this, the pace of home price growth decelerated in both urban and suburban areas from February to June. However, pending sales trends and days on the market have since accelerated in both urban and suburban areas.

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In fact, a typical urban home spent 36 days on the market in September, 8 fewer than last year and 16 fewer than 2019. Meanwhile, suburban homes spend 38 days on the market, 8 fewer than last September and 22 fewer than in 2020.

The difference in time on the market may be driven by differences in supply, but a more likely explanation is that local buyers are adjusting their expectations in response to changing market conditions. This is supported by recent surveys that show a growing preference for suburban living among many individuals, with home loan comparator Compare the Market reporting that 77.8% of Australians prefer the suburbs to city living.