Millennials are now the largest group of homebuyers and they’re looking for homes in the suburbs as evidenced by May’s 13% jump in home searches in suburban zip codes.
Factors contributing to the search for a home in the suburbs include wanting to have more space after stay-at-home orders and more people working remotely since the pandemic hit.
“More than half of the nation’s 100 largest metropolitan areas are seeing increased interest in the suburbs. Real estate agents in the New York City area have reported strong demand in the surrounding suburbs, as contracts on Manhattan apartments plunged 80% annually in May, according to Jonathan Miller of real estate appraisal firm Miller Samuel.”