While a popular narrative during the pandemic has been that of urbanites fleeing the city for more space in the suburbs, Zillow reports that both markets are showing strong activity. Suburban homes attracted three times the traffic as urban homes, that is consistent with the numbers from a year ago.
While those numbers report on the national picture, two concerning outliers- New York City and San Francisco are facing a decline. Manhattan home values fell 4.2% since last year, with San Francisco falling 4.9% with inventory up 96%.
“Both region types appear to be hot sellers’ markets right now—while many suburban areas have seen a strong improvement in housing activity in recent months, so, too, have many urban areas,” Zillow says.