Rural Property Prices Are On The Rise
Urban areas have long been the most popular realty markets within the country. But the pandemic and stay-at-home orders left many of us looking for extra space, both indoors and out—and now that some restrictions are being lifted in some areas, many buyers are leaving the cities and heading to more rural destinations to search out the space they’re craving to have. Twenty-one percent of buyers recently surveyed said they wanted a place to designate for their work from home and that same percentage of people surveyed also are seeking more outdoor space.
And as interest in this “hot” housing market is rising, so are the prices of these rural properties.
According to the data outlined in a very recent article on REALTOR Magazine, rural homes experienced an 11.3 percent increase in sales price year over year during the four weeks ending August 2—which is a much higher growth than the suburbs (9.2 percent) and still a higher growth than the urban areas (6.7 percent).
So, what does this mean for you? If you live in a rural area and are considering selling your home, now’s a good time to take advantage of increased demand. We keep saying this is a seller’s market and that is even more true with these rural properties. Don’t wait, call a NextHome agent today for a no-obligation consultation. 712-336-9999