It’s a mad, mad, mad, mad housing market in the United States. Housing prices have jumped dramatically across the nation, and demand for houses far outpaces the inventory available.
And the biggest beneficiaries of the housing boom? Smaller markets, including places like Sarasota, Florida, and the suburbs of Austin, Texas.
“Millions of people moved during the pandemic and were driven by that need to work remotely, the desire for more space and better opportunity. So suburbs and small cities were clearly the winners,” said Nadia Evangelou, senior economist and director of forecasting with the National Association of Realtors.
Millennials have of course been playing their part in this trend, said Logan Mohtashami, a lead analyst for HousingWire.
“Because ages 30 to 39 were massive in this decade, we should get more people moving out of expensive cities into bigger homes, because they want bigger homes for their families,” he said.
...People like Vinay Cardwell are trying their best to support this migration. The Young Professionals Salt Lake City president said that during the height of the pandemic, the nonprofit had concerns about retaining members.