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Millenial Home Buyers Head to The Burbs

 

Millennials are finally ditching the city for the suburbs, all it took was a global pandemic.

The housing market in Boston’s urban core has always been notoriously competitive, but now they’re bringing this competition to the suburbs too- and the prices are soaring. If you were unsure about selling before- this should be all the motivation you need.

Although the pandemic may have hit many parts of the US economy, the Greater Boston housing market has actually benefited for now. Sales volume was down, but the median going price of a single-family home in the region was up nearly 7 percent in July, according to the Greater Boston Association of Realtors.

North Shore home sales were down nearly 5 percent in July, but prices were up almost 11 percent, according to the North Shore Association of Realtors. That likely has to do with a more than 49 percent drop in inventory on the market.

Although covid-19 may have accelerated this process, it certainly didn’t start it. Millennials have been moving out of Somerville and Charlestown for smaller towns for the past few years, but the extremely low interest rates have been the final push.

Millennials now make up the largest share of home buyers in the US, according to a report by the National Association of Realtors. The report says the demographic is most interested in previously owned homes, town houses, and properties convenient to work.

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