Milestone for urban vs. suburban markets
Last month, for the first time since Redfin started recording the metric in 2018, it became more expensive to buy a square foot in the suburbs than in an urban neighborhood. As permanent remote work and more affordable housing continue to draw people away from major metro areas, home prices in urban areas have continued to drop. Here are the stats from September:
- The average price-per-square-foot in suburban areas was $206 compared to $205 in urban areas
- In suburban areas, prices are up 9.5% YoY, compared to just 3.5% in urban areas
- The average suburban home sold for $385,000, while the average urban home (which is typically smaller) went for just $310,000
This trend is a great reminder to make sure the areas you’re farming are the right areas for today’s buyers. If you’re focused on door-knocking in the city, it might be time to move towards the suburbs. That’s where the demand is growing, and that’s where prices are holding steady. Be willing to change your strategy to follow the market!
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