There’s more demand—and less supply—for rural and suburban neighborhoods than cities as the pandemic influences homebuyer preferences. Still, prices are up 6.7% in urban areas.
The housing market is hottest in less densely populated areas, with July data showing more buyer interest in rural and suburban neighborhoods than cities.
For homes in rural areas nationwide, the median sale price increased 11.3% year over year in the four weeks ending August 2, and it rose 9.2% in suburban areas. Urban areas saw a smaller 6.7% home-price increase. Homes in rural areas have had higher price growth than suburban and urban areas