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Homes Closer To Cities See Slower Price Growth

There’s a reason living near a major metropolis has traditionally been more expensive than living further away. Put simply, it’s where the jobs are. And, if you work in the city, you likely aren’t going to want to live so far away that you have a two-hour commute there and back. Naturally, though, the pandemic has changed things. With more Americans able to work remotely, home buyers have a different set of priorities than they did even a few years ago. For example, a recent analysis of commute times and home prices found that homes within 10 minutes of city centers are seeing slower price growth than those further out. In 2017, homes within a 10-minute commute had the fastest-growing home values in half of the 18 most expensive metros. Now, only three of the 18 are still experiencing the fastest growth. In fact, these days, more than half of them are experiencing slower growth or even seeing prices beginning to fall. That’s pretty strong evidence that remote work has changed our priorities and moved affordability higher than living near the city on many buyers’ wish lists. (source)