Driven by emerging hybrid work environments, post COVID buying trends continue to evolve and change. Last year, beginning in March, we saw a huge exodus from urban centers to suburban markets like the Main Line or resort second home markets like the Jersey shore. Many purchased a second or third home, some rented and others bought and sold at the same time.
In my #MarketMonday reports covering statistics for the prior week, you’ll see data to support stories I’ve shared about an uptick in interest for Rittenhouse Square and Center City condos. We’ve had an ongoing strong market for larger homes that reflect the luxury Center City lifestyle noted in Bloomberg’s article. Now many commuters are investing in modest priced condos as a second home, easing commute challenges.
As more workers split time between home and office, demand for more space and shorter commutes will grow, exacerbating shortages of urban housing in major business centers.Noah Smith, Bloomberg.com
In another recent news report, Philadelphia ranked #2 in the 10 most congested cities in America. The article cites how many hours an average commuter lost in 2020. Philadelphia came in at 94, just after New York with 100.
What would you do with 94+ more hours? I tried to host a Zoom networking event while driving, but it was a disaster. Now I use drive time to network on ♣️🏚 Clubhouse – ping 🔔 @susannakunkel and let’s talk!
… the average American driver lost 99 hours in 2019, compared to just 26 hours in 2020. Nevertheless, drivers in America still lost a sizable chunk of time throughout the year. To see exactly how much, we compiled data from INRIX to pinpoint the 10 most congested cities in America.Visual Capitalist
Just when you thought the effects of COVID on our real estate market were clear, guess what? Shifts are ongoing and fluid, like currents in the ocean. To review today’s market trends and how that affects your real estate goals, be sure to book a private consult with me on my calendar.