Every morning I leave Lexington Center and ride my bike to Beacon Hill where my Boston real estate office is located.

Now I’m wondering if I should just stay at home in Lexington and set up a home office

The newest real estate trend

Once upon a time, millennials moved to Beacon Hill and the Seaport fueling downtown Boston renewal for Boston high rise condo growth, apparently, they’re now moving out.

The stay-at-home orders brought on by coronavirus have more potential homebuyers looking for properties in the suburbs. Millennials are now the largest cohort of buyers and renters. This may explain why I have over 200 vacant Beacon Hill apartments for September 1st.

What will happen to the Boston real estate market?

As the Boston real estate market is reeling in vacant apartments and unsold Boston condos for sale, home searches in suburban zip codes jumped 13%, according to realtor.com, one of the largest real estate listing websites. That doubled the pace of growth in urban areas.

While Boston condos and Beacon Hill apartments are spending more time on the market overall, due to complications surrounding closings, both suburban and rural markets are not experiencing that lag time as much, due to very strong demand.

Is it just the Boston real estate market?

Simple answer – No. More than half of the nation’s 100 largest metropolitan areas are seeing increased interest in the suburbs. Real estate agents in the New York City area have reported strong demand in the surrounding suburbs, as contracts on Manhattan apartments plunged 80% annually in May, according to Jonathan Miller of real estate appraisal firm Miller Samuel.

Source: https://www.cnbc.com/2020/06/18/coronavirus-update-people-flee-cities-to-live-in-suburbs.html

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