COVID is moving Buyers out

From the early 2010s until March 2020, Philadelphia, like many cities across the U.S., experienced growth as the economy began to recover from the Great Recession. Major corporations moved their suburban offices to Center City, and much was written about how millennials, now the largest living adult generation in the country, preferred this urban lifestyle. As recently as late last year, Philadelphia experienced a renaissance as Center City expanded North, South & West, as Buyers wanted the vibrant cultures, robust arts-and-entertainment districts, one-of-a-kind restaurants and shops, and walkability. But as the new coronavirus began to spread in early 2020, city life became synonymous with high COVID-19 case counts, cramped quarters and shuttered businesses. As a result, housing priorities have shifted among buyers and renters alike. Millennials with young families in particular—are ditching their high-rise apartments, cramped condos and tiny lots for more spacious homes in the City & suburbs, or even significant amounts of land in more rural areas. It’s not just more space that is appealing to urbanites old and young; there are a number of reasons why people are choosing to leave life in the big city behind. Suburban and rural living offer myriad benefits that have become more important during this time of continued change. Today’s Buyers are seeking:

 More indoor square footage

 A dedicated home office

 A bonus room

 Large lots

 Outdoor space (yard, patio, deck, balcony, etc.)

 Privacy

 Peace and quiet

 Easy access to nature (parks, trails, green space)

 Vacation homes