With the arrival of the COVID-19 vaccine, CNN Business recently looked into how this latest development could affect the current real estate market and urban areas in particular.
During this past year, there has been a known shift in demand towards suburban properties, as more and more Americans started working from home and wanted to escape more densely populated areas. Because of this, historically low interest rates, and low inventory, home prices are now at record numbers.
However, CNN Business noted that the opposite is occurring in traditionally more expensive urban areas, such as New York, where the mass exodus to the suburbs has actually lowered prices. Though widespread vaccination won’t be completed for some time, many experts believe that the promise it provides alone could help revive these urban areas and help bring back demand.
For more details, check out CNN Business’ article.
Sources:
CNN Business – cnn.com
DS News – dsnews.com
