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Matterport CEO R.J. Pittman on creating an app that creates 3D tours of homes to help keep the real estate industry running during the coronavirus pandemic.
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The coronavirus pandemic appears to have many Americans reconsidering where they want to live.
Real estate firm Redfin said in a blog post Thursday that it’s seen “an exceptionally higher rate” of interest in homes located in small towns with populations under 50,000 compared to a year ago and even compared to last month.
Redfin reported seeing a 105 percent year-over-year increase in page views of listings in small towns during the week that ended May 1, up from an 85 percent increase a month earlier.
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There had been an even larger surge of interest in rural areas with a population under 10,000 in a county. Redfin saw a 170 percent increase in page views the week ending April 1, but that interest has slowed to a 76 percent year-over-year increase more recently.
Homes in urban metro areas saw a much smaller increase of just 16 percent for the week ending May 1, compared to a 13 percent decline a month earlier.
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“During the first month of the pandemic, interest in rural areas skyrocketed while interest in cities fell, with many urbanites dreaming of packing up and heading for the hills,” Redfin lead economist Taylor Marr said in the blog post.
And while pending home sales are down all over, less populated areas haven’t been hit as hard as large cities, according to Redfin.