MPA Urban homes outpacing suburbs in most major metros

MPA’s Steve Randall:

Urban homes outpacing suburbs in most major metros
Most top-tier metros are seeing urban homes outpacing those in the suburbs according to a new report from Zillow. While the American Dream of a home in the suburbs is still maintaining higher prices in many areas, city living is hot in Boston, Washington DC and San Francisco with the mean value of urban homes beating those in suburban areas. Downtown Denver, Phoenix and Chicago are not far away from higher-than-suburb prices.

“This trend, in part, reflects home buyers’ changing preferences, as they seek amenity-rich, dense and walkable areas that are often closer to their workplace,” said Zillow Chief Economist Dr. Svenja Gudell. “In the future, this lifestyle trend will change some suburbs as we know them, and they’ll start to feel more urban as buyers move further from city centers in search of affordable housing in communities that still feel urban.”

Nationally, suburban home values grew 5.9 per cent in 2015, while urban homes gained 7.5 per cent.

Article from Mortgage Professional America