It’s interesting to see how the Coronavirus pandemic has influenced trends in a variety of industries. Most businesses have been affected in one way or another, with some industries slowing while others are booming. In the real estate world, demand is still high and houses are selling. One interesting thing we’ve noticed is that customers are shifting to prefer a single-family home over multi-family housing.
Homebuyers have unique goals, which is why the demand continues for all types of homes. But web searchers for single-family homes have increased in recent months.
Why a Pandemic Increases Demand for a Single-Family Home?
Why would the COVID-19 pandemic impact real estate demand? Here are a few potential reasons why we are seeing an increased desire for a single-family home:
- Family Lifestyle: Lifestyles have shifted for people of all ages. Since many families are spending more time at home, it makes sense that they need more living space. Businesses are canceling or postponing group activities indefinitely. So, it is natural and expected that people are spending more time at home.
- Caring for Parents: Other nuanced shifts in culture are also occurring. For example, some people are feeling the need to move into a home with a mother-in-law apartment. This real estate feature opens up the possibility of caring for loved ones at home and avoiding the need for a nursing home placement.
- Work from Home: As businesses are shifting more toward work-from-home models, families no longer need to live close enough for a daily commute into the city. This change in work location opens up options for families to live in different locations.
- Social Distancing: Finally, the desire for social distancing is playing a role in the proximity of where people want to live. Instead of being stacked in a high-rise apartment building, there is an appeal to live in a private location. A single-family home decreases close contact with the neighbors.
Industry Changes are Increasing Demand for Single-Family Homes
According to Redfin, online searches for a single-family home are at an all-time high. Buyers are looking for bigger houses, located further away from dense populations and the tight living conditions that happen in urban areas.
At the same time, searches for multi-family homes have gone down. People aren’t looking for townhouses, condos, and multifamily listings as much as before the pandemic.
Only time will tell how these trends will continue in the future. But rest assured knowing that our team offers personalized services for every family. If you are looking for a single-family home, then call us right away to learn more about your options.
At DUFFY Realty, we specialize in the Atlanta real estate industry. We are familiar with the neighborhoods, local pricing, and other unique elements that will impact your transaction. Our team is here to assist when you are ready to buy or sell a home: (678) 318-1700.