The U.S. real estate market is experiencing a ‘Great Reshuffling,’ a new report from Zillow says.
Over the past year, many Americans chose to take advantage of their newfound ability to work from home and move. This trend may be contributing to the record home price growth that’s occurring across the country, but at the same time, people who’ve moved are seeing a financial benefit, according to a new report from Zillow.
The average home value in the ZIP codes that movers left was $419,344, versus $392,381 for the ZIP codes they relocated to. That represents a difference of roughly $27,000. “Clearly, it seems the nation’s interstate movers were particularly motivated to get more house for less money in 2020,” Tucker wrote. “And most did so in the tried-and-true American way: By moving to the suburbs.”
Overall, Zillow argues that a “Great Reshuffling” is happening “as Americans rethink where they live and seek to decouple their home location from their office location as telework opportunities grow,” Tucker wrote.
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