COVID-19 Expected to Have Long-Term Effects on Suburban Housing Prices

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The coronavirus pandemic is expected to shape regional housing prices for a long time to come, with the suburban market poised to boom again.

The coronavirus pandemic is expected to shape housing prices in the Philadelphia region for a long time to come, with the suburban market poised to boom again as a result, writes Sandy Smith for the Philadelphia Magazine.

The real estate market overall is expected to stay strong despite the rocky economy. With homes now becoming the center of activity, people will be looking for more space. This should keep both house prices and sales volumes high.

However, this is not true for all types of housing. Areas with densely packed housing could see a significant drop in value over the next few years.

Meanwhile, the suburbs are already seeing prices jump as city residents wanting more space and more breathing room flock there. This is especially true for towns that offer open space with some urban flair combined, such as Ardmore, Jenkintown, Media, and Wayne.

People from outside the Philadelphia region are also scooping up suburban houses in the area.

“These people can all work remotely, and they figure they can live here and work from home,” said Robin Gordon of BHHS Fox & Roach Realtors.

Read more about housing prices at the Philadelphia Magazine by clicking here.

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