Shift in home values – find out where

Reviewing the data, Zillow economist Nicole Bachaud said: “In the beginning of the pandemic, home values in urban areas generally outpaced suburban areas, counter to what many expected during the rush for more space.

“And while urban home value gains have continued to accelerate, the suburbs are even hotter, showing just how strong demand is for limited suburban inventory.

“That could mean competition for homes will be lighter near city centers this home shopping season, something we haven’t been able to say for nearly a decade. That’s not to say shopping for a home in the city will be a leisurely affair, but any sliver of opportunity for buyers is welcome in this market.”

Zillow stressed that urban real estate had also seen “incredible growth”, adding that housing in the suburbs had not gained value at the expense of urban real estate.

However, it also pointed out that while the typical urban home was worth more than the typical suburban home across the US, “that is not necessarily the case in every market”.