Urban areas have long been the hottest real estate markets in the country. But the pandemic and stay-at-home orders left many people longing for more space, both indoors and out—and now that restrictions are being lifted, many of them are leaving the cities and heading to rural destinations to find the space they’re looking for.
And as interest in properties in rural areas is increasing, so are prices.
According to data outlined in a recent article on REALTOR Magazine, rural homes experienced an 11.3 percent increase in sales price year-over-year during the four weeks ending August 2—which is higher growth than in the suburbs (9.2 percent) and significantly higher than growth in urban areas (6.7 percent). View the latest Mammoth Lakes Market Update through August 2020.
So, what does this mean for you? If you live in a rural area and have been thinking about selling your home, now is a great time to take advantage of increased demand and fetch top dollar for your home. If you are in Mono County, contact me to find out the current value of your home.