Zillow recently published a press release about the value of homes and rents since the pandemic, and the information inside is eye-opening, to say the least. Although the real estate industry has experienced a rollercoaster ride in the past five years, home values and rents continue to rise.Just how fast? According to the report, housing prices have increased 45% since the pandemic, and there are about 989,000 more million-dollar homes on the market than five years ago. In five years, the market has experienced growth usually seen over 10 years, and most of this growth seems to be concentrated in Miami (61.1%) and Tampa, Florida (58%), and Hartford, Connecticut (58.1%). A few other places where home values have seen increases include Atlanta, Georgia (53.9%), Phoenix, Arizona (52.6%), San Diego, California (55.6%), Charlotte, North Carolina (58.2%), and Providence, Rhode Island (55.4%).Home values aren’t the only rapid increase the market has seen since the pandemic. Rents have also increased drastically since the start of the pandemic, namely in New York City, where they have increased by 24.1%. The Bronx saw the sharpest rise, with rents increasing to about 42.3%.How the pandemic changed home buying | Infographic couresy of ZillowA Few Other Interesting FactsYou may recall that a few home features became must-haves after the pandemic started. These included plenty of outdoor space and a home office space. After five years, home buyers are still seeking great outdoor spaces, but the home office trend has gone bust. With so many people returning to work, the home office—also called ‘cloffice’ for those who convert closet space into an office—doesn’t have as much demand as it used to have during the pandemic.AdvertisementAdvertisementAdvertisementAnother interesting fad that doesn’t seem to be slowing down is the way people shop for homes. While people may have hesitated to look for homes virtually in the past, that has changed over the past 5 years. Most people use …
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