"Between March 2020 and March 2023, appreciated 36.1% in rural areas, more than doubling their rate of growth in the preceding three-year period, according to analysis conducted by researchers at the Harvard Joint Center for Housing Studies. In areas with high percentages of seasonal second homes and vacation properties, the surge was even more pronounced at 46.8%, rising from 17.4% from 2016 to 2019, a new working paper by Harvard JCHS' Alexander Hermann and Peyton Whitney finds. Alongside the appeal of nearby natural attractions, such as lakes and mountains, the communities also offer robust infrastructure aimed at supporting traffic flows brought by the tourism industry."
"The latter figure even exceeded the national pace of acceleration during the same three-year pandemic period as reported by the Case-Shiller Home Price Index, which showed U.S. prices increasing 39.4%. While price growth appeared across rural areas, Harvard's research models noted the particular role that the stark spike in vacation-area residents had in rising home values, with newcomers taking advantage of then-new work policies."
Between March 2020 and March 2023 rural home prices appreciated 36.1%, more than doubling their previous three-year growth rate. Areas with many seasonal second homes and vacation properties experienced a 46.8% increase, up from 17.4% during 2016–2019. The Case-Shiller index showed U.S. prices rose 39.4% in the same pandemic period. Amenity-rich communities with lakes, mountains, and tourism-serving infrastructure saw especially large gains. Remote-work adoption enabled newcomers to relocate to rural and vacation areas. Between 2021 and 2023 rural areas gained 540,400 residents, reversing prior net population losses.
Read at National Mortgage News
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