As more professionals have been able to work remotely during the COVID-19 pandemic, they’re fundamentally changing the real estate landscape. Smaller, cheaper parts of the country have edged out the bigger, pricier cities to become the nation’s hottest housing markets as those who can work from anywhere are chasing affordability.
In August, Burlington, NC, where buyers can snag lower-priced homes, reclaimed the No. 1 position on the Realtor.com® monthly hottest markets list. The last time the metro, which lies conveniently between Winston-Salem and Raleigh, snagged the top spot was in November.
“With home prices near record highs and still growing, buyers are looking for homes in communities with solid local economies which offer good jobs,” says George Ratiu, manager of economic research at Realtor.com. “At the same time, buyers also want larger homes, better quality of life in their communities, and access to the outdoors.