Everywhere but San Francisco and New York City, urban housing markets are just as hot for sellers as suburban markets, according to data released recently by Zillow.
"Are people fleeing the cities for greener suburban pastures? Some faint signals may have emerged in certain places, but by and large, the data show that suburban housing markets have not strengthened at a disproportionately rapid pace compared to urban markets," according to recent data and analysis from Zillow [emphasis from the original].
Both suburban and urban markets are described by the report as hot sellers' markets, as explained by "about the same share of homes selling above their list price, similar changes in the typical time homes spend on the market before an offer is accepted, and recent improvements in newly pending sales have been about the same across each region type," according to the executive summary of the "Zillow 2020 Urban-Suburban Market Report."
Moreover, "Changes in annual home value growth rates from just before the pandemic to now have been about the same for urban and suburban markets. In some regions where there is a divergence, the discrepancy can be explained by trends that were unfolding before the pandemic."
As for the exceptions noted in the first passage quoted above, urban cores in New York City and San Francisco are not keeping pace with hot suburban submarkets, according to the report. "In Manhattan, home values have dropped 4.2% since last year and homes are staying on the market two months longer than a year ago, According to StreetEasy’s July Market Report. In San Francisco, list prices have fallen 4.9% year over year and inventory has risen 96% with a flood of new listings."
Amtrak Ramping Up Infrastructure Projects
Thanks to federal funding from the 2021 infrastructure act, the agency plans to triple its investment in infrastructure improvements and new routes in the next two years.
Ending Downtown San Francisco’s ‘Doom Loop’
A new public space project offers an ambitious vision—so why is the city implementing it at such a small scale?
Proposal Would Transform L.A.’s ‘Freeway to Nowhere’ Into Park, Housing
A never-completed freeway segment could see new life as a mixed-use development with housing, commercial space, and one of the county’s largest parks.
How to Measure Transit Equity
A new report highlights the need to go beyond traditional equity metrics to assess how public transit systems are serving the lowest-income and most disadvantaged riders.
Why Brand New Cities Won’t Solve Our Urban Problems
Building cities takes time and resources. Why not spend them on fixing the ones we have?
Former Brooklyn Sugar Refinery Reopens as All-Electric Office Tower
A historic building was reimagined as a 15-story office tower powered by renewable energy.
HUD's Office of Policy Development and Research
Mpact: Mobility, Community, Possibility
Lassen County Planning and Building Services
City of San Carlos
National Capital Planning Commission
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.