Remote Work Driving Housing Demand and Trends

Working from home became the norm during the height of the pandemic. Now, nearly two years later, it continues to be a driving force in the housing and lifestyle demands of many Americans. Online real estate giant, Zillow, has even come up with a name for this time - “The Great Reshuffling.” A nationwide poll has analyzed the preferences of Americans and it is clear, remote work is highly favored by employees throughout the country and is likely to continue. In fact, in a recent Zillow survey a whopping 84% of Americans surveyed reported a desire to work from home at least several days of the month. 44% indicated that they would like to work from home exclusively. Many cited the ability to be able to live anywhere and not be encumbered by commute times as a major reason for the desire to work from home.

It seems that employers are listening. Many businesses have continued the option to work from home. Nearly 40% of employees report an uncertainty about whether they will continue to work remotely or whether their employers will again require in-person work. With the demand so high for continued remote work from employees, many have even indicated that they will change careers or employers if required to return to an in-office scenario.

This is having dramatic impacts on housing markets throughout the country. The immense demand and dwindling supply has driven housing prices to incredible heights in many areas of the country. It has also created a unique situation where supply and demand are both high in many places as new markets are opening up. People are quickly leaving city-centers and expanding outward. In the recent past, suburbs within an easy commute to downtown areas were the most in demand. Now, however, that radius has drastically increased. Some of the fastest-growing markets are up to 90 minutes from large cities. People are free to move much farther from their work homebase since they are able to work remotely and are less concerned about commuting time. This is creating new opportunities for homebuyers and creating hot markets unseen before. Homebuyers  and market experts are hoping that this will help to create more affordability within the market. With this, the trend is becoming homebuyers who are looking for much larger, while at the same time affordable, homes. Buyers today are not afraid of living in more remote areas, preferring natural beauty and peaceful lifestyles since they are staying home more than ever before.

These changing trends are clearly evident within the Florida Keys real estate market. The market for homes for sale in the Florida Keys is exploding as many of these remote workers are choosing our tropical backyard to settle. We are seeing working-age buyers from all over the country choosing the Keys as their primary residence since they can live here while maintaining their work life from elsewhere. Only time will tell how long these trends will hold up, but one thing is certain - living in the Keys is always paradise!