The Charlotte Business Journal is reporting that there has been an increase in single-family home permits for builders in rural areas. This trend is directly due to the virus and is based on demand for larger homes with home offices further out from cities.
You can see the trend most clearly around the largest cities like New York City, but in Clarksville, just outside Nashville, TN there has been a 63% increase in approvals to build single-family homes.
Homebuilders and analysts are banking on the trend continuing pushing homebuilders to locations that used to be deemed “too far out”. Land further from cities is typically cheaper so the initial costs for construction are less, but there could be increased costs trucking supplies and setting up utilities. Buyers may have homes without many city conveniences like city water and sewer.
People seem to be willing to trade off those conveniences due to demand for space for home-schooling, home working out, and home working. People who can work from home are not facing long commutes anymore so they are willing to be further out to get what they want at an affordable price. The Carolinas have many places where this trend is playing out and Lake Wylie is one of them. New housing starts are up 17% over 2019, but builders can’t keep up with demand yet.
If you are interested in buying or selling a home in the Lake Wylie area, give us a call at 803-831-8588. You can view all current listings and create your own custom home search on our website at lkwrealty.com
Read more in the Charlotte Business Journal.