Moneywise
Rural home prices rise as trend out of cities picks up
Real estate brokerage Redfin reports prices of rural homes are increasing as the number of homes for sale falls.
That means the trend of people leaving urban areas for suburban and rural areas is continuing. The median sale price of homes in rural areas increased 11.3 percent year-over-year in the four weeks ending Aug. 2. In suburban areas, prices rose 9.2 percent. Homes in urban areas had a smaller home price increase at 6.7 percent.
Meanwhile, the number of homes for sale in rural areas went down 37.9 percent year-over-year. Homes for sales fell 31.8 percent in the suburbs and declined 21.3 percent in urban areas for the year-over-year period ending Aug. 2.
