Rural home sales spike in New England amid pandemic

Some data has suggested that rural home sales may be increasing as city dwellers seek to flee the pandemic, but a new story out of rural New Hampshire confirms the trend, at least in New England.

"Not since almost 19 years ago, when traumatized New Yorkers swept into northern New England seeking safety in the wake of the 9/11 attacks, has there been such a pressing demand for homes in the Upper Valley, according to area real estate brokers," John Lippman reports for the Valley News in West Lebanon, N.H. "Although the Upper Valley has had a housing shortage for years, making it difficult for both local and out-of-state residents to find a home to buy or apartment to rent, the pandemic has pulled the supply of homes even tighter."

Home listings are down about 50 percent because many sellers say they don't feel comfortable moving during the pandemic, Lippman reports. So few homes on the market plus increased buyer interest has resulted in a strong seller's market. Homeowners report buyers offering unheard-of prices for their properties, some without even doing an inspection first. Anecdotally, many of the buyers are younger couples with children who have secure, good-paying jobs that aren't linked to the local economy and can work remotely.

Since many of the buyers have children, schools in the Upper Valley are seeing increased enrollment, which can be complicated when many schools are reopening with distance learning, Lippman reports.