Working from home contributed to home price increase, study says
(CNN) - The “Great Reshuffling” has been a huge reason why home prices have been skyrocketing.
New research shows that home prices jumped 23.8% during the pandemic and 15% of that growth was due to remote work.
Many people turned to warmer climates, which was a significant driver in prices.
By the end of the fourth quarter of 2021, the median single-family home in Austin, Texas, grew by 26%. Phoenix was also up by 26% and Boise, Idaho, was up by 24%.
This “Great Reshuffling” has created a nationwide demand for housing as more people work from home and get to choose where they want to live.
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