The mid-pandemic Great Migration may be coming to a close, but demand is still hot in suburban markets, where millions of Americans continue to work remotely in more affordable homes that still offer prime access to the city. Remote work flexibilities have made suburban markets like The Woodlands, Texas attractive to out-of-state homebuyers with generous lots, a low cost of living, and a thriving business community, Forbes reports.
Similarly, Paradise Valley, Arizona recently added more residents than any other county in the U.S. thanks to its small-town feel and relatively affordable high-end housing compared with pricey California metros. The town is home to luxury resorts, world-class shopping, golf courses, and endless options for outdoor recreation, making it a prime location for luxury West Coast buyers.
Founding partner of RETSY, Angela Philips, says that the increase is in large part due to wealthy homeowners looking to escape high tax burdens. "We're seeing clients selling their homes $10 million to $20 million homes in other states like California and flock to Paradise Valley where they can also have a small-town feel and privacy for half of the cost." While being a less-expensive option, real estate in Paradise Valley ranks among the most expensive in Arizona.