Why Housing Markets in the South Are Booming
The south is made up of Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, South Carolina, Oklahoma, Tennessee, Texas, Virginia, and West Virginia. People are moving to these states faster than ever thanks to COVID-19. As people move to these states from big cities like New York, Boston, and D.C., the housing market begins to shift. Shalom Lamm, a real estate expert, says that it’s cheaper to live in the south and there is less exposure to the pandemic. Many big-city companies are starting to relocate because of the fear of COVID-19. Many penthouse owners can now sell for a much bigger property down south.
No one could have predicted that the pandemic would have such a drastic effect on the housing market. People have definitely adjusted to social distancing by flocking out of big cities so that they can keep their families safe. In Texas, a $200,000 house that can include 4 bedrooms, a pool, and so many more features is impossible to find in places like New York or Massachusetts. The difference in housing markets between the north and south is truly unimaginable.Smaller cities are going to have a hard time planning for the influx of people. It can be dangerous to a community if there is a large addition of people because there might be shortages in some supplies. However, after some time Shalom Lamm believes there will be an equilibrium. Luckily, this wasn’t like the 2008-2009 recession, and many believe that the housing market will balance once more people settle. Many city folk will be in for a culture shock because of the constant sunny weather and beautiful mountain ranges, but even that will be forgotten once cheaper prices are displayed for buyers.