indicates that at the end of 2020, the median sold price of a home in the Inland Empire amounted to $450,000, compared to $625,250 in the Los Angeles metropolitan area.<\/span><\/p>\nAcross the state, Sacramento saw the largest surge in net movers, adding 0.3 per 1,000 residents in 2020 in contrast with a loss of 3.2 in 2019. CBRE noted that moves from San Franciso County to Sacramento County jumped 70 percent last year, largely attributable to tech workers with the ability to work from home permanently.<\/p>\n
\u201cOverall, data shows that moves in 2020 tended to be short-distance, or at least within a few hours drive of one\u2019s previous residence,\u201d reads the report. Nationwide, address change volume ticked up 2.8 annually, but address changes to counties within a 100-mile and 100-to-500-mile radius increased by 6.5 percent and 6.1 percent, respectively.<\/p>\n
The urban exodus is likely to subside in 2021 as vaccination rates improve, offices reopen and lower rents encourage moves to cities. The report suggests that COVID-19\u00a0may have merely accelerated a migration shift that was already underway.<\/p>\n
\u201cThe pandemic came just as the bulk of the large and increasingly affluent millennial cohort had reached prime family formation age. Consequently, millennials had been trending toward more suburban residences even before COVID-19 came on the scene.\u201d<\/span><\/p>\n
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<\/a>Photo by Brandi Ibrao<\/a> on Unsplash<\/a> <\/em><\/p>\n