An Inside Look At Three Of The Hottest Suburban Markets In The U.S. Right Now

The pandemic-inspired mass exodus from cities may be over, but suburban markets are still hot. With many people working remotely, the suburbs continue to be a more convenient and affordable option without sacrificing access to the city, albeit with a slightly longer drive or train journey.

Check out these suburban markets that rival even New York City.

The Woods, Texas

Founded in 1974, The Woodlands was developed by oil magnate George Mitchell who wanted to build an all master planned community for himself on a lushly wooded stretch about 28 miles north of Houston.

Today, Mitchell’s dream has come true as the community has grown to over 118,000 residents and 2,200 businesses, and has been named the “Best City in America to Live in” by Niche two years running. The township’s popularity has surged during the pandemic, says Teni Kalafian of Baker & Co., a Houston brokerage firm, who sees the scale of remote work as one of the key factors behind the township’s growing market.

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“The pandemic has opened up new opportunities for out-of-state buyers. People can now work remotely and the Woodlands is a great place to base because it offers a good cost of living and quality of life.” In addition to out-of-state buyers, the Woodlands also attracts many Houstonians who appreciate the lavish lots and dedicated green space as an attractive alternative to the big city.

The northern suburb is seeing price increases as desirability grows, says Kalafian. “Prices are up 19% year over year, with an average home price of $589,999.”

Paradise Valley, Arizona

Nowhere else in the country is growing more than Arizona — specifically Maricopa County, which includes Phoenix and its nearest suburb, Paradise Valley, which has added more residents than any other county in the United States

RETSY founding partner Angela Philips says the increase is due in large part to wealthy homeowners trying to escape heavy tax burdens. “We’re seeing clients selling their homes in other states like California for $10 million to $20 million and flocking to Paradise Valley, where they can also enjoy a small-town feel and privacy for half the cost.” Although it’s one less expensive option, real estate in Paradise Valley is among the most expensive in Arizona.

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Surrounded by mountain ranges on three sides, Paradise Valley offers properties with exceptional views, whether from a high hillside or from the valley overlooking Mummy Mountain or Camelback Mountain.

A shrinking inventory has led to a surge in new high-end residences. Though the city feels remote, the city is also home to a number of luxury resorts and five-star experiences, says Philips. “There is world class shopping, dining, golf courses and great weather year round.”

Cambridge, Mass

On the East Coast, young, affluent professionals are moving to the Boston suburb of Cambridge, says Catherine Bassick, CEO and owner of Bassick Real Estate Advisors. Cambridge has long been known as a hub for some of the best educational institutions in the country and has also become a hotbed for successful start-ups.

“The biotech boom has created many new millionaires and billionaires. Thanks in part to groundbreaking work at MIT, there is the largest concentration of artificial intelligence companies in the world,” says Bassick.

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The money flowing into technology companies in the region is being reflected in the real estate market, with median selling prices rising nearly 5%, according to the latest report from Middlesex County’s Bassick Real Estate Advisors.

Earlier this year, average prices in Cambridge were just over a million, compared with around $550,000 before the pandemic. Across the Charles River from Boston, Cambridge shares much of the city’s appeal, such as B. Walkability, rich history and New England charm.

Baker & Co., Bassick Real Estate Advisors and RETSY are exclusive members of Forbes Global Properties, a consumer marketplace and membership network of elite realtors selling the world’s most luxurious homes. Seek the latest latest luxury deals here.


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