Numbers show that more and more Americans are choosing to move into urban areas, which is transforming our cities and the way we live. The demand for city properties, like Coral Gables luxury homes, is boosting their values as the housing market trend shifts away from the suburbs and into the hearts of downtowns.

Who is Going Urban?

The move away from bedroom communities and suburban living has been going on for years. Millennials— adults born from 1982 to 2000 —are pushing this trend, as they snub their noses at their parents’ style of living and gravitate toward the joy and jobs offered by cities.

This shift is significant since millennials are the largest generation in U.S. history, outpacing the Baby Boomers by about 7.7 million as noted by the United States Census Bureau.

According to Newsweek, more people in the world now live in cities than outside of them for the first time. Since 2007, the percentage of per year growth in the number of jobs in cities was listed at 0.5, while suburbs dropped by 0.1 percent.

Values of Urban versus Suburban Properties

Home values are changing and real estate investors are having to think more about buying and reselling high-rise condominium units rather than single family homes with an acre or two.

This recent phenomenon can be seen when looking at the average home values on urban versus suburban properties. The latest real estate numbers on sales in 2015 show the average urban home is now worth two percent more than the average suburban home with an urban home gaining 7.5 percent in value and a suburban home going up only 5.9 percent.

Lasting Trend or Not?

If this real estate trend is based on millennials, then it could be changing within the next few years. Most of the young adults in this generation have delayed marriage and children. But as they age, it is likely that they will eventually move toward the more traditional lifestyle options. It may be that in 5 to 10 years, demands for single family homes away from the hustle and bustle of city living may become more appealing and back in demand. Time will only tell. In the meantime, it is downtown high-rises that are in high demand, like condo homes for sale in Coral Gables.

Coral Gables Luxury Homes in the Sky

Like many urban mecca dwellings, Coral Gables real estate is offered in single family homes for sale, townhouses and condominium living. Some of the most desirable Coral Gables luxury homes are located in upscale towering buildings that provide a fantastic view of the city and the coastline.

There also are mixed-used developments that combine residential living with shops and restaurants that make going out just steps away from your door. There are Coral Gables luxury homes for sale offer all these options. If you are a Millennial looking to move into the core of the city or even a Baby Boomer or Generation X house hunter wanting to get in on the action that urban life has offer, click over to the Berkshire Hathaway HomeServices Florida Realty website where you can find the latest listings for Coral Gables luxury homes to suit your lifestyle!

Florida Realty News
Florida Realty News
Berkshire Hathaway HomeServices Florida Realty, a wholly-owned subsidiary of WCI Communities, has over 39 locations and more than 1,650 real estate sales professionals and team members serving 17 counties throughout Florida.
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