The housing market has been hot for a while with people rushing to buy homes in suburban areas. The coronavirus pandemic, lower mortgage rates, and the rise of remote work have popularized leisurely neighborhoods outside of big cities and metro areas. This new rush has led to a higher demand for suburban homes, according to Travel + Leisure.
Because of this intrigue, the website pinpointed the most expensive suburb in every state based on median sales price data from both Zillow and Redfin.
According to the website, Washington's priciest suburb is Mercer Island!
"Mercer Island, off of the Seattle coast, is home to the priciest real estate in the state, with a median value of $2,150,000," writers explain.
Researchers found that Montecito, California was the most expensive suburb in the country. Its median sale price was over $5 million in March, according to Zillow data. Experts are also seeing signs of the housing market finally cooling down.
"We are seeing a fast-growing amount of sellers dropping their prices. These are all things that show a cooldown in the market after more than 18 months of a housing frenzy," according to Daryl Fairweather, Redfin's chief economist. "There's still way more demand for housing than supply, but these early signs of a slowdown indicate that sellers can no longer overprice their home."
Check out Travel + Leisure for the full list.