Urban homes are now worth more than suburban homes, as Americans place a greater value on living in cities and in high-rise condos, according to Zillow.
The average urban home is now worth 2% more than the average suburban home,
Cities in high demand with young people are seeing the biggest boost to the spread between the value of urban homes and suburban homes, including Boston, Seattle and Washington, D.C.
Still, suburban homes outpace urban homes, in terms of average total value, in locales like Cincinnati, Nashville, Tenn., and Richmond, Va. And other cities are seeing their suburban homes rise in value faster than urban homes, including the Miami-Fort Lauderdale area, Detroit, Cleveland, Virginia Beach, Va., and Jacksonville, Fla.
Homebuyers' preferences are changing, "as they seek amenity-rich, dense and walkable areas that are often closer to their workplace," Svenja Gudell, Zillow's chief economist, said in a news release.
