REAL ESTATE

What Connects the Housing Market and the Return to Office?

By: Anneken Tappe · September 11, 2024 · Reading Time: 2 minutes

Back to Work

Americans are returning to the office, and that has ripple effects on everything from their local coffee place to the housing market.

Office foot traffic nationwide is at its highest level since the pandemic, but still nowhere near (72%) the pre-pandemic level, per market research firm Placer.ai. The return to office trend has been most pronounced in major metros like New York City, where office visits have reached nearly 90% of pre-pandemic levels, and Miami, where they have even exceeded 90%.

This has sent ripples through the real estate market. Here’s why.

Real Estate Ripples

Workers left cities en masse during the pandemic, as the flexibility of remote and hybrid work arrangements allowed them to look for lower cost of living (and real estate) elsewhere. But as many workers are returning to a prepandemic work schedule, they are also returning to some of the biggest real estate markets in the U.S.

New York City is seeing steady growth among homebuyers, according to a report by Realtor.com, and the housing market in Washington, D.C. has also seen a resurgence. It’s not just central areas that are popular, but also suburbs with reasonable commute times: Basking Ridge, New Jersey — which is less than 40 miles from Manhattan — ranked fourth in Realtor.com’s 10 Hottest Zip Codes of 2024.

But not all metros show this dynamic of returning prospective buyers. Despite surging office traffic, Miami’s housing market has seen a decline after turning into a pandemic-era hotspot. Housing markets in Atlanta and Dallas, which also boomed during the pandemic, have slowed down as well, even as office visits climb.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out


Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

Communication of SoFi Wealth LLC an SEC Registered Investment Advisor

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

SOSS24091102

TLS 1.2 Encrypted
Equal Housing Lender