The "Boomerang Effect" Debunked

Apparently, there is a significant “boomerang” effect happening nationally.

According to Business Insider, Americans (and they specifically call out Millennials) who fled cities during the pandemic for homes in far-flung suburbs and exurbs are regretting their choices.

Looking for more space and more house, many forgot to consider that their lifestyle might change dramatically, and they feel isolated from friends and miss urban conveniences.

As always, I turn to the data when I read an article full of anecdotes and short on analysis.

I wanted to know if our region's data supported the notion of an urban boomerang effect.

First, I checked Western Loudoun County and found that places like Lovettsville, Bluemont, Aldie, and Middleburg have all seen much greater median sale prices compared to the county as a whole.

Next, I checked Prince William County, where prices are up 4.4% county-wide for the year.

What about Fauquier County? Prices are up by only 2%, but still, they are not indicative of a boomerang effect.

In fact, the only primary jurisdiction in our region that has seen an annual decline in home value is Washington, D.C., which is down 4.3% year to date.

Could a shift be happening?

Our region may be simply bucking the trend, or we'll see it manifest slowly and later.

Either way, be wary when you read about national trends in real estate. Always turn to the data and remember that all real estate is local.

Reach out, and let's strategize!