Seminole County is considered one of the top counties in the nation for working from home, according to a new report from the National Association of REALTORS®. Seminole County ranked 28th out of 30 counties and was one of only two counties from Florida that made the list.
“Seminole County is consistently in high-demand for its beautiful communities and homes that consistently retain their value,” said 2020 Orlando Regional REALTOR® Association President Reese Stewart, RE/MAX Properties SW. "For example, home prices spiked 6.8% from a median price of $265,590 in July 2019 to $283,763 in July 2020. In addition, compared to the rest of the Orlando metropolitan area, both sales and inventory declines in Seminole County have been less volatile in the immediate impact of the pandemic.”
NAR’s 2020 “Work from Home” Counties report examined the current share of workers already working from home in more than 3,000 U.S. counties, along with several factors expected to support the remote work trend, including: internet connectivity, the percentage of workers in office-related jobs, home affordability, urbanization, and a county’s population growth.
“The coronavirus pandemic greatly accelerated the number of workers who are able to work from home,” said NAR Chief Economist Lawrence Yun. “On a national scale, possibly a quarter of the labor force may be permitted to work from anywhere outside of the office even after a vaccine is discovered – compared to only 5% prior to the pandemic – and this will greatly change the landscape of where people buy homes.”
NAR assigned “Work from Home” scores for 3,142 U.S. counties. The top 30 counties, all of which have at least 5,000 households as of 2019, represent about 1% of all counties. Texas led all states with seven counties among the top 30. Virginia was second with four, followed by Colorado and Georgia with three each, and Florida and North Carolina with two apiece.
The growing number of people working remotely also impacts commercial real estate, particularly the office sector, with future office sizes and locations potentially changing as a result.
“The national commercial real estate outlook appears uncertain as office spaces may get smaller and organizations consider moving from having a central business district headquarters to several suburban satellite offices,” Yun said. “However, in the retail sector, one can reasonably expect to see some growth in the number of smaller stores in the top 30 counties coming at the expense of similar establishments near downtown office buildings.”