The real estate market in the US is going to topsy-turvy for the next couple of years. And there's a number of factors at play.
Yes - many people will be moving out of cities. Because of the Wuhan Virus many companies have adopted a work from home (which during the pandemic has been shortened to WFH because I guess "telecommutng" was too passe) policy. No longer do most people need to live near the city where they work. Shorter commutes will be replaced with "no commutes."
Living in cities during times of pandemic has also now been associated with an unhealthy lifestyle. Close quarters, elevators and subways have been identified as petri dishes of virus spreading. Those things don't exist for the most part in the suburbs or rural areas.
But strangely cities in Blue states will be harmed much more than cities in Red states. Riots and ridiculous pushes to "defund the police" will lead so many to flee their current city. How would you like to be trying to sell your home in Minneapolis, New York City, or Seattle right about now? Also the yo-yo of open/shutdown in Los Angeles and San Fran have people screaming "Enough!" and packing a U-Haul for freedom out of California.
Many fleeing their Red-state cities will be moving to Blue states. So there may actually be a bit of a balance in pricing overall in the US (prices go down in Blue states as there is a glut and nobody wanting to move there and prices going up Red states with people flooding in).
Also there will be a apartment rental glut in not just those Blue cities but also in college towns across the country. With many colleges and universities going to virtual classrooms in the fall there are many apartments near campus that will remain empty as students either stay at home or take a gap year. Many of these apartments were bought as investment properties and the lack of renters may cause these investments to go belly-up.
Then we have the election in November. That has the potential to not just wreck the stock market but also the housing market too.
It looks like it will be a topsy-turvy world in real estate for probably at least two years.