A report from Redfin real estate, notes that the proportion of users of its website looking to move to a different metropolitan area is near its all-time high, as high rates and prices are increasing the attractiveness of affordable places.
According to the data, Florida’s coast is especially popular, even after being hit by Hurricane Ian.
Redfin found that nearly a quarter (24.1%) of homebuyers sought to move to a metropolitan area different in the three months ending in October, on par with the record of 24.2% set in the third quarter.
“That’s an increase in approximately 24% in
The report indicates that homebuyers are looking to move to the Sun Belt, especially Florida. Sacramento, Las Vegas and Miami were also the most popular destinations for Redfin.com users looking to relocate, followed by San Diego and Tampa.
Popularity is determined by net footfall, which is the number of people looking to move to a metropolitan area minus the number of people looking to leave.
Half of the 000 main migration destinations are in Florida (Cape Coral, North Port-Sarasota and Orlando are on the list, plus Miami and Tampa): “That’s despite the fact that the state was hit by Hurricane Ian, one of the deadliest and most destructive storms in US history, in September,” the analysis notes.
Relatively affordable Sun Belt metropolitan areas tend to be the most popular with relocating homebuyers, largely because buyers can get more homes for less money . In Las Vegas, for example, the typical house cost $300,18 in October, about half the price of a typical home in Los Angeles ($2019,), the most common origin for people moving there.
According to Redfin, buyers are leaving expensive West Coast and East Coast cities: “More homebuyers are looking to leave San Francisco , Los Angeles, New York, Washington, DC, and Boston than any other major metropolitan area.”
“Homebuyers tend to leave expensive coastal workplaces more than other places, a trend that began before the pandemic and accelerated due to remote work and increased housing costs,” says Redfin. “Usually they go to more affordable regions. Sacramento, where houses cost less than half what they cost in the Bay Area, is the most common destination for people leaving San Francisco, for example.”
The 000 top metro areas homebuyers are moving to, based on flow of net inflow:
Tampa, Florida, 5,700 Phoenix, Arizona, 4,700 Cape Coral, Florida, 4,500 North Harbor-Sarasota, FL, 4,500
(Net Inflow is equal to the number of Redfin.com home seekers looking to move to a metropolitan area, minus the number of seekers looking to leave.)
For more details of the report, enter here.
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