Share of Homebuyers Looking to Relocate Dips Slightly in October
SEATTLE, Nov. 29, 2021 /PRNewswire/ -- (NASDAQ: RDFN) —Nationwide, 29.5% of Redfin.com users looked to move to a different metropolitan area in October, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That's down from a peak of 31.5% at the beginning of the year, but still higher than the 26% levels seen before the coronavirus pandemic.
"With many employers making remote work permanent, we expect people to continue relocating at a higher rate than they did before the pandemic," said Redfin Chief Economist Daryl Fairweather. "What will likely change are the places people choose to relocate to. Popular Sunbelt migration destinations including Phoenix, Atlanta and Austin will probably fall out of favor as skyrocketing home prices have rendered them less affordable. Northern cities like Columbus, Harrisburg and Indianapolis will likely rise in popularity as homebuyers seek better bang for their buck."
Miami, Phoenix and Sacramento Are the Top Metros Homebuyers Want to Move to
Miami, Phoenix, Sacramento, Las Vegas and Tampa were the most popular migration destinations of any major U.S. metros in October, meaning they had the largest net inflows. A net inflow is a measure of how many more Redfin.com home searchers looked to move into a metro than leave.
While Sunbelt cities remain popular, four of the 10 top metros people wanted to relocate to in October—Sacramento, Las Vegas, Dallas and Atlanta—saw fewer people looking to move in than a year earlier. Sacramento, for example, saw a net inflow of 4,904 Redfin.com users, down from a net inflow of 6,369 in October 2020.
Table: Top 10 Metros by Net Inflow of Users and Their Top Origins | |||||||
Rank | Metro* | Net | Net | Portion of | Portion of | Top Origin | Top Out-of- |
1 | Miami, FL | 6,897 | 2,226 | 32.1% | 26% | New York, NY | New York, NY |
2 | Phoenix, AZ | 6,343 | 5,554 | 35.8% | 36.2% | Los Angeles, CA | Los Angeles, CA |
3 | Sacramento, CA | 4,904 | 6,369 | 41% | 49.7% | San Francisco, CA | Seattle, WA |
4 | Las Vegas, NV | 4,713 | 5,751 | 42.6% | 52.5% | Los Angeles, CA | Los Angeles, CA |
5 | Tampa, FL | 4,365 | 2,896 | 46.2% | 55.7% | Orlando, FL | New York, NY |
6 | Dallas, TX | 3,717 | 4,247 | 25.2% | 31.2% | Los Angeles, CA | Los Angeles, CA |
7 | San Antonio, TX | 3,142 | 1,558 | 42.6% | 43.3% | Houston, TX | Los Angeles, CA |
8 | Cape Coral, FL | 3,025 | 2,050 | 68.9% | 75.8% | Chicago, IL | Chicago, IL |
9 | Atlanta, GA | 3,019 | 4,629 | 20% | 26.4% | New York, NY | New York, NY |
10 | North Port, FL | 2,876 | 1,536 | 66.1% | 77.9% | Chicago, IL | Chicago, IL |
*Combined statistical areas with at least 500 users in October 2021 †Among the 2 million users sampled for this analysis only | |||||||
San Francisco, Los Angeles and New York Are the Top Metros Homebuyers Want to Leave
San Francisco, Los Angeles, New York, Washington, D.C. and Seattle saw more Redfin.com users looking to leave than any other major metro areas in October, meaning they had the biggest net outflows. A net outflow is a measure of how many more Redfin.com home searchers looked to leave a metro than move in.
Dense, expensive cities often experience the biggest exodus of residents—a trend that has intensified during the pandemic as more Americans have been able to move to more affordable places thanks to remote work.
Table: Top 10 Metros by Net Outflow of Users and Their Top Destinations | |||||||
Rank | Metro* | Net | Net | Portion of | Portion of | Top | Top Out-of- |
1 | San Francisco, CA | 31,820 | 25,956 | 22.4% | 23.6% | Sacramento, CA | Seattle, WA |
2 | Los Angeles, CA | 26,035 | 16,134 | 19.2% | 17.8% | San Diego, CA | Phoenix, AZ |
3 | New York, NY | 16,921 | 28,046 | 26.1% | 34.8% | Philadelphia, PA | Philadelphia, PA |
4 | Washington, DC | 11,805 | 7,919 | 14.6% | 12.7% | Salisbury, MD | Salisbury, MD |
5 | Seattle, WA | 8,706 | 1,102 | 15.7% | 13.4% | Los Angeles, CA | Los Angeles, CA |
6 | Boston, MA | 5,637 | -331 | 15.6% | 11.7% | Portland, ME | Portland, ME |
7 | Chicago, IL | 4,107 | 4,916 | 12.4% | 12.2% | Cape Coral, FL | Cape Coral, FL |
8 | Denver, CO | 1,865 | 2,706 | 25.5% | 26.9% | Chicago, IL | Chicago, IL |
9 | Detroit, MI | 1,586 | 280 | 25.8% | 20.9% | Grand Rapids, MI | Chicago, IL |
10 | Minneapolis, MN | 842 | -870 | 20.5% | 17.1% | Chicago, IL | Chicago, IL |
*Combined statistical areas with at least 500 users in October 2021 †Among the 2 million users sampled for this analysis only ‡Negative values indicate a net inflow | |||||||
To view the full report, including charts and methodology, please visit:
https://www.redfin.com/news/october-2021-housing-migration-trends/
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
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SOURCE Redfin
