Almost one quarter (24.1%) of all U.S. homebuyers planned a move to a new metro in the three months ending in October, just below the 24.2% record high set in the third quarter, Redfin reports. Relocating buyers from pricey cities like San Francisco, Los Angeles, and New York are seeking affordable homes in popular Sun Belt destinations like Sacramento, Las Vegas and Miami, where they’re getting more square footage for less money.
While home prices are soaring to new highs in coastal markets like Los Angeles, where the typical home costs $823,000, out-of-state buyers are finding more spacious properties at a fraction of the cost in metros like Las Vegas, where the typical home cost $410,000 in October.
Sacramento, Las Vegas and Miami were the most popular destinations for Redfin.com users looking to relocate, followed by San Diego and Tampa. Popularity is determined by net inflow, which is the number of people looking to move into a metro minus the number of people looking to leave.
Half of the top 10 migration destinations are in Florida (Cape Coral, North Port-Sarasota and Orlando are all on the list, in addition to Miami and Tampa). That’s despite the fact that the state was hit by Hurricane Ian, one of the deadliest, most destructive storms in U.S. history, in September.
Advertisement
Related Stories
Housing Markets
5 Housing Markets That Would See a Huge Increase in Homeownership if Mortgage Rates Dropped
Spokane, Wash., would experience an 11.4% increase in affordability if rates dropped to 6%
Housing Markets
Spring Housing Markets: Which Markets Saw the Most Appreciation, and Which Saw the Least?
Florida metros saw the weakest appreciation of all housing markets in the US
Business Management
How 2023's Housing Market Conditions Are Affecting the 2024 Market
Last year ended on an optimistic note, but persistent headwinds still exist to keep 2024 from getting the housing market back to pre-pandemic levels