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Nationwide, 31.2% of Redfin.com users looked to move to a different metro in the fourth quarter of 2021, according to a new report from Redfin, the technology-powered real estate brokerage.
That number is down from the record high of 31.5% set in the first quarter of last year, but is still up significantly from pre-pandemic levels, with 26.3% of Redfin.com users looking to relocate in the fourth quarter of 2019.
Homebuyer interest in relocating to a new part of the country rose with the onset of the pandemic and has remained elevated for nearly two years. That’s partly due to low mortgage rates and partly the surge in remote work that’s allowing Americans to choose where they live based on things like affordability and weather rather than proximity to an office.
The latest migration analysis is based on a sample of about 2 million Redfin.com users who searched for homes across 111 metro areas in the fourth quarter.
Homebuyers are flocking to relatively affordable areas including Miami, Phoenix and Las Vegas
Miami, Phoenix, Las Vegas, Sacramento and Tampa were the most popular migration destinations of all the major U.S. metros in the fourth quarter. Popularity is determined by net inflow, a measure of how many more Redfin.com home searchers looked to move into a metro than leave.
Sunbelt metros like Phoenix and Las Vegas are perennially near the top of the list, and this is the second quarter in a row that Miami has taken the number-one spot.
Homebuyers tend to move from expensive areas to more affordable places. New York ($640,000 median sale price) was the number-one origin for people moving to Miami ($440,000), while Los Angeles ($835,000) was the top origin for people moving to both Phoenix ($435,000) and Las Vegas ($339,000).
People are leaving big, expensive cities
San Francisco, Los Angeles, New York, Washington, D.C. and Seattle are the top metros homebuyers looked to leave in the fourth quarter. That’s according to net outflow, a measure of how many more Redfin.com home searchers looked to leave a metro than move in.
Major metropolitan job centers–especially expensive ones–tend to top the list of places Redfin.com users are looking to leave, and this quarter is no exception. But as remote work becomes more solidified for many workers, even more people are leaving San Francisco, Los Angeles, Washington, D.C. and Seattle than a year ago.
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/Q4-2021-housing-migration-trends
Source: Redfin
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