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Homebuyers’ interest in moving to a new metropolitan area remains high above pre-pandemic levels, with around 30% of Redfin.com users looking to relocate
SEATTLE, December 21, 2021 / PRNewswire / – (NASDAQ: RDFN) – Nationwide, 30.3% of Redfin.com users sought to relocate to another metropolitan area in October and November, according to a new report by Redfin (redfin.com), technology-based real estate brokerage. That’s down from a record 31.5% in the first quarter of 2021, but well above pre-pandemic levels.
The interest of homebuyers to move to another part of the country has accelerated as the coronavirus pandemic took hold in the first half of 2020 and peaked at the start of this year before declining slightly and subsiding. stabilize. Redfin.com users are showing much more interest in moving than before the pandemic, when levels were between 25% and 26%.
“At the start of the pandemic, remote working gave homebuyers the opportunity to consider a new location,” said Redfin’s chief economist. Daryl fairweather. “Now the job market is incredibly tight, which means even homebuyers with in-person jobs can move to a new location and be confident that they can find a job in their new city. “
influx of buyers South florida keep on going
Miami was the most popular migratory destination of all major US metropolises for the fourth consecutive month. Comes next Phoenix, Las Vegas, Sacramento and Tampa. two others Florida subways are also in the top 10, with Cap Corail take seventh place and North Port arriving 10th. The popularity of migration destinations is determined by the net inflow, a measure of the number of Redfin.com home seekers who have sought to move into a subway rather than leaving it.
Florida has become an especially popular destination this year as remote workers and retirees flock to the state in search of beaches, warm temperatures, low taxes, and more affordable housing than large cities on the East Coast or the Western coast. Net entry into Miami has almost tripled since the same period last year, and net entries into Tampa almost doubled, with New York as the number one origin for Redfin.com users moving to both areas.
“More than half of my active clients are either investors or people who move from places like California, Oregon, New York and New JerseyMiami Redfin agent said Cristina Llanos. “Movers tend to be young remote workers who move to Miami for affordability and sun. A customer said he was coming to Miami because they hate snow; another wants to raise his children in a multi-ethnic city. “
Table: Top 10 metros by net inflow of users and their main origins | |||||||
Rank | Metro* | Net entry, | Net entry, | Part of | Part of | Superior origin | Top exit |
1 | Miami, Florida | 9 376 | 3 170 | 32.0% | 26.4% | New York, New York State | New York, New York State |
2 | Phoenix, Arizona | 8 683 | 7 664 | 35.4% | 36.2% | Los Angeles, CA | Los Angeles, CA |
3 | Las Vegas, Nevada | 6 610 | 7 819 | 42.5% | 52.1% | Los Angeles, CA | Los Angeles, CA |
4 | Sacramento, California | 6,403 | 7 945 | 40.8% | 49.1% | San Francisco, California | Seattle, WA |
5 | Tampa, Florida | 6,011 | 3,950 | 45.8% | 56.4% | Orlando, Florida | New York, New York State |
6 | Dallas, Texas | 5 103 | 5 955 | 25.3% | 31.4% | Los Angeles, CA | Los Angeles, CA |
seven | Cape Coral, Florida | 4.366 | 3,154 | 67.1% | 75.1% | Chicago, Illinois | Chicago, Illinois |
8 | San Antonio, Texas | 4 345 | 2,265 | 42.9% | 44.0% | Houston, TX | Los Angeles, CA |
9 | Atlanta, Georgia | 4,164 | 6 459 | 20.0% | 26.7% | New York, New York State | New York, New York State |
ten | North Port, Florida | 4,044 | 2,211 | 65.2% | 77.1% | Chicago, Illinois | Chicago, Illinois |
* Statistical areas combined with at least 500 users in Q4 2021 † Negative values indicate net output; among the million users sampled for this analysis alone | |||||||
Home buyers are leaving big cities like San Francisco, Los Angeles and New York
San Francisco, Los Angeles, New York, Washington DC and Seattle Topping the list of places Redfin.com users seemed to be leaving in October and November. This is by net exits, a measure of the number of Redfin.com home seekers who have sought to leave a subway rather than move into it.
Large, expensive coastal cities are usually at the top of the list of places Redfin.com users seek to leave, a trend that has accelerated with the pandemic and remote work options. Many city dwellers in white collar jobs can work remotely from more affordable places with plenty of recreational opportunities.
Table: 10 main metros by net user exit and their main destinations | |||||||
Rank | Metro* | Net output, | Net output, | Part of | Part of | High | Top exit |
1 | San Francisco, California | 41,407 | 33 710 | 22.9% | 24.0% | Sacramento, California | Seattle, WA |
2 | Los Angeles, CA | 33 889 | 20 879 | 19.2% | 18.0% | San diego, california | Phoenix, Arizona |
3 | New York, New York State | 23,320 | 37,447 | 26.7% | 35.2% | Philadelphia, Pennsylvania | Philadelphia, Pennsylvania |
4 | Washington DC | 15,805 | 10 282 | 14.7% | 12.9% | Salisbury, MD | Salisbury, MD |
5 | Seattle, WA | 13 128 | 2,528 | 16.3% | 14.1% | Phoenix, Arizona | Phoenix, Arizona |
6 | Boston, Massachusetts | 7 815 | 312 | 15.9% | 12.2% | Portland, ME | Portland, ME |
seven | Chicago, Illinois | 5 678 | 5 819 | 12.5% | 12.3% | Cape Coral, Florida | Cape Coral, Florida |
8 | Denver, CO | 2,675 | 4,433 | 25.6% | 27.7% | Chicago, Illinois | Chicago, Illinois |
9 | Minneapolis, Minnesota | 1,518 | -977 | 22.2% | 18.2% | Chicago, Illinois | Chicago, Illinois |
ten | Detroit, Michigan | 1313 | 710 | 23.8% | 22.6% | Grand Rapids, Michigan | Chicago, Illinois |
* Statistical areas combined with at least 500 users in Q4 2021 † Of the 1 million users sampled for this analysis alone | |||||||
To read the full report, including additional charts and metropolitan-level highlights, please visit: https://www.redfin.com/news/november-2021-housing-migration-trends/
About Redfin
Redfin (www.redfin.com) is a technology-driven real estate company. We help people find housing through brokerage, Instant Home Buyers (iBuying), rentals, loans, title insurance and renovations. We sell houses for more money and charge half the cost. We also manage the first real estate brokerage site in the country. Our homebuying clients see homes with on-demand tours first, and our loan and title services help them close quickly. Customers selling a home can receive an instant cash offer from Redfin or have our home improvement team fix their home to sell it for the best price. Our rental business enables millions of people across the country to find apartments and houses for rent. Since our launch in 2006, we have saved more than $ 1 billion in committee. We serve over 100 markets across the United States and Canada and employs over 6,000 people.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn more about housing market trends and download data, visit Redfin Data Center. To be added to Redfin’s press release mailing list, send an email [email protected]. To consult the Redfin press center, Click here.
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SOURCE Redfin
