Interest in Relocation Dips Slightly, With 30% of House Hunters Looking to Move to a Different Metro Area
In July and August, 30.1% of Redfin.com users considered relocating to a different metro area, a slight decrease from 31.1% in Q2 2021 but an increase from 28.7% year-over-year. This migration trend reflects a cooling in the housing market as homebuyer competition and sales growth decline. Popular destinations include Miami and Sacramento, while San Francisco and Los Angeles showed significant net outflows. The report indicates that despite the dip, interest in relocation remains high due to job changes and affordability concerns.
- 30.1% of users still seeking relocation shows ongoing market interest.
- Miami and Sacramento identified as top relocation destinations, indicating strong demand in these areas.
- Slight decline in relocation interest from 31.1% in Q2 2021.
- Overall housing market showing signs of cooling with decreased competition and sales.
SEATTLE, Sept. 23, 2021 /PRNewswire/ -- (NASDAQ: RDFN) -- Nationwide,
The pandemic triggered a relocation boom among Americans, who took advantage of remote work and record-low mortgage rates. Scores of families left major cities in search of affordability and space. But while house hunters continue to relocate at a higher rate than they did early in the pandemic, migration has cooled this summer as life in the U.S. has returned, at least somewhat, to normal.
The slight dip in migration has coincided with a slowdown in the broader housing market: Homebuyer competition, home-sales growth and interest in second homes, for example, are all on the decline. It's worth noting that the housing market typically slows at this time of year.
"We're not seeing the level of movement we saw at the end of 2020 and the start of 2021, but a lot of people are still looking to move to new cities," said Redfin Lead Economist Taylor Marr. "Worker turnover is one reason interest in relocating remains high. Scores of Americans are quitting their jobs in search of better salaries, benefits and flexibility. Once they find their next gig, people are often able to move for affordability or a better lifestyle."
Miami and Sacramento Are the Top Destinations for House Hunters Looking to Relocate
Miami, Sacramento, Phoenix, Las Vegas and Tampa were the most popular migration destinations of any major U.S. metros in July and August, 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.
Metros that are more affordable than major coastal cities like San Francisco and New York, and feature warmer weather, frequently make the list of top migration destinations. They've become even more popular during the pandemic because homebuyers who work remotely have had the freedom to prioritize affordability and space over proximity to the office.
"The influx of homebuyers into Las Vegas eased a little in August, but appears to have picked back up in September," said local Redfin real estate agent Cheryl Van Elsis. "August seems to be a little slow every year because it's so scorching hot here. People are also heading out on vacation and families are preparing to send their kids back to school."
San Francisco and Los Angeles Are the Top Places Homebuyers Are Leaving Behind
San Francisco, Los Angeles, New York, Washington, D.C. and Boston saw more Redfin.com users aim to leave than any other metro areas in July and August, 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, pricey cities typically see the most residents depart—a trend that has intensified during the pandemic as remote work has given more people the flexibility to leave expensive job centers for relatively affordable areas.
That said, four of the 10 top metros that people are leaving—New York, Chicago, Denver and Seattle—actually saw fewer people exit than a year earlier. For example, New York saw a net outflow of 25,534 Redfin.com users in July and August, down from a net outflow of 40,049 during the same period in 2020.
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/july-august-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
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
FAQ
What percentage of Redfin.com users looked to relocate in July and August 2021?
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