The Pandemic-Driven Migration Boom Is Waning, With the Share of Homebuyers Relocating at Lowest Level in 18 Months
Redfin reports the share of homebuyers moving to a different metro area is coming down from a peak as it becomes less feasible to work remotely
Overall homebuying slowed in 2023 because it was the least affordable year on record and there was a severe supply shortage. There were
The portion of house hunters who are relocating to a new area is coming down for a few reasons. One, there’s less flexibility to work remotely as employers call workers back to the office. That means the flow of homebuyers moving from the
Still, the migration rate remains above pre-pandemic levels of around
The number-one origin of homebuyers moving to
Top 10 Metros Homebuyers Are Moving Into, by Net Inflow Net inflow = Number of Redfin.com home searchers looking to move into a metro area, minus the number of searchers looking to leave |
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Metro* |
Net Inflow, Nov. 2023 |
Net Inflow, Nov. 2022 |
Top Origin |
Top Out-of-State Origin
|
|
5,100 |
7,000 |
|
|
|
3,800 |
6,400 |
|
|
|
3,700 |
3,700 |
|
|
|
3,700 |
4,000 |
|
|
|
3,600 |
2,000 |
|
|
|
3,600 |
2,800 |
|
|
|
3,500 |
3,300 |
|
|
|
3,400 |
2,800 |
|
|
|
3,000 |
2,800 |
|
|
|
2,500 |
2,300 |
|
|
*Combined statistical areas with at least 500 users searching to and from the region in Sept. 2023-Nov. 2023 |
More homebuyers are leaving
Migration out of both
Top 10 Metros Homebuyers Are Leaving, by Net Outflow Net outflow = Number of Redfin.com home searchers looking to leave a metro area, minus the number of searchers looking to move in |
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Metro* |
Net Outflow, Nov. 2023 |
Net Outflow, Nov. 2022 |
Top Destination |
Top Out-of-State Destination
|
|
26,100 |
30,300 |
|
|
|
25,400 |
32,000 |
|
|
|
24,900 |
20,700 |
|
|
|
13,300 |
16,100 |
|
|
|
11,900 |
1,300 |
|
|
|
7,600 |
7,100 |
|
|
|
5,000 |
6,100 |
|
|
|
3,000 |
1,300 |
|
|
|
2,100 |
3,400 |
|
|
|
2,000 |
3,200 |
|
|
*Combined statistical areas with at least 500 users searching to and from the region in Sept. 2023-Nov. 2023 |
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-migration-trends-November-2023
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Redfin Journalist Services:
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press@redfin.com
Source: Redfin