Interest in Relocating Remains Elevated; Nearly 1 in 3 Looking to Move15264
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Interest in Relocating Remains Elevated, With Nearly 1 in 3 Redfin.com Users Looking to Move to a Different Metro
Phoenix, Las Vegas and Sacramento are among the most popular destinations as remote work allows people the freedom to move from expensive job centers to more affordable areas
SEATTLE, July 20, 2021 /PRNewswire/ -- (NASDAQ: RDFN) Nationwide, 31.1% of Redfin.com users looked to move to a different metro in the second quarter, up from 27.6% during the same time period last year, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage.
Movement from one part of the country to another started rising with the onset of the coronavirus pandemic as remote work allowed homebuyers to prioritize affordability and living near family and friends above proximity to the office. Though the share of Redfin.com users searching outside their home metro slipped slightly from the first quarter to the second quarter, it is still well above pre-pandemic levels.
"Some pandemic trends are here to stay, and moving to a more affordable part of the country is part of the new normal," said Redfin Chief Economist Daryl Fairweather. "In fact, the Biden administration plans to make it easier for Americans to move to a new state by encouraging the FTC to ban certain occupational licensing restrictions. That would make it easier for a teacher, barber or electrician to move across state lines."
Perennially popular destinations like Phoenix and Las Vegas are attracting even more residents than before the pandemic
Phoenix, Las Vegas, Sacramento, Miami and Tampa were the most popular migration destinations of any major metros in the U.S. in the second quarter, meaning they had the biggest net inflows. A net inflow is a measure of how many more Redfin.com home searchers looked to move into a metro than leave, out of a sample of two million users.
Relatively affordable areas are consistently among the top destinations for Redfin.com users moving to different areas, but they have become even more popular during the pandemic. For instance, the net inflow of Redfin.com users into Las Vegas jumped in the beginning of 2020 and has remained elevated since then.
"Las Vegas is attractive for a lot of reasons: Homes are affordable, taxes are low, the weather is warm and now the tourism industry is revving back up, with hotels and casinos bustling once again," said local Redfin agent Marco Di Pasqualucci. "Remote workers and retirees are flocking to Las Vegas, especially from more expensive markets. If someone sells their expensive house in Seattle or Los Angeles, they can come here and buy a nice, spacious house for over asking price, sometimes even in cash. The market is competitive, but it's not as tough for folks relocating from places like Seattle or Los Angeles who are planning to pay cash."
Although Las Vegas home prices have risen 18.1% over the last year, the typical home still sells for $365,000—less than half of the $828,000 median sale price in Los Angeles, the top origin for people relocating to Las Vegas.
Redfin.com users are leaving New York, San Francisco and Los Angeles
More Redfin.com users moved away from New York, San Francisco, Los Angeles, Washington, D.C. and Denver than any other metro area in the second quarter, meaning they had the biggest net outflow. A net outflow is a measure of how many more Redfin.com home searchers looked to leave a metro than move in, out of a sample of two million users.
Large, expensive cities typically lose the most residents. But the number of homebuyers looking to leave those places was much higher in the second quarter than the same time period a year before as remote work gives many people the freedom to leave expensive job centers in favor of more affordable locales.
For instance, nearly 45% more Redfin.com users looked to leave the San Francisco Bay Area in the second quarter than a year earlier. Sacramento, where the typical home sold for $565,000 in June, is the most popular destination for people leaving the San Francisco metro, where the typical home sold for nearly three times more in June ($1.59 million).
To view the full report, including the bidding war rates by metro, please visit: https://www.redfin.com/news/q2-2021-housing-migration-trends/
Redfin (www.redfin.com) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. 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. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 95 markets across the U.S. and Canada and employ over 4,100 people.
Source: Redfin via PRNewswire
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