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Nearly a Quarter of All Homebuyers Are Looking To Relocate—Here's Where They're Headed

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Housing Markets

Nearly a Quarter of All Homebuyers Are Looking To Relocate—Here's Where They're Headed

Home sales are slowing nationwide as mortgage rates continue to rise, but those still active in the for-sale market are headed to popular Sun Belt cities for warmer weather and greater housing affordability

December 20, 2022
Sacramento, CA downtown metro area
Image: Stock.adobe.com

High mortgage rates and elevated home prices are causing a growing number of would-be homebuyers to reconsider their purchasing plans, but among those still actively searching for homes, 24.1% were looking to relocate to a different metro during the three months ending in November. The share of relocating buyers remains close to its record high, but fewer house hunters looked to move to each of the 10 most popular migration destinations in November compared to a month earlier, Redfin reports.

Still, Sun Belt locations like Sacramento, Las Vegas, and Miami were the most popular markets for migrating buyers, and half of the top 10 November destinations were Florida metros. The typical home in eight of the top 10 destinations is more affordable than the average home in the most common origin metros for incoming homebuyers, making the Sun Belt a more desirable location for buyers all across the U.S. 

After Sacramento, Las Vegas was the most popular migration destination in November. It’s followed by Miami, Tampa and San Diego. Popularity is determined by net inflow, which is the number of people looking to move into a metro minus the number of people looking to leave. 

Half of the 10 most popular destinations are in Florida, despite Hurricane Ian wreaking havoc in the state in late September. Nearly all of them are in the Sun Belt, with warm and sunny weather.

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