flexiblefullpage - default
Currently Reading

A Record Share of Homebuyers Are Relocating to These Popular Markets

Advertisement
billboard - default
Housing Markets

A Record Share of Homebuyers Are Relocating to These Popular Markets

Buyers are relocating to new cities for more affordable housing and a change of scenery. Here's where they're headed


August 15, 2022
Portland, Maine skyline at sunset
Image: Stock.adobe.com

Surging mortgage rates and home prices are motivating a record number of Americans to relocate for affordability even as the housing market cools at its fastest pace since the start of the pandemic. A record 33.7% of Redfin.com users nationwide looked to move outside of their native metros in July, a slight increase from 32.6% in the second quarter and up from 26% before the pandemic. 

Miami was the most popular destination for migrating homebuyers in Q2 2022, followed by California metros like Sacramento and San Diego. Portland, ME also made Redfin’s list of the top 10 homebuying destinations for the first time as it becomes more popular among relocating Bostonians seeking out space and affordability away from the city.

“We’ve always had a lot of people from the Bay Area and Los Angeles move to San Diego for a better work-life balance and a beachside lifestyle, and it has picked up since remote work became commonplace,” said San Diego Redfin agent Jodie Lee. “This year, I’ve also seen quite a few remote workers move in from places like Seattle and North Carolina because they like the sunny weather and outdoor activities in this area. San Diego also has a big military presence, and more service members are relocating here now that the cooling market means they have a better chance of getting an offer with a VA loan accepted.”

Read more

Related Stories

Housing Policy + Finance

How Detroit’s New Land Value Tax Plan Could Serve as a Model for the Nation

Detroit's mayor is introducing a new land value tax plan intended to increase funding for new construction and resolve a rental affordability crisis

Housing Markets

Supply Is Increasing, but Prices Aren’t Falling in This Overheated Metro

While some housing markets are posting price declines in a nationwide correction, cities such as Las Vegas are seeing slow sales and inflated housing costs, even as inventory rises

Environmental

Arizona Sets Limits on Phoenix Construction as Drought Worsens

The Arizona Department of Water Resources is restricting new housing construction in the Phoenix metro area that depends on groundwater 

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category



Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.