A Record Share of Homebuyers Are Relocating to These Popular Markets
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.”