The Share of Homebuyers Looking to Relocate Is on the Rise
Almost one quarter (24.1%) of all U.S. homebuyers planned a move to a new metro in the three months ending in October, just below the 24.2% record high set in the third quarter, Redfin reports. Relocating buyers from pricey cities like San Francisco, Los Angeles, and New York are seeking affordable homes in popular Sun Belt destinations like Sacramento, Las Vegas and Miami, where they’re getting more square footage for less money.
While home prices are soaring to new highs in coastal markets like Los Angeles, where the typical home costs $823,000, out-of-state buyers are finding more spacious properties at a fraction of the cost in metros like Las Vegas, where the typical home cost $410,000 in October.
Sacramento, Las Vegas and Miami were the most popular destinations for Redfin.com users looking to relocate, followed by San Diego and Tampa. 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 top 10 migration destinations are in Florida (Cape Coral, North Port-Sarasota and Orlando are all on the list, in addition to Miami and Tampa). That’s despite the fact that the state was hit by Hurricane Ian, one of the deadliest, most destructive storms in U.S. history, in September.