A quarter of all Redfin users searching for properties $1 million or more are looking to leave their current city. Where are they moving?
Los Angeles was the most popular destination for Redfin.com users searching for million-dollar-plus homes outside their metro, followed by fellow coastal areas San Diego, Seattle, Miami and Honolulu.
Los Angeles and Seattle, two of the three most popular destinations for people searching for high-end homes, are among the metros that home searchers at all price points are most often looking to leave. And for seven of the 10 metros million-dollar-plus homebuyers are looking to leave, Los Angeles is the most popular destination.
Los Angeles Redfin agent Alec Traub said Los Angeles is popular with homebuyers searching for $1 million-plus homes because the market is expensive, but homes are still more affordable than they are in San Francisco and New York. “And while homes in Los Angeles may be a bit more expensive than they are in places like Chicago and Washington, D.C., many people who can afford million-dollar homes are willing to pay a premium to live where it’s 75 degrees and sunny all year long,” Traub said.