Currently Reading

Where the Buyers Are (Moving To and Leaving)

Advertisement

Where the Buyers Are (Moving To and Leaving)


August 28, 2020
Wildebeasts crossing a river
Image: stock.Adobe.com

It may not be an exodus but there is a growing migration from expensive coastal cities to more affordable real estate markets inland thanks to the work-at-home culture due to the coronavirus.

“People who can work remotely are re-examining where they want to live, and for most of them that means they’re looking at places that are less expensive,” said Veronica Clyatt, a Redfin agent in Pleasanton, CA, located about 40 miles east of San Francisco. “I’ve had buyers drop out of their search in the Bay Area because they’re moving to Sacramento or Texas, and I’ve had people moving over to Pleasanton because it’s less expensive than San Francisco. Everyone wants a bigger house and a bigger yard, and they want to pay less. A lot of people moving away from the Bay Area have had it in the pipeline for awhile, and remote work is accelerating the process.”

Sacramento has overtaken Phoenix as the most popular destination for homebuyers looking to move to a different metro area. Sacramento, Phoenix and Las Vegas—all places with a median home price of under $475,000—are perennial hotspots for migrants. Austin and Atlanta round out the top five in terms of net inflow, as they did in the second quarter. A net inflow means more people are looking to move in than leave, and a net outflow means more people are looking to leave than move in.

To see the top 10 cities with net inflow and outflow and where those buyers are coming from and going to … 

Read More

Related Stories

Demographics

Millennial Millionaires Are Putting off Major Purchases Due to Inflation

Millennials are the key drivers of growth for the housing market, but many are delaying their purchasing plans to wait out a period of elevated inflation

NAHB

Using Digital Marketing to Sell Homes to Digital Natives

The millennial cohort brings with it growth potential for home builders as millennials reach prime home buying age. But millennials also bring with them new expectations for the home buying experience

Demographics

Gen Zers Are Entering the Housing Market as First-Time Buyers, but Where Are They Searching?

As large metro areas become more expensive, young homebuyers are searching for affordable housing in midsize cities

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

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.