Slightly more than one-quarter of homebuyers (26%) are looking to move to a different part of the country, according to new data from Redfin (NASDAQ:RDFN). This share is up from 24% one year ago and roughly 19% from the pre-pandemic era, and it also represents a record high since Redfin started tracking this data.
Nine of the 10 most popular migration destinations tracked by Redfin have a lower median home-sale price than the most common origin of homebuyers moving in. The California capital of Sacramento is the most popular destination for relocating homebuyers – a typical home in that market sells for $575,000, nearly a million dollars less than the typical home in San Francisco at $1.48 million. And even with a 7% mortgage rate, the monthly payment for the median-priced Sacramento home is $3,889, compared to $10,010 for the median-priced San Francisco home.
After Sacramento, the most popular destinations for those seeking to relocate are Las Vegas and a trio of Florida metros: Orlando, North Port-Sarasota and Tampa. On the flip side, homebuyers are leaving San Francisco, New York and Los Angeles more than any other metro in the country.