Source: Redfin —
As a record share of homebuyers move to different parts of the country, prices in popular destinations like Miami and Phoenix have shot up. But buyers can still turn to hotspots like Virginia Beach, San Antonio and Bakersfield to find homes priced below the national median.
Thirty-two percent of homebuyers nationwide looked to move to a different metro area in April, close to the all-time high of 32.3% set in the first quarter.
As homebuyers relocate at unprecedented levels, home prices in many once-affordable metros have surged and priced out many would-be buyers–a dynamic that’s being exacerbated by rising mortgage rates. But a handful of popular migration destinations, mainly in the South, are still relatively affordable.