Roughly one in five (19.1%) prospective homebuyers looked to move from one part of the country to another during the first quarter, according to a new data report from Redfin. That share is up slightly from the 18.9% level recorded one year earlier and marked the highest share in records dating back to 2021.
Orlando was the most popular destination for relocating house hunters in the first quarter. It was followed by three other Florida metros: North Port, Miami and Cape Coral. Tampa came in sixth, after Las Vegas. Popularity is determined by net inflow, a measure of how many more Redfin.com users looked to move into an area than leave.
House hunters left New York, Seattle and Los Angeles more than any other major metro in the first quarter. That’s based on net outflow, a measure of how many more Redfin.com users are looking to leave a metro than move in.
Redfin attributed the rising percentage of homebuyers considering cross-country relocation on the search for more affordable. The report noted Orlando was the most popular destination for relocating house hunters, where the typical home costs just over $400,000 – which is roughly half the cost of the typical home in New York City, the most top market for Orlando-seeking buyers.
Also, many Americans are eager to leave the places they moved to during the pandemic. For instance, about 1,700 more people left Charlotte than moved in during the first quarter, compared to a net inflow of about 3,200 five years earlier. Austin lost about 300 more residents than it gained during the first quarter, compared to a net inflow of 14,000 five years earlier.
0 Comments