A new data report from the brokerage Redfin determined nearly one-quarter (24.2%) of homebuyers nationwide looked to move to a different metro area in the third quarter, a record high.
Sacramento, Miami and Las Vegas were the most popular spots for out-of-town homebuyers, as determined by search activity on Redfin.com, while more homebuyers looked to leave San Francisco, Los Angeles, New York, Washington, D.C. and Boston. Redfin”™s migration analysis is based on about 2 million Redfin.com users who viewed for-sale homes online across more than 100 metro areas in the third quarter.
“With a recession looming and household expenses high, many people can”™t afford to buy a home in an expensive area and/or want to save money in case of an emergency, which makes relocating somewhere more affordable an attractive option,” said Redfin Economics Research Lead Chen Zhao. “Migration will likely slow in the coming months because the softening labor market and job losses will push more people to stay put or move in with family, though some may need to relocate for new employment opportunities. Plus, many remote workers who wanted to relocate already have.”
