The number of house hunters looking to change cities is falling, new research from Redfin indicated.
In a survey of 2 million users on the real estate portal, 29.5% were looking to move to a different U.S. metro area in October, a slight drop from a peak of 31.5% at the beginning of the year, according to a report released this week.
Still, rates of users looking to relocate are higher than their pre-pandemic average of 26%, a trend driven by remote work and increased geographic flexibility.
“With many employers making remote work permanent, we expect people to continue relocating at a higher rate than they did before the pandemic,” Redfin chief economist Daryl Fairweather wrote in the report.
Miami; Phoenix; Sacramento, California; Las Vegas; and Tampa, Florida, topped the list of most popular destinations for movers, while dense, high-priced cities including San Francisco, Los Angeles, New York, Washington, D.C., and Seattle saw the highest outflow of residents.
After more than a year of frenzied sales and rising prices in Sunbelt cities, Redfin predicted activity in these areas to cool somewhat heading into 2022 as more affordable secondary cities become more attractive.
“Popular Sunbelt migration destinations including Phoenix, Atlanta and Austin [Texas] will probably fall out of favor as skyrocketing home prices have rendered them less affordable,” Ms. Fairweather wrote. “Northern cities like Columbus [Ohio], Harrisburg [Pennsylvania], and Indianapolis will likely rise in popularity as home buyers seek better bang for their buck.”
By: Virginia K. Smith I Mansion Global I November 2021