According to data from Redfin, a quarter of home searchers were looking to move outside their metro area last this year — up slightly from last year. It’s the highest share of relocating homebuyers on record.
The majority of buyers are looking to leave high-cost metros like New York City, Los Angeles, San Francisco, and Washington, D.C. Almost forty percent of New York City home searchers were looking to leave the city last quarter.
Lower interest rates have made buying a home more affordable, but these areas are still seeing sky-high home prices and taxes. Homebuyers relocating to more affordable cities can stand to save thousands. Other cities with high shares of outward migration were Chicago; Denver; Milwaukee; Houston; and Detroit.
The most popular spot for relocating? According to Redfin’s data, it was Phoenix. Over 22 percent of all home searchers looking at properties in the Phoenix area last quarter came from outside metros. In addition to the usual interest from California transplants, Phoenix is seeing a lot of buyers coming from Seattle and Chicago. Usually, the Phoenix housing market slows down going into the summer because of the heat, but that wasn’t the case in 2019. Other popular destinations for out-of-towners included Atlanta, Las Vegas, Austin, Tampa, Dallas, Miami, San Diego, and Boston.
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