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Fewer people are relocating these days. The latest report from Redfin reveals a slight nationwide decline in the number of homebuyers looking to relocate compared to the previous year. Redfin says it boils down to the fact mortgage rates have jumped up so high so fast.
For those who are making a move, their preferred markets include places like Sacramento, Las Vegas, Orlando, Myrtle Beach, and Portland, Maine.
The underlying data suggest that would-be domestic migrants are seeking affordability. Among homebuyers hoping to move to Sacramento, the largest group currently resides in the more expensive San Francisco market. Similarly, among homebuyers aiming for Orlando, the largest group currently resides in the more expensive New York City.
Where metros are these would-be homebuyers planning to leave? According to Redfin’s analysis, high-cost coastal markets such as San Francisco, New York, Los Angeles, Washington D.C., and Seattle topped the list.
“A lot of Nashville locals have been priced out of homeownership, but when you’re coming from somewhere like California or New York, housing prices here still seem reasonable,” wrote Kristin Sanchez, a Redfin Premier real estate agent, in the report. “Nashville has relatively low property taxes, insurance costs and utility prices, along with no state income tax, all of which definitely help if you’re looking for a lower cost of living.”
Redfin’s migration analysis looked at 2 million Redfin.com users who viewed for-sale homes online across more than 100 metro areas from August 2023 to October 2023.
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