With home prices up 16% from a year ago and mortgage rates rising, many Americans are searching for homes in more affordable areas. The share of homebuyers moving from one part of the country to another is at a record high. Nationwide, 32.3% of Redfin.com users looked to relocate in January and February. That’s up from
A Record Share of U.S. Homebuyers Are Looking to Relocate as Prices Skyrocket Read More »
Today’s house hunters have half as many homes to choose from after surging demand driven by remote work and low mortgage rates intensified the housing shortage. Homes are 34% more expensive, with the median sale price now at $369,000. Buyers are twice as likely to pay above list price as they grapple with fierce competition.
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Redfin’s chief economist predicts the share of Americans relocating will keep increasing as the year goes on, with rising mortgage rates and skyrocketing rents making affordable metros more attractive than ever. A record 32.4% of Redfin.com users nationwide looked to move to a different metro area in January. That’s up from the previous peak of
Nearly 1 in 3 Homebuyers Is Looking to Relocate, an All-Time High Read More »
Relocators have more to spend on homes than locals in 42 of the 49 cities included in this analysis. The average out-of-towner moving to Nashville in 2021 had $736,900 to spend on a home, 28.5% higher than the $573,400 average budget for local buyers. That’s the biggest gap among the cities included in this analysis.
Phoenix, Dallas and Orlando were the most popular migration destinations of 2021. But with home prices up roughly 30% in certain Sun Belt hotspots, some locals are getting priced out and some relocators may have second thoughts. Nationwide, 31% of Redfin.com users looked to relocate last year, up from 26% before the pandemic. Phoenix was
Home Prices Are Soaring in America’s Most Popular Migration Destinations Read More »
Nearly one-third of Redfin.com users looked to move away from their hometown in the fourth quarter, close to the record high set in the first quarter. Popular destinations include Miami and Phoenix. Nationwide, 31.2% of Redfin.com users looked to move to a different metro in the fourth quarter of 2021, near the record high of
The Share of Homebuyers Looking to Relocate Is Near Pandemic Peak Read More »
