Online searches for homes in suburbs and rural areas has increased since the first quarter of 2020 in most major U.S. metro areas, a piece of evidence that the pandemic has had a measurable impact on homebuyer preferences. In Charlotte, 58.4% of saved searches on Redfin.com were for homes in suburbs and rural areas—as opposed
With a record share of Redfin.com home searchers looking to move to another metro, out-of-towners are making it difficult for local residents to win bidding wars. The average out-of-towner moving to Phoenix has $630,000 to spend on a home, versus $510,000 for locals. Nationwide, 31.5% of Redfin.com users looked to move to a different metro
Nearly 40% of homes in the U.S. are selling for more than their asking price, the highest share on record. More than three out of five homes in San Jose, Sacramento, Salt Lake City, Austin and Denver sold above their asking price in the last month, driving the national share to an all-time high. Sacramento
Phoenix is the most popular destination for Redfin.com users looking to move away from expensive coastal cities. Some out-of-town buyers are shifting their search from Texas to Arizona after recent winter storms. Nationwide, 31.2% of Redfin.com users looked to move to a different metro in January and February, up from 26.1% during the same time
Redfin’s migration affordability calculator shows that a move from Seattle to Phoenix would yield $12,000 more in annual disposable income for the typical tech worker, but they would break even if they were to take a 10% pay cut. The typical remote-tech worker who moves from San Francisco to Las Vegas and keeps their job
Remote workers seeking space for offices and a simpler lifestyle are searching for homes in places like Lake Tahoe, Santa Cruz and Cape Cod. Meanwhile, big cities like New York are cooling down. Housing markets in vacation destinations and relatively affordable suburbs of big cities have heated up more than any other area over the
