Migration

Newcomers to Philadelphia Have Nearly 40% More to Spend on Homes Than Locals

Out-of-towners have bigger budgets than locals in relatively affordable destinations like Philadelphia, Atlanta and Dallas because many are remote workers moving in from more expensive places, often with high hometown salaries and proceeds from a home sale. The average out-of-towner moving to Philadelphia in the first half of 2022 had $588,000 to spend on a […]

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Pandemic Homebuying Hotspots With Steep Price Increases Most Susceptible to Housing Downturn in a Recession

Riverside, Boise, Phoenix and Tampa are among the markets where homeowners stand to lose some of the value they gained over the past two years. Still-affordable Rust Belt metros like Cleveland and Buffalo are most resilient. Popular migration destinations where home prices soared during the pandemic–including Boise, ID, Phoenix and Tampa, FL–are most likely to

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A Record Share of Homebuyers Relocate As High Prices, Mortgage Rates Push Them Toward More Affordable Areas

Homebuyers are seeking out less expensive locales like Tampa and San Antonio, partly because the surging cost of housing and other goods is limiting their ability to buy homes in many U.S. cities. A record 32.6% of Redfin.com users nationwide looked to move from one metro to another in the second quarter, up slightly from

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More Than 40% of Home Sellers Are Dropping Their Prices in Salt Lake City, Boise, Sacramento and Other Pandemic Hot Spots

Sellers are adjusting their expectations as they realize many buyers are no longer able to afford the type of home they could have before mortgage rates shot up. An increasing share of home sellers are lowering their asking price as rapidly rising mortgage rates cut into buyers’ budgets and homebuying sentiment drops. Price drops are

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Miami and Tampa Are the Most Popular Destinations For Relocating Homebuyers

Nationwide, a record share of homebuyers are relocating, many in search of affordability as prices and mortgage rates soar.   Homebuyer migration remained at an all-time high in April and May, with 32.3% of Redfin.com users nationwide looking to move to a different metro area. While that’s unchanged from the record set in the first quarter,

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