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
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,
Miami and Tampa Are the Most Popular Destinations For Relocating Homebuyers Read More »
Austin, Las Vegas, Nashville and other metros popular during the pandemic have seen in-migration slow amid surging prices and higher mortgage rates. Homebuyers who are priced out of Austin are turning to San Antonio, located about 80 miles southwest. San Antonio ranks 10th on Redfin’s list of most popular migration destinations, and its popularity with
Priced Out of Austin, Relocating Homebuyers Turn to San Antonio Read More »
As a record share of homebuyers move to different parts of the country, prices in popular destinations like Miami and Phoenix have shot up. But buyers can still turn to hotspots like Virginia Beach, San Antonio and Bakersfield to find homes priced below the national median. Thirty-two percent of homebuyers nationwide looked to move to
Here Are Eight U.S. Migration Hotspots Where Homes Are Still Relatively Affordable Read More »
An influx of people moving into Phoenix, Tampa and Atlanta has led to rapidly rising home prices, one contributor to outsized inflation in those areas. Those Sun Belt metros are still relatively affordable, but scores of new residents and high inflation means the financial benefit of living there is diminishing. Some of the hottest migration
Migration Hotspots in the Sun Belt Are Home to the Nation’s Highest Inflation Rates Read More »
Nearly one-third (32.3%) of Redfin.com users looked to move away from their hometown in the first quarter, an all-time high. The number of homebuyers leaving Seattle has increased sixfold since before the pandemic–largely due to remote work and soaring home prices–one factor in the early signs we’re seeing of a housing-market slowdown in Seattle and
