United States Housing Market

Home prices nationwide were up 2.9% year-over-year in August. At the same time, the number of homes sold fell 13.5% and the number of homes for sale fell 17.5%.

Overview
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Demand
Migration
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U.S. Housing Demand

How competitive is the market?

In August 2023, 36.3% of homes in the U.S. sold above list price, down 1.4 pointsyear over year. There were only 18.0% of homes that had price drops, down from 20.0% of homes in August last year. There was a 99.9% sale-to-list price, down 0.0039 points year over year. …

Homes that sold above list price likely received multiple offers. A high or growing percentage of homes selling above listprice indicates that the housing market is competitive and bidding wars are becoming more common. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive.…

Homes Sold Above List Price

(All Home Types)

36.3%

-1.4 pt YoY | Aug 2023

Based on Redfin calculations of home data from MLS and/or public records.

What does this mean?

Homes that sold above list price likely received multiple offers. A high or growing percentage of homes selling above list price indicates that the housing market is competitive and bidding wars are becoming more common. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive.

Location

Data

Aug 2023

Growth

% YoY

36.3%

-1.4 pt

Top 10 Most Competitive Cities in the U.S.

Competition calculated using Redfin's Compete Score™

U.S. Migration Trends

Where are people moving to and from?

Nationwide, 26% of homebuyers searched to move to a different metro area between Jul '23 - Sep '23. The top 5 states homebuyers searched to move to were Florida, North Carolina, Tennessee, South Carolina, and Texas while California, New York, Massachusetts, Illinois, and District Of Columbia were the top 5 states homebuyers searched to move from.

Of all the major U.S. metros, Sacramento was the most searched for destination among homebuyers looking to relocate between Jul '23 - Sep '23. Next came Las Vegas, Orlando, Myrtle Beach, and Sarasota. San Francisco was the most searched for destination among homebuyers looking to leave, followed by New York, Los Angeles, Washington and Louisville.

Moving to

Moving from

Data Unavailable

Top 10 areas people are moving to

Inbound		Net inflow
Metros		Jul '23 - Sep '23
1	Sacramento, CA	4,800
2	Las Vegas, NV	4,500
3	Orlando, FL	4,000
4	Myrtle Beach, SC	3,800
5	Sarasota, FL	3,700
6	Portland, ME	3,500
7	Tampa, FL	3,400
8	Cape Coral, FL	3,300
9	Miami, FL	3,200
10	Salisbury, MD	3,100

Top 10 areas people are moving from

Outbound		Net outflow
Metros		Jul '23 - Sep '23
1	San Francisco, CA	25,800
2	New York, NY	25,300
3	Los Angeles, CA	20,200
4	Washington, DC	13,900
5	Louisville, KY	5,400
6	Chicago, IL	4,800
7	Boston, MA	4,300
8	Hartford, CT	3,300
9	Denver, CO	2,200
10	Detroit, MI	2,000

Methodology

This data does not reflect actual moves. The latest migration analysis is based on a sample of about two million Redfin.com users who searched for homes across more than 100 metro areas. To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a three month period. This dataset excludes all rentals data.

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United States Housing Market

U.S. Housing Demand

Top 10 Most Competitive Cities in the U.S.

U.S. Migration Trends

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