SEATTLE – A record one in four homebuyers nationwide (25.5%) searched for homes in metropolitan areas outside their current state in the second quarter, up from 23% a year earlier, according to a Redfin report. Before the pandemic, that figure was 19%.
The total number of buyers interested in moving to another state decreased by 7.5%; however, the percentage increased because the number of people interested in moving within the same state decreased even more, by 18%.
Of the ten most sought-after states for residency, Florida’s major metropolitan areas accounted for 50% of the nation’s top cities. Tampa ranked first on the list, and Las Vegas rose to prominence, mainly due to the large number of Los Angeles residents who are looking for a new city in another state to call home.
Top 10 regions in the state in the second quarter:
- Las Vegas: Net inflow of 5,700 people. Main source: Los Angeles
- Phoenix: Net inflow of 5,300 people. Main source: Seattle
- Tampa: Net inflow of 5,000 people. Main source: New York City
- Orlando: Net inflow of 4,900 people. Main source: New York City
- Sacramento, California: Net inflow of 4,800 people. Main source: Chicago
- North Port-Sarasota: Net inflow of 4,700 people. Main source: New York City
- Cape Coral: Net inflow of 4,100 people. Main source: Chicago
- Dallas: Net inflow of 4,100 people. Main source: Los Angeles
- Miami: Net inflow of 3,700 people. Main source: New York City
- Houston: Net inflow of 3,600 people. Main source: New York City
Las Vegas ranked first on Redfin’s list for the first time. The report notes that a typical home in Las Vegas sells for $412,000—less than half the price of a home in Los Angeles—and “It’s a similar story for other popular migration destinations, including Phoenix, Sacramento, and several cities in Florida.”
Of the top ten cities, nine have lower average home prices than the major cities where the buyers moving there are from.
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