A Redfin report found that of nearly 1 million users who searched for homes online across 75 metro areas, nearly one in five focused on properties outside of their current metro areas. Nela Richardson, Redfin’s chief economist, says the reason is that there are not enough “budget-friendly housing” options to encourage consumers’ loyalty to their current cities. “For many, the only path to homeownership is to pack up and move out.”
The most likely to search for more affordable metro areas online are San Francisco Bay Area residents. The Redfin analysis reports that metro areas in the South tend to be more likely to attract migrants from the coasts.
Here are the Redfin findings for the 10 metro areas with the most out-of-town views and the city where the online searchers most likely live.
#1 – Sacramento, CA —> 35.4% of out-of-town shoppers, mostly living in San Francisco
#2 – Phoenix, AZ —> 27.9% of out-of-town shoppers, mostly living in Los Angeles
#3 – Las Vegas, NV —> 35.9% of out-of-town shoppers, mostly living in Los Angeles
#4 – Dallas, TX —> 22.5% of out-of-town shoppers, mostly living in Los Angeles
#5 – Atlanta, GA —> 20% of out-of-town shoppers, mostly living in Washington, D.C.
#6 – Portland, OR —> 15.1% of out-of-town shoppers, mostly living in San Francisco
#7 – Tampa, FL —> 52.4% of out-of-town shoppers, mostly living in Washington, D.C.
#8 – Miami, FL —> 23.1% of out-of-town shoppers, mostly living in New York
#9 – Austin, TX —> 22.2% of out-of-town shoppers, mostly living in San Francisco
#10 – San Diego, CA —> 21.8% of out-of-town shoppers, mostly living in Los Angeles
Dallas seems to draw considerable interest from residents of west coast!
Another observation: Will anyone be left in Los Angeles and San Francisco?
Source: Realtor.org
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Realtor Nitin Gupta provides real estate services for Relocation to Dallas, TX and surrounding areas.
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