WRE News September 29, 2023
Buyer
Slightly more than one-quarter of homebuyers (26%) are looking to move to a different part of the country, according to new data from Redfin (NASDAQ: RDFN). This share is up from 24% one year ago and roughly 19% from the pre-pandemic era, and it also represents a record high since Redfin started tracking this data.
Nine of the 10 most popular migration destinations tracked by Redfin have a lower median home-sale price than the most common origin of homebuyers moving in. The California capital of Sacramento is the most popular destination for relocating homebuyers – a typical home in that market sells for $575,000, nearly a million dollars less than the typical home in San Francisco at $1.48 million. And even with a 7% mortgage rate, the monthly payment for the median-priced Sacramento home is $3,889, compared to $10,010 for the median-priced San Francisco home.
After Sacramento, the most popular destinations for those seeking to relocate are Las Vegas and a trio of Florida metros: Orlando, North Port-Sarasota, and Tampa. On the flip side, homebuyers are leaving San Francisco, New York, and Los Angeles more than any other metro in the country.
Stay up to date on the latest real estate trends.
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