Nationwide, 29.5% of Redfin.com users looked to move to a different metropolitan area in October, according to a new report from Redfin, the technology-powered real estate brokerage. That’s down from a peak of 31.5% at the beginning of the year, but still higher than the 26% levels seen before the coronavirus pandemic.
“With many employers making remote work permanent, we expect people to continue relocating at a higher rate than they did before the pandemic,” said Redfin Chief Economist Daryl Fairweather. “What will likely change are the places people choose to relocate to. Popular Sunbelt migration destinations including Phoenix, Atlanta and Austin will probably fall out of favor as skyrocketing home prices have rendered them less affordable. Northern cities like Columbus, Harrisburg and Indianapolis will likely rise in popularity as homebuyers seek better bang for their buck.”
Miami, Phoenix, Sacramento, Las Vegas and Tampa were the most popular migration destinations of any major U.S. metros in October, meaning they had the largest net inflows. A net inflow is a measure of how many more Redfin.com home searchers looked to move into a metro than leave.
While Sunbelt cities remain popular, four of the 10 top metros people wanted to relocate to in October—Sacramento, Las Vegas, Dallas and Atlanta—saw fewer people looking to move in than a year earlier. Sacramento, for example, saw a net inflow of 4,904 Redfin.com users, down from a net inflow of 6,369 in October 2020.
San Francisco, Los Angeles, New York, Washington, D.C. and Seattle saw more Redfin.com users looking to leave than any other major metro areas in October, meaning they had the biggest net outflows. A net outflow is a measure of how many more Redfin.com home searchers looked to leave a metro than move in.
Dense, expensive cities often experience the biggest exodus of residents—a trend that has intensified during the pandemic as more Americans have been able to move to more affordable places thanks to remote work.
