A Record 25% of Redfin Users are Looking to Move to a New City
Miami reclaimed the top destination for the first time since August.
A record one-quarter (24.9%) of Redfin.com users nationwide looked to move to a different metro area in January as remote work and elevated housing costs drove homebuyers to relocate, according to Redfin.
Miami and South Florida were the prime destinations that month. Sacramento, Las Vegas, and Phoenix were also popular destinations.
Miami reclaimed the top destination for the first time since August, based on net inflow, a measure of how many more Redfin.com users are looking to move into an area than leave.
Florida dominated the list, claiming half of the 10 most popular destinations: Tampa, Cape Coral, Orlando, and North Port-Sarasota are also on the list.
Price is a significant draw for Miami, where homes aren’t cheap, but cost less than those in the area where newcomers came from – mainly New York. Florida’s cost of living is less expensive, and the state has no state income tax. Homebuyers overall are leaving coastal California more than anywhere else.
Elena Fleck, a Redfin agent in Palm Beach, said in prepared remarks that buyers moving in are helping the local market recover from last fall’s housing downturn.
“[Those from New York and San Francisco, for example, “are not nearly as fazed by high mortgage rates because homes here are so much less expensive than their hometowns, and they get larger lots, pools, nice weather, and lower taxes.”
A record one-quarter (24.9%) of Redfin.com users nationwide looked to move to a different metro area in January as remote work and elevated housing costs drove homebuyers to relocate.