The Bay Area, New York and Los Angeles ranked highest for net
outflow of home searchers
(NASDAQ: RDFN) — Twenty-one percent of Redfin.com users in the
second quarter of 2017 searched mostly for homes outside the metro
where they reside, slightly up from 20 percent in the first
quarter, according to the latest migration report from Redfin
(www.redfin.com), the next-generation real estate brokerage.
The Redfin Migration Report analyzed a sample of more than one
million Redfin.com users searching for homes across 75 metro areas
during the peak of the homebuying season from April through June.
Redfin used IP addresses to identify the metros where home
searchers likely reside and compared that to where users were
searching for homes.
While 79 percent of Redfin.com home searchers looked to stay in
their current metro, several key trends emerged among those looking
to move to another metro:
- There continued to be significant
migration within the state of California, with the most common
search patterns being buyers looked to leave the Bay Area and Los
Angeles, heading to Sacramento and San Diego.
- Several Rust Belt metros saw more than
a quarter of local homebuyers looking at homes outside their metro
with Chicago being the top destination.
- Metros in the South and the Sunbelt
remained popular destinations for migrants from expensive coastal
cities.
- Chicago, Boston and Seattle again had
the highest share of residents looking to stay in their current
metros.
“Home searches are early indicators of home sales. The migration
patterns in our report closely correlate to actual purchases made
by Redfin home-buying customers within and across metros,” said
Taylor Marr, a Redfin data scientist who conducted the underlying
research.
“Buyers who can’t afford a home in their current city are
exploring what is available elsewhere,” said Marr. “We are already
seeing strong buyer demand and competition in mid-tier cities like
Sacramento, Phoenix and Atlanta. As home searches evolve into
purchase offers and home sales, we anticipate prices and
competition will continue to grow in those markets.”
Top 10 Metros by Net Outflow of Users and Their Top
Destinations Rank Metro*
Net Outflow†
Portion of LocalUsers
SearchingElsewhere
Top Destination
Top
Out-of-StateDestination
1 San Francisco, CA -16,913
18.80% Sacramento, CA Seattle,
WA 2 New York, NY -15,790
34.60% Boston, MA Boston, MA 3
Los Angeles, CA -13,177 14.70%
San Diego, CA Las Vegas, NV 4
Washington, DC -5,571 10.50%
Philadelphia, PA Philadelphia, PA 5
Chicago, IL -2,631 7.90%
Los Angeles, CA Los Angeles, CA 6
Denver, CO -368 17.90%
Chicago, IL Chicago, IL 7
Houston, TX -354 24.20%
Austin, TX Los Angeles, CA 8 Detroit,
MI -338 25.30% Chicago,
IL Chicago, IL 9 Milwaukee, WI
-246 36.80% Chicago, IL
Chicago, IL 10 Dayton, OH -34
37.30% Cincinnati, OH
Chicago, IL *Combined statistical areas with at least 500 users in
Q2 2017 †Among the one million users sampled for this analysis only
Top 10
Metros by Net Inflow of Users and Their Top Origins Rank
Metro* Net
Inflow†
Portion ofSearches
fromUsers Outsidethe Metro
Top Origin
Top Out-of-StateOrigin
1 San Diego, CA 5,233
29.40% Los Angeles, CA Seattle, WA 2
Sacramento, CA 4,831
35.30% San Francisco, CA Seattle, WA 3
Phoenix, AZ 3,975 31.40%
Los Angeles, CA Los Angeles, CA 4
Las Vegas, NV 3,660
42.00% Los Angeles, CA Los Angeles, CA
5 Atlanta, GA 2,914
24.30% New York, NY New York, NY 6
Dallas, TX 2,112 21.10%
Los Angeles, CA Los Angeles, CA 7
Tampa, FL 1,899 45.90%
Washington, DC Washington, DC 8
Miami, FL 1,861 22.00%
New York, NY New York, NY 9
Boston, MA 1,707 12.30%
New York, NY New York, NY 10 Austin, TX
1,601 23.20% San
Francisco, CA San Francisco, CA *Combined statistical
areas with at least 500 users in Q2 2017 †Among the one million
users sampled for this analysis only
To read the full report, complete with an interactive data map
of metro-to-metro migration trends and full methodology, please
visit:
https://www.redfin.com/blog/2017/08/migration-report-q2-2017.html.
About Redfin
Redfin (www.redfin.com) is the next-generation real estate
brokerage, combining its own full-service agents with modern
technology to redefine real estate in the consumer's favor. Founded
by software engineers, Redfin has the country's #1 brokerage
website and offers a host of online tools to consumers, including
the Redfin Estimate, the automated home-value estimate with the
industry's lowest published error rate for listed homes. Homebuyers
and sellers enjoy a full-service, technology-powered experience
from Redfin real estate agents, while saving thousands in
commissions. Redfin serves more than 80 major metro areas across
the U.S. The company has closed more than $50 billion in home
sales.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, subscribe here. To view
Redfin's press center, click here.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170810005606/en/
Redfin Journalist Services:Alina Ptaszynski,
206-588-6863press@redfin.com
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