SEATTLE, Oct. 28, 2020 /PRNewswire/ -- (NASDAQ: RDFN)
— California and New York had the biggest upticks in people
looking to move out of state since last year, followed by
Massachusetts, Washington, D.C., and Illinois, according to a new report from
Redfin (www.redfin.com), the technology-powered real estate
brokerage.
Nearly 53,000 more Redfin.com users looked to move out of
California than into it in the
third quarter, a 62% increase since the third quarter of 2019 and
the highest rate since Redfin started tracking migration in the
beginning of 2017. In New York,
almost 47,000 more Redfin.com users looked to leave the state than
move in during the third quarter, roughly 35% more than the 35,000
home searchers looking to leave during the same time period last
year.
"New York's loss is
Florida's gain," said Redfin
economist Taylor Marr. "When the
pandemic hit the U.S. in March, remote workers started leaving
New York City and its
ultra-expensive housing in search of wide-open spaces, sunshine and
affordable homes—all of which you can find in Florida, with the bonus of no state income
tax. The trend has only intensified as the pandemic continues and
people feel more certain of their remote work and school
plans."
Nearly 22,000 more Redfin.com users looked to move into
Florida than out in the third
quarter, almost twice as many entrants as the third quarter of 2019
and the highest net inflow for the state since Redfin started
tracking migration. Movement into Florida has accelerated since the beginning of
the year.
Florida, Texas, Tennessee, North
Carolina and Nevada saw the
biggest increases in people looking to move in—minus people looking
to move away—since last year.
The uptick in people leaving California and New
York could impact the political makeup of their destination
states. For instance, wealthy retirees moving from New York to Florida may be contributing to an increase in
registered Republicans in the Sunshine State, and remote workers
leaving California could be a
factor in the uptick in registered Democrats in Arizona.
To read the full report, including charts and methodology,
please visit:
https://www.redfin.com/news/migration-trends-pandemic-new-york-california.
About Redfin
Redfin (www.redfin.com) is a
technology-powered residential real estate company, redefining real
estate in the consumer's favor in a commission-driven industry. We
do this by integrating every step of the home buying and selling
process and pairing our own agents with our own technology,
creating a service that is faster, better and costs less. We offer
brokerage, iBuying, mortgage, and title services, and we also run
the country's #1 real estate brokerage search site, offering a host
of online tools to consumers, including the Redfin Estimate. We
represent people buying and selling homes in over 90 markets in
the United States and Canada. Since our launch in 2006, we have
saved our customers over $800 million
and we've helped them buy or sell more than 235,000 homes worth
more than $115 billion.
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, email press@redfin.com.
To view Redfin's press center, click here.
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SOURCE Redfin