SEATTLE, Feb. 25, 2021 /PRNewswire/ -- (NASDAQ: RDFN)
— Nationwide, 30.7% of Redfin.com users looked to move to a
different metro in January, according to a new report from
Redfin (www.redfin.com), the technology-powered real estate
brokerage. That's up from 25.9% during the same time period last
year and the highest share since Redfin started tracking migration
in 2017. The increase is driven by buyers leaving pricey coastal
areas like the Bay Area and Los
Angeles in favor of relatively affordable places like
Boise, ID and Bend, OR.
The latest migration analysis is based on a sample of more than
2 million Redfin.com users who searched for homes across 87 metro
areas in January, excluding searches unlikely to precede an actual
relocation or home purchase. To be included in this dataset, a
Redfin.com user must have viewed at least 10 homes in a particular
metro area, and homes in that area must make up at least 80% of the
user's searches.
The number of homebuyers looking to move to Bend, Boise
and Charleston has more than
doubled over the last year
Bend had a net inflow of
roughly 1,600 Redfin.com users in January, up from 750 in
January 2020, before the onset of the
pandemic. A net inflow is a measure of how many more Redfin.com
home searchers looked to move into a metro than leave out of a
sample of 2 million Redfin users.
Bend is one of 17 metros where
net inflow has more than doubled over the last year. Another
example is Boise, which had a net
inflow of roughly 1,100 Redfin.com users in January, up from 500
the year before. And Charleston
had a net inflow of about 1,000, up from 300. Compared to major
cities like New York and
Los Angeles, those are all
relatively affordable areas that offer a slower pace of life and
plenty of natural beauty.
"Boise has been hot with
out-of-towners for the last several years, but the pandemic has
pushed people who were on the brink to move here as quickly as
possible," said local Redfin agent Kristin
Lopez. "Almost all my buyers are people from California, Washington, Oregon, Texas
and Arizona who can work remotely
and have kids in online school. There's an interesting dynamic
right now because Boise is still
less expensive than places like Seattle or Los
Angeles, but migration has caused prices to skyrocket and
supply to shrink. Some buyers have been searching for six months
and now suddenly they're priced out."
"It makes it hard for locals to buy a home," Lopez continued.
"Local wages haven't caught up with the appreciation of home
prices. And as long as interest rates stay low, I don't foresee the
market slowing down anytime in at least the next year."
Portland, OR, Seattle and the Bay Area were the top origins
for homebuyers moving into Bend
from out of town, and Los Angeles,
the Bay Area and Seattle were the
top origins for those moving to Boise. New
York, Washington, D.C. and
Chicago were the top origins for
people relocating to Charleston.
Although Bend, Boise and Charleston aren't necessarily inexpensive—the
median home-sale price in January was $509,000 in Bend, $420,000
in Boise and $330,000 in Charleston—they are more affordable
than the places people are moving from. For instance, the typical
home sold for $1.34 million in the
San Francisco metro in January,
and $725,000 in Los
Angeles.
Metros with at
least a 100% year-over-year increase in Redfin.com users looking to
move in, January 2020 to January 2021
|
Metro
area
|
Net inflow of
Redfin.com users (January 2021)
|
Net inflow of
Redfin.com users (January 2020)
|
Top three origins
(January 2021)
|
Austin, TX
|
7,946
|
2816
|
Bay Area, Houston,
Los Angeles
|
Bakersfield,
CA
|
1,139
|
407
|
Los Angeles, Bay
Area, Tampa
|
Bend, OR
|
1,591
|
755
|
Portland, OR, Bay
Area, Seattle
|
Boise, ID
|
1,058
|
465
|
Los Angeles, Bay
Area, Seattle
|
Cape Coral,
FL
|
3,744
|
1370
|
Chicago, Miami, New
York
|
Charleston,
SC
|
1,014
|
338
|
New York, Washington,
D.C., Chicago
|
Dallas, TX
|
6,215
|
2499
|
Los Angeles, Bay
Area, Seattle
|
Honolulu,
HI
|
1,409
|
634
|
Los Angeles, Bay
Area, Seattle
|
Houston,
TX
|
1,854
|
54
|
Los Angeles, Bay
Area, New York
|
Miami, FL
|
4,963
|
1742
|
New York, Washington,
D.C., Chicago
|
North Port,
FL
|
2,522
|
1060
|
Chicago, Tampa, New
York
|
Orlando,
FL
|
3,175
|
1266
|
Miami, New York,
Tampa
|
Philadelphia,
PA
|
1,277
|
600
|
New York, Washington,
D.C., Allentown, PA
|
Portland,
ME
|
1,405
|
642
|
Boston, New York,
Washington, D.C.
|
Salisbury,
MD
|
1,100
|
201
|
Washington, D.C.,
Philadelphia, New York
|
San Antonio,
TX
|
2,198
|
977
|
Houston, Los Angeles,
Austin
|
Tampa, FL
|
4,036
|
1869
|
Orlando, New York,
Washington, D.C.
|
*Combined statistical
areas with at least 500 users in January 2021
†Negative values
indicate a net outflow; among the one million users sampled for
this analysis only
|
Austin, Phoenix and Las
Vegas are attracting more out-of-town homebuyers than any
other metro
Austin had a bigger net inflow
of residents than any other major metro in January. It's followed
by Phoenix, Las Vegas, Dallas and Atlanta. Relatively affordable inland areas
like those five are typically the most popular destinations for
people relocating.
The share of home searches from out-of-towners as opposed
to locals also increased from last January in nine of the 10 most
popular destinations (Atlanta is
the exception). Nearly 45% of searches for homes in Austin were from out of town, up from 32.6% a
year earlier.
Top 10 Metros by Net
Inflow of Users and Their Top Origins (January 2021)
|
Rank
|
Metro*
|
Net Inflow (January
2021)†
|
Net Inflow (January
2020)
|
Portion of Searches
from Users Outside the Metro (January 2021)
|
Portion of Searches
from Users Outside the Metro (January 2020)
|
Top Origin
|
Top Out-of-State
Origin
|
1
|
Austin, TX
|
7,946
|
2,816
|
44.9%
|
32.6%
|
San Francisco,
CA
|
San Francisco,
CA
|
2
|
Phoenix,
AZ
|
7,394
|
5,109
|
38.9%
|
35.9%
|
Los Angeles,
CA
|
Los Angeles,
CA
|
3
|
Las Vegas,
NV
|
6,702
|
4,045
|
53.4%
|
49.3%
|
Los Angeles,
CA
|
Los Angeles,
CA
|
4
|
Dallas, TX
|
6,215
|
2,499
|
34.0%
|
27.0%
|
Los Angeles,
CA
|
Los Angeles,
CA
|
5
|
Atlanta,
GA
|
5,509
|
3,674
|
26.8%
|
27.3%
|
New York,
NY
|
New York,
NY
|
6
|
Sacramento,
CA
|
5,506
|
3,645
|
48.6%
|
44.9%
|
San Francisco,
CA
|
Reno, NV
|
7
|
Miami, FL
|
4,963
|
1,742
|
31.4%
|
26.8%
|
New York,
NY
|
New York,
NY
|
8
|
Tampa, FL
|
4,036
|
1,869
|
59.1%
|
55.9%
|
Orlando,
FL
|
New York,
NY
|
9
|
Cape Coral,
FL
|
3,744
|
1,370
|
76.9%
|
75.3%
|
Chicago,
IL
|
Chicago,
IL
|
10
|
Nashville,
TN
|
3,259
|
2,100
|
40.3%
|
36.9%
|
New York,
NY
|
New York,
NY
|
*Combined statistical
areas with at least 500 users in January 2021
†Negative values
indicate a net outflow; among the one million users sampled for
this analysis only
|
San Francisco, New York and Los
Angeles are losing more residents than any other
metro
San Francisco, New York, Los
Angeles, Washington, D.C.
and Seattle topped the list of
metros with the biggest net outflow in January. A net outflow means
more people are looking to leave than move in.
Net outflow increased from last year in all 10 of the top places
people are leaving. Plus, the share of locals searching for
homes in other metros as opposed to their home metro increased from
last January in nine of the 10 metros people are leaving. The
portion of Redfin.com users in New
York looking to move away has declined slightly since last
year, but that's likely because a lot of New Yorkers searching for
homes elsewhere have already left the metro, so their search
origins reflect their current location.
Top 10 Metros by Net
Outflow of Users and Their Top Destinations (January
2021)
|
Rank
|
Metro*
|
Net Outflow (January
2021)†
|
Net Outflow (January
2020)
|
Portion of Local
Users Searching Elsewhere (January 2021)
|
Portion of Local
Users Searching Elsewhere (January 2020)
|
Top
Destination
|
Top Out-of-State
Destination
|
1
|
San Francisco,
CA
|
28,386
|
18,451
|
24.7%
|
22.6%
|
Sacramento,
CA
|
Austin, TX
|
2
|
New York,
NY
|
26,528
|
17,197
|
33.5%
|
34.8%
|
Philadelphia,
PA
|
Philadelphia,
PA
|
3
|
Los Angeles,
CA
|
17,674
|
9,794
|
18.4%
|
16.5%
|
San Diego,
CA
|
Las Vegas,
NV
|
4
|
Washington,
DC
|
10,051
|
4,915
|
14.3%
|
11.6%
|
Salisbury,
MD
|
Salisbury,
MD
|
5
|
Seattle,
WA
|
6,010
|
2,088
|
16.3%
|
13.2%
|
Los Angeles,
CA
|
Los Angeles,
CA
|
6
|
Chicago,
IL
|
5,903
|
3,230
|
13.2%
|
10.6%
|
Cape Coral,
FL
|
Cape Coral,
FL
|
7
|
Denver, CO
|
4,480
|
2,099
|
29.8%
|
23.8%
|
Seattle,
WA
|
Seattle,
WA
|
8
|
Boston, MA
|
2,414
|
852
|
14.4%
|
11.6%
|
Portland,
ME
|
Portland,
ME
|
9
|
Milwaukee,
WI
|
1,489
|
612
|
42.0%
|
37.6%
|
Chicago,
IL
|
Chicago,
IL
|
10
|
Indianapolis,
IN
|
1,378
|
442
|
43.4%
|
35.1%
|
Chicago,
IL
|
Chicago,
IL
|
*Combined statistical
areas with at least 500 users in January 2021
†Among the one
million users sampled for this analysis only
|
To read the full report, please visit:
https://www.redfin.com/news/january-2021-housing-migration-trends
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 nationwide brokerage website, offering a host of
online tools to consumers, including the Redfin Estimate. We
represent people buying and selling homes in over 95 markets in
the United States and Canada. Since our launch in 2006, we have
saved our customers nearly $1 billion
and we've helped them buy or sell more than 310,000 homes worth
more than $152 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