In 2022 Q1, the share of buyers interested in
out-of-state listings grew 4.1 percentage points year-over-year
nationwide; six of the top 10 relocation destinations were in the
Sun Belt
SANTA
CLARA, Calif., May 3, 2022
/PRNewswire/ -- As buyers explore ways to up their odds of success
in the face of intensifying cost pressures, new
research indicates that home shopper interest in relocating is
on the rise. In the first quarter of 2022, 40.5% of prospective
buyers on Realtor.com® viewed home listings located
outside of their current state, compared to 36.4% in 2021 and 33.4%
in 2020.
Where are they heading? The top 10 destinations, in rank
order1, were: El Paso,
Texas, Albuquerque, N.M.,
Washington, D.C., Birmingham, Ala., Hartford, Conn, Omaha, Neb., McAllen, Texas, New
York, N.Y., Augusta, Ga.
and Greensboro, N.C. (see table
below).
"After two years of pandemic remote work, offices have started
to reopen, but instead of seeing a slowdown in the number of people
interested in homes out of state, we're seeing an acceleration,"
said Realtor.com® Chief Economist Danielle Hale. "Taking a closer look at the top
destinations, we see some very different trends driving the desire
to live out of state and home shoppers' diverse needs. First,
affordability remains a key focus for buyers, with demand for less
expensive areas surging in recent months as climbing inflation and
mortgage rates compound cost pressures faced by buyers. Next,
flexibility enabled by broader adoption of remote work has fueled
interest in sunnier climates, such as the Sun Belt. And finally,
some people are simply ready to get back to normal, with some
buyers' desire to live downtown lifestyles driving two big cities
into the top 10."
With tighter budgets, buyers expand search areas in search of
affordability
While Americans are expected to have a better chance to find a
home in 2022, rapidly intensifying cost pressures are creating a
greater sense of urgency for many buyers to find a home in their
budget. With climbing inflation and mortgage rates compounding
record-high for-sale home prices and rents, 2022 home shoppers
have plenty of motivation to explore relatively affordable markets
where higher incomes may yield more purchasing power.
And January-March search trends suggest many prospective buyers
are doing just that. In eight of the top 10 relocation
destinations, listing prices per square foot were lower than the
national average ($206).
Additionally, although rising demand is fueling double-digit annual
growth in the per square foot price in the majority (9) of these
markets, half posted lower gains than the 2022 Q1 national rate
(+15.7%). For instance, the No. 7 market of McAllen, Texas offered the most affordable
home price per square foot among the top 10, at a median of
$125. While that represented an
increase of 13.8% year-over-year, McAllen's median listing price per square foot
was still lower than in its top source of out-of-state buyer
demand: Washington, D.C.
($277).
With more flexibility, some home shoppers migrate toward
warmer climates
Cost pressures may be a forcing factor for some out-of-state
home shoppers, but others could be approaching relocation as an
opportunity to explore living in areas they couldn't have before
COVID, with this flexibility enabled by trends like the rise in
remote work. 2022 Q1 Realtor.com® search trends suggest
rising numbers of home shoppers are potentially heading to areas
offering warmer climates. In fact, Sun Belt metros accounted for
six of the top 10 relocation destinations, all of which posted
bigger annual gains in the out-of-state share of listings viewers
than the national rate, led by El
Paso (+11.6 percentage points).
Further illustrating the rise in demand for housing markets
offering warmer climates, five of these six Sun Belt metros counted
northern cities as top sources for out-of-state demand. For
example, Washington, D.C. and
New York, N.Y. were among the top
three areas where home shoppers were searching for homes in No. 9
market Augusta, Ga. and No. 10
Greensboro, N.C.
As some buyers pursue the downtown life, big city demand
returns
Although some of the top relocation destinations reflect trends
that surfaced during COVID, very different factors could
potentially be driving demand in others. With offices reopening and
everyday life getting back into full swing in many downtown areas,
major metros accounted for two of the top 10 relocation
destinations: Washington, D.C. at
No. 3 and New York, N.Y. at No. 8.
Additionally, the No. 5 spot went to Hartford, Conn., which some may view as a
commuter city to New York.
Going further back in the Realtor.com® data history,
to its 2020 Q1 Cross-Market Demand Report, D.C. and N.Y. were among
the 10 where the onset of COVID was most pronounced and home
shopping patterns showed the impact. However, in all of these
metros, 2022 Q1 data shows interest from home shoppers from other
states has not only returned to year-over-year growth, but is at
the highest level of any quarter since 2018 Q1.
Hale added, "In addition to the full rebound of out-of-state
demand to New York, Washington D.C. and Hartford, the fact that these markets made the
top 10 destinations in 2022 Q1 signals the return of some pre-COVID
norms. It simply comes down to stage of life, which housing
decisions are often tied to, as big cities have historically seen
strong inbound demand from young buyers from all over the country
looking to establish themselves."
2022 Q1 Cross-Market Demand Metrics – Top 10 Relocation
Destinations
|
Rank
|
Metro
|
2022 Q1 out-of-
state share YoY
(pct. pts.)
|
2022 Q1 out-
of-state
share
|
Top sources of
out-of-state
demand
|
2022 Q1 median
listing price per
sq. ft.
|
|
1
|
El Paso,
Texas
|
11.59
|
48.4%
|
Phoenix,
Ariz.
Las Cruces,
N.M.
Los Angeles,
Calif.
|
$140
|
|
2
|
Albuquerque,
N.M.
|
11.31
|
49.8%
|
Denver,
Colo.
Phoenix,
Ariz.
Los Angeles,
Calif.
|
$182
|
|
3
|
Washington,
D.C.
|
10.27
|
50.7%
|
New York,
N.Y.
Philadelphia,
Penn.
Baltimore,
Md.
|
$277
|
|
4
|
Birmingham,
Ala.
|
8.31
|
40.6%
|
Atlanta, Ga.
Seattle,
Wash.
Washington,
D.C.
|
$144
|
|
5
|
Hartford,
Conn.
|
7.83
|
38.8%
|
New York,
N.Y.
Boston,
Mass.
Providence,
R.I.
|
$189
|
|
6
|
Omaha, Neb.
|
7.60
|
43.9%
|
Washington,
D.C.
Chicago,
Ill.
Denver,
Colo.
|
$157
|
|
7
|
McAllen,
Texas
|
7.49
|
34.9%
|
Washington,
D.C.
Los Angeles,
Calif.
Chicago,
Ill.
|
$125
|
|
8
|
New York,
N.Y.
|
7.48
|
34.1%
|
Washington,
D.C.
Philadelphia,
Penn.
Miami, Fla.
|
$600
|
|
9
|
Augusta, Ga.
|
7.02
|
59.6%
|
Atlanta, Ga.
Washington,
D.C.
New York,
N.Y.
|
$135
|
|
10
|
Greensboro,
N.C.
|
6.80
|
36.2%
|
Washington,
D.C.
Atlanta, Ga.
New York,
N.Y.
|
$145
|
2022 Q1 Cross-Market Demand Metrics: Out-of-State Viewers – 100
Largest U.S. Markets
|
Metro
Area
|
Out-of-state
share YoY
(pct. pts.)
|
2022 Q1
out-of-state
share
|
2022 Q1 median
listing price per
sq. ft.
|
Median listing
price per sq.
ft. YoY
|
|
Akron, Ohio
|
3.57
|
23.8%
|
$113
|
10.7%
|
|
Albany-Schenectady-Troy, N.Y.
|
4.29
|
21.9%
|
$169
|
0.6%
|
|
Albuquerque,
N.M.
|
11.31
|
49.8%
|
$182
|
18.5%
|
|
Allentown-Bethlehem-Easton, Pa.-N.J.
|
2.86
|
35.1%
|
$166
|
13.3%
|
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
1.77
|
31.8%
|
$177
|
18.0%
|
|
Augusta-Richmond
County, Ga.-S.C.
|
7.02
|
59.6%
|
$135
|
17.4%
|
|
Austin-Round Rock,
Texas
|
-0.64
|
30.2%
|
$267
|
39.6%
|
|
Bakersfield,
Calif.
|
2.53
|
11.7%
|
$205
|
18.8%
|
|
Baltimore-Columbia-Towson, Md.
|
6.58
|
39.7%
|
$189
|
6.7%
|
|
Baton Rouge,
La.
|
5.24
|
38.4%
|
$150
|
10.3%
|
|
Birmingham-Hoover,
Ala.
|
8.31
|
40.6%
|
$144
|
12.1%
|
|
Boise City,
Idaho
|
1.59
|
59.2%
|
$274
|
20.2%
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
2.98
|
35.0%
|
$407
|
12.6%
|
|
Bridgeport-Stamford-Norwalk, Conn.
|
4.32
|
50.8%
|
$320
|
5.6%
|
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
5.63
|
25.4%
|
$138
|
7.6%
|
|
Cape Coral-Fort Myers,
Fla.
|
0.78
|
62.3%
|
$239
|
35.6%
|
|
Charleston-North
Charleston, S.C.
|
3.55
|
67.5%
|
$225
|
11.0%
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
4.84
|
46.4%
|
$199
|
19.9%
|
|
Chattanooga,
Tenn.-Ga.
|
4.26
|
56.4%
|
$169
|
18.2%
|
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
3.53
|
24.7%
|
$187
|
5.6%
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
4.97
|
37.5%
|
$148
|
12.0%
|
|
Cleveland-Elyria,
Ohio
|
4.10
|
25.7%
|
$114
|
10.5%
|
|
Colorado Springs,
Colo.
|
-0.21
|
42.0%
|
$228
|
23.5%
|
|
Columbia,
S.C.
|
5.68
|
62.0%
|
$141
|
19.4%
|
|
Columbus,
Ohio
|
4.26
|
23.9%
|
$168
|
13.8%
|
|
Dallas-Fort
Worth-Arlington, Texas
|
2.14
|
25.3%
|
$190
|
21.0%
|
|
Dayton, Ohio
|
3.73
|
27.8%
|
$121
|
12.9%
|
|
Deltona-Daytona
Beach-Ormond Beach, Fla.
|
3.35
|
48.0%
|
$205
|
20.2%
|
|
Denver-Aurora-Lakewood,
Colo.
|
1.97
|
35.1%
|
$281
|
14.6%
|
|
Des Moines-West Des
Moines, Iowa
|
5.38
|
39.4%
|
$211
|
14.8%
|
|
Detroit-Warren-Dearborn, Mich
|
3.65
|
20.3%
|
$158
|
2.5%
|
|
Durham-Chapel Hill,
N.C.
|
4.48
|
40.6%
|
$229
|
23.3%
|
|
El Paso,
Texas
|
11.59
|
48.4%
|
$140
|
16.6%
|
|
Fresno,
Calif.
|
1.30
|
11.9%
|
$232
|
17.2%
|
|
Grand Rapids-Wyoming,
Mich
|
3.33
|
27.1%
|
$168
|
11.5%
|
|
Greensboro-High Point,
N.C.
|
6.80
|
36.2%
|
$145
|
15.4%
|
|
Greenville-Anderson-Mauldin, S.C.
|
4.30
|
55.8%
|
$151
|
17.9%
|
|
Harrisburg-Carlisle,
Pa.
|
2.12
|
28.0%
|
$141
|
9.7%
|
|
Hartford-West
Hartford-East Hartford, Conn.
|
7.83
|
38.8%
|
$189
|
16.1%
|
|
Houston-The
Woodlands-Sugar Land, Texas
|
1.29
|
37.8%
|
$165
|
17.5%
|
|
Indianapolis-Carmel-Anderson, Ind.
|
0.43
|
30.9%
|
$136
|
17.2%
|
|
Jackson,
Miss.
|
4.86
|
41.3%
|
$133
|
11.3%
|
|
Jacksonville,
Fla.
|
5.68
|
47.0%
|
$200
|
24.1%
|
|
Kansas City,
Mo.-Kan.
|
5.12
|
48.4%
|
$177
|
14.1%
|
|
Knoxville,
Tenn.
|
3.55
|
52.7%
|
$179
|
25.0%
|
|
Lakeland-Winter Haven,
Fla.
|
4.10
|
45.6%
|
$183
|
29.4%
|
|
Las
Vegas-Henderson-Paradise, Nev.
|
0.21
|
55.3%
|
$253
|
28.7%
|
|
Little Rock-North
Little Rock-Conway, Ark.
|
4.65
|
48.7%
|
$122
|
9.7%
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
2.23
|
25.5%
|
$561
|
10.4%
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
5.32
|
41.6%
|
$151
|
13.2%
|
|
Madison,
Wis.
|
2.70
|
32.8%
|
$199
|
15.4%
|
|
McAllen-Edinburg-Mission, Texas
|
7.49
|
34.9%
|
$125
|
13.8%
|
|
Memphis,
Tenn.-Miss.-Ark.
|
5.32
|
51.5%
|
$145
|
19.7%
|
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
3.25
|
37.4%
|
$312
|
18.9%
|
|
Milwaukee-Waukesha-West
Allis, Wis.
|
2.23
|
30.6%
|
$170
|
7.5%
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
3.02
|
25.5%
|
$178
|
-1.1%
|
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
4.13
|
54.0%
|
$233
|
20.8%
|
|
New Haven-Milford,
Conn.
|
4.30
|
37.1%
|
$201
|
18.4%
|
|
New Orleans-Metairie,
La.
|
6.01
|
43.5%
|
$169
|
9.0%
|
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
7.48
|
34.1%
|
$600
|
43.9%
|
|
North
Port-Sarasota-Bradenton, Fla.
|
0.60
|
58.8%
|
$268
|
33.0%
|
|
Oklahoma City,
Okla.
|
3.66
|
44.9%
|
$154
|
17.0%
|
|
Omaha-Council Bluffs,
Neb.-Iowa
|
7.60
|
43.9%
|
$157
|
12.3%
|
|
Orlando-Kissimmee-Sanford, Fla.
|
4.33
|
41.8%
|
$207
|
25.1%
|
|
Oxnard-Thousand
Oaks-Ventura, Calif.
|
1.82
|
14.6%
|
$477
|
16.1%
|
|
Palm
Bay-Melbourne-Titusville, Fla.
|
4.10
|
46.9%
|
$201
|
20.9%
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
6.18
|
36.8%
|
$191
|
9.4%
|
|
Phoenix-Mesa-Scottsdale, Ariz.
|
-0.89
|
45.3%
|
$261
|
24.3%
|
|
Pittsburgh,
Pa.
|
3.70
|
27.7%
|
$148
|
3.4%
|
|
Portland-South
Portland, Maine
|
4.30
|
63.4%
|
$296
|
14.3%
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
2.34
|
47.6%
|
$296
|
16.0%
|
|
Providence-Warwick,
R.I.-Mass.
|
3.36
|
46.4%
|
$273
|
14.1%
|
|
Raleigh,
N.C.
|
4.07
|
39.1%
|
$197
|
21.6%
|
|
Richmond,
Va.
|
6.06
|
32.2%
|
$186
|
14.1%
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
2.50
|
17.8%
|
$300
|
19.9%
|
|
Rochester,
N.Y.
|
5.60
|
23.7%
|
$126
|
-4.2%
|
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
3.00
|
13.3%
|
$338
|
17.2%
|
|
Salt Lake City,
Utah
|
3.47
|
38.2%
|
$222
|
15.1%
|
|
San Antonio-New
Braunfels, Texas
|
3.61
|
27.5%
|
$177
|
19.2%
|
|
San Diego-Carlsbad,
Calif.
|
2.90
|
26.9%
|
$531
|
18.8%
|
|
San
Francisco-Oakland-Hayward, Calif.
|
3.05
|
18.2%
|
$691
|
8.7%
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
2.31
|
16.1%
|
$834
|
11.6%
|
|
Scranton--Wilkes-Barre--Hazleton, Pa.
|
1.45
|
32.0%
|
$109
|
12.4%
|
|
Seattle-Tacoma-Bellevue, Wash.
|
2.20
|
44.3%
|
$397
|
20.2%
|
|
Spokane-Spokane Valley,
Wash.
|
1.64
|
34.8%
|
$223
|
22.6%
|
|
Springfield,
Mass.
|
-0.45
|
33.3%
|
$200
|
10.5%
|
|
St. Louis,
Mo.-Ill.
|
3.15
|
34.1%
|
$145
|
9.7%
|
|
Stockton-Lodi,
Calif.
|
3.17
|
9.0%
|
$314
|
22.1%
|
|
Syracuse,
N.Y.
|
4.70
|
23.0%
|
$113
|
4.6%
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
3.04
|
45.5%
|
$218
|
28.3%
|
|
Toledo, Ohio
|
1.84
|
30.7%
|
$107
|
2.3%
|
|
Tucson,
Ariz.
|
0.63
|
52.8%
|
$206
|
20.9%
|
|
Tulsa, Okla.
|
2.76
|
47.4%
|
$137
|
18.1%
|
|
Urban Honolulu,
Hawaii
|
0.62
|
67.0%
|
$624
|
14.1%
|
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
4.99
|
53.1%
|
$181
|
9.7%
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
10.27
|
50.7%
|
$277
|
9.8%
|
|
Wichita,
Kan.
|
5.25
|
37.1%
|
$115
|
14.1%
|
|
Winston-Salem,
N.C.
|
6.75
|
35.8%
|
$139
|
12.7%
|
|
Worcester,
Mass.-Conn.
|
3.94
|
31.4%
|
$228
|
10.0%
|
|
Youngstown-Warren-Boardman, Ohio-Pa.
|
4.59
|
41.1%
|
$86
|
8.5%
|
Methodology
This release focuses on year-over-year trends in prospective
buyer demand from out of state, nationally and in the 100 largest
markets, based on Realtor.com®'s Cross-Market
Demand Report for 2022 Q1 (Jan.-March
2022), which analyzes online traffic trends for for-sale
properties on Realtor.com®. Read the full report to
find additional insights into home shopper migration patterns
across the 300 largest markets.
About Realtor.com®
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more than 25 years ago, and today through its website and mobile
apps offers a marketplace where people can learn about their
options, trust in the transparency of information provided to them,
and get services and resources that are personalized to their
needs. Using proprietary data science and machine learning
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connections and branding solutions that help them succeed in
today's on-demand world. Realtor.com® is operated by
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Inc. For more information, visit Realtor.com®.
Media Contact
rachel.conner@move.com
1 In this release, which focuses on the 100
largest U.S. markets, top relocation destinations are defined as
metros that posted the biggest annual gains (percentage points) in
the share of listing viewers from out of the state in 2022 Q1
(January-March).
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content:https://www.prnewswire.com/news-releases/realtorcom-reveals-top-destinations-for-out-of-state-home-shoppers-301538127.html
SOURCE Realtor.com