- Redfin.com indicates 28.7% of its users looking to move to different metro area
- This 28.7% represents highest rate since 2017
The more remote workers become, the more those remote working homebuyers want to migrate to more affordable and more spacious metro markets.
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Redfin.com’s latest migration report indicates that an eye-opening 28.7% of its users were searching different metro areas during July and August of 2020. This percentage of Redfin users is higher than the 27.4% users who were doing the same thing during the same in Q2 2020. Also, this percentage is the highest since this online brokerage began tracking migration data in 2017.
Redfin’s latest migration compiled data from more than 2M users who looked for homes across 87 metro areas nationally thus far into the Q3 of 2020.
Of course, the COVID pandemic has been and is continuing to be the accelerator of both remote work and migration patterns. No reason to continue living in more expensive and densely populated coastal areas since it’s becoming more and more “normal” to retain the job that brought that worker to that coastal area by working remotely.
Daryl Fairweather, the Chief Economist with Redfin, said, “People who could barely afford to rent a one- or two-bedroom apartment in New York or San Francisco are finding that with their newly remote job, they can buy a nice-sized house in the most desirable part of a place like Sacramento, Tampa or Las Vegas. And their big, coastal city salaries allow them to outbid local homebuyers in bidding wars, which is starting to drive up home prices in those areas. The trend is likely to continue as remote work becomes permanent for more companies.”
In this order, Sacramento, Austin and Phoenix generated the most interest from people currently living elsewhere looking to relocate. The result? Sacramento’s median home price skyrocketed +11.4% y/y to $468,000 in August. Also desirable are Tampa and Las Vegas where median home prices increased +12.8% and 7.8% respectively in August.
Thanks to Redfin and InmanNews.
Also read: Podcast: Why eXp Realty, Zillow And Open Door Will Dominate Real Estate | Tim and Julie Harris, Biggest Jump in UK Home Prices Since 2016, Podcast: Exclusive Michael Reese Interview | EXp Realty, Lead Generation, Marketing, Zillow and More | Tim and Julie Harris