Spurred by remote work and decreasing affordability, one-third of Redfin users want to relocate.
Era of Remote Work Enables Buyers to Leverage Flexibility
Faced with record-high home prices and lightning-fast-rising interest rates, one-third of Redfin’s potential buyers want to relocate to more affordable places.
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Where Relocating Buyers Want to Go
Miami
– Home price in Q1: $485,000 (+27.6% y/y growth)
– Most searches originating from: New York
– What’s to like: no state income tax, warm weather, strong cultural vibe
Phoenix – fastest growing city in US
– Home price in Q1: $438,000 (+30.7% y/y growth)
– Most searches originating from: Los Angeles
– What’s to like: warm weather, tax friendliness, soon-to-be booming tech hub
Tampa
– Home price in Q1: $360,000 (+22% y/y growth)
– Most searches originating from: Washington DC
– What’s to like: no state income tax, warm weather, “Tom Brady” effect with year-round professional sports
Sacramento
– Home price in Q1: $485,000 (+14.1% y/y growth)
– Most searches originating from: San Francisco and Seattle
– What’s to like: more affordable than Bay Area, growing downtown action, location (one hour from coast and one hour from snow)
Las Vegas
– Home price in Q1: $418,000 (+30.5% y/y growth)
– Most searches originating from: Los Angeles
– What’s to like: “entertainment capital of the world,” tax friendliness, year-round outdoor activities
Cape Coral
– Home price in Q1: $381,000 (+30% y/y growth)
– Most searches originating from: Chicago
– What’s to like: friendly Midwestern vibe, no state income tax, active boating life on 400 miles of canals
North Point
– Home price in Q1: $366,000 (+43.5% y/y growth)
– Most searches originating from: Chicago
– What’s to like: no state income tax, tourist-centric with great beaches and amenities, good school systems
Dallas
– Home price in Q1: $404,000 (+4.4% y/y growth)
– Most searches originating from: Los Angeles
– What’s to like: tax friendliness, “not too hot and not too cold,” strong job market
San Antonio
– Home price in Q1: $268,000 (+14% y/y growth)
– Most searches originating from: Austin and Los Angeles
– What’s to like: conservative politics, tax friendly, good local economy
Atlanta
– Home price in Q1: $395,000 (+15.8% y/y growth)
– Most searches originating from: New York
– What’s to like: good sense of homeyness, four seasons, year-round pro sports town
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