32% of homebuyers in April continued to find homes in affordable hotspots where homes were priced below the national median.
Homebuyers Continued to Relocate to Handful of Still Affordable, Popular Migration Destinations
According to a recently released report from Redfin, 32% of homebuyers were looking to relocate to different, more affordable metro areas in April 2022.
Formerly Affordable Destinations Now Too Expensive
With the national median price coming in at $424,400 and mortgage rates on the rise, relocating homebuyers looking for affordability are passing on popular migration destinations such as Phoenix, Sacramento and Miami due to surging home prices in those places. Relocators are instead seeking more affordable popular destinations primarily in the South.
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Four of the top five migration hotspots in the country now have home prices above the national average. Take a look at two-year home price increases:
- Miami – $475,000 in April 2022, +16.4% y/y, up from $330,000 in April 2020
- Phoenix – $480,000 in April 2022, +25.4% y/y, up from $305,000 in April 2020
- Sacramento – $605,000 in April 2022, +14.1% y/y, up from $430,00 in April 2020
- Las Vegas – $445,000 in April 2022, +29% y/y, up from $294,000 in April 2020
- Tampa was the only metro ranked in the top five destinations with a median sale price below the national median level despite its median sale price jumping +29% y/y to $370,000.
Redfin’s Deputy Chief Economist Taylor Marr said, “Now that homes everywhere have become more expensive, buyers searching for deals should expand their horizons. The good news is that even with surging prices and mortgage rates, there are plenty of relatively affordable options…”
Still Affordable Popular Migration Hotspots
- Virginia Beach VA – typical home sold for $315,000 in April – 15th most popular destination for relocators
- San Antonio TX – typical home sold for $330,000 in April – 9th most popular destination
- Houston TX – typical home sold for $340,000 in April – 10th most popular destination with relocators
- Jacksonville FL – $357,000 – 13th most popular destination
- Bakersfield CA – $365,000 – 20th most popular destination
- Tampa FL – $370,000 – 3rd most popular destination
- Atlanta GA – $383,000 – 12th most popular destination
- Cape Coral FL – $419,500 – 6th most popular destination
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Thanks to Redfin.
