Housing market may be cooling, but buyers looking to switch metros reach record level!
The number of Redfin.com users nationwide who looked to move from one metro to another reached an all-time high in the second quarter of this year, spurred by rising interest rates and still-swelling home prices in already expensive markets.
The online real estate brokerage reported that 32.6% of its users ran searches in metros outside their home metro area. This share was up from the previous high point of 32.3% set in first-quarter 2022 and well above the 26% pre-pandemic level.
This year’s records for out-of-metro search share surpassed even the peaks reached during the height of the COVID-19 pandemic, when lower prices in nearby areas, the popularity of remote work, and a desire for more space and less density prompted an exodus from many large, crowded and pricey cities.
The residential real estate market has entered a much more subdued period since then, but those who can still afford to buy are continuing the trend. Many people have been pushed out of homeownership in their local areas due to surging housing costs but have been attracted to increased affordability in relatively less expensive places such as Tampa, Sacramento and San Antonio. By Arnie Aurellano,
Website content editor, Scotsman Guide