Tuesday, January 25, 2022

Miami tops US cities for homebuyer destinations

According to a new report from Redfin, about 30.3% of Redfin.com users nationwide were thinking of moving to a different metropolitan area in October and November. The percentages are down from a record-high 31.5% in the first quarter of 2021, but well above pre-pandemic levels.

Homebuyer interest in relocating to a different part of the country was intensified by the coronavirus pandemic, and took hold in the first half of 2020 and reached its peak earlier this year before easing slightly and leveling off. Redfin.com users are showing significantly more interest in moving than before the pandemic, when the level was 25% to 26%.

“At the start of the pandemic, remote work gave homebuyers the opportunity to consider a new location,” said Daryl Fairweather, chief economist at Redfin. “Now the labor market is incredibly tight, which means that even home buyers with individual businesses can relocate somewhere new and be confident they can secure employment in their new city.”

Miami tops US cities for homebuyer destinations

Although a hot spot for high cases, the influx of home buyers into South Florida continued throughout the pandemic. Florida has become an especially popular destination this year as remote workers and retirees flock to the state in search of beaches, warmer weather, lower taxes and more affordable housing than larger cities on the East Coast or West Coast. Net inflows in Miami nearly tripled over the past year, and net inflows in Tampa nearly doubled, with New York going to both areas as the number one origin for Redfin.com users.

Miami was the most popular migration destination of any major US subway for the fourth month in a row. It is followed by Phoenix, Las Vegas, Sacramento and Tampa. Two other Florida metropolises also appear in the top 10, with Cape Coral in seventh place and North Port in 10th. The popularity of migration destinations is determined by net inflows, a measure of how many more Redfin.com home explorers looked to take a subway rather than a vacation.

Miami tops US cities for homebuyer destinations

“More than half of my active clients are either investors or people who are coming from places like California, Oregon, New York and New Jersey,” said Miami Redfins agent Christina Lanos. “The relocated youth are remote workers who are moving to Miami for affordability and sunshine. One client said they were coming to Miami because they hate snow; another wanted to raise their children in an ethnically diverse city. Is.”

The data also showed that homebuyers are leaving populous cities such as San Francisco, Los Angeles and New York. Washington, DC and Seattle also topped the list of places Redfin.com users wanted to leave in October and November. That’s according to Net Outflow, a measure of how many more Redfin.com home searchers were willing to leave a subway than go in.

Miami tops US cities for homebuyer destinations

Large, expensive coastal cities usually top the list of places Redfin.com users want to leave, a trend that has intensified with the pandemic and remote-working options. Many big city residents with white-collar jobs can work remotely from more affordable locations with lots of recreational opportunities.

Click here for more information on Redfin’s latest migration trend report.

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