Nearly a quarter of new home seekers looked to move to a different metro area in the fourth quarter of 2022.
A new Redfin report states that as a “record.” In Q4, 24.6% of Redfin users searched for housing in a new metro. That’s a jump up from 22.1% one year earlier and around 18% before the pandemic.
Those who are buying homes are relocating at “an unprecedented rate.” The report cites current market conditions and economic uncertainty for the migration.
Those factors also caused the overall pool of homebuyers to shrink. Pending home sales are down more than 30% from a year ago at the end of 2022, Redfin said.
People don’t want to lose their lower mortgage rate, either. Eight of the top 10 migration destinations in Q4 had fewer homebuyers looking to move in than a year earlier.
Sacramento and Las Vegas, the most popular destinations, both had net inflows (people moving in minus people moving out) of around 5,500. That’s a drop from roughly 6,500 a year earlier.
Phoenix, the fifth most popular destination, had a net inflow of about 4,000 in the fourth quarter. That’s down from more than 8,000 a year ago.
Miami was the third most popular migration destination in Q4, followed by Tampa and Phoenix. Redfin determines popularity by net inflow.
Home prices have soared in popular destinations like Las Vegas and Phoenix, they’re still far more affordable than places like the Bay Area or New York, according to Redfin.