{"id":4717,"date":"2023-11-20T20:19:35","date_gmt":"2023-11-20T20:19:35","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2023\/11\/20\/amid-rising-housing-costs-homebuyers-look-to-relocate-redfin\/"},"modified":"2025-03-13T02:53:02","modified_gmt":"2025-03-13T02:53:02","slug":"amid-rising-housing-costs-homebuyers-look-to-relocate-redfin","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2023\/11\/20\/amid-rising-housing-costs-homebuyers-look-to-relocate-redfin\/","title":{"rendered":"Amid rising housing costs, prospective homebuyers are looking to relocate: Redfin"},"content":{"rendered":"\n<p>A record 26% of homebuyers are looking to move to a different part of the country, up from 24% a year ago and 19% before the pandemic began, a new <a href=\"https:\/\/www.redfin.com\/news\/housing-migration-trends-august-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Redfin<\/strong> report<\/a> found.\u00a0<\/p>\n\n\n\n<p>Redfin grounded this study on the searches of about two million Redfin.com users who viewed for-sale homes online across more than 100 metro areas from June 2023 to August 2023.&nbsp;<\/p>\n\n\n\n<p>Amid elevated <a href=\"https:\/\/preprod.housingwire.com\/mortgage-rates\/\" target=\"_blank\" rel=\"noreferrer noopener\">mortgage rates<\/a> and a lack of local <a href=\"https:\/\/preprod.housingwire.com\/housing-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">housing inventory<\/a>, homebuyers are searching for more affordable options, boosting relocations rather than in-metro moves. <br><br>Indeed, nine of the ten most popular migration destinations have a lower median home-sale price than the top areas homebuyers are looking to leave, the study showed.<\/p>\n\n\n\n<p>Sacramento, California, for instance, is the most popular destination for relocating <a href=\"https:\/\/preprod.housingwire.com\/tag\/homebuyers\/\" target=\"_blank\" rel=\"noreferrer noopener\">homebuyers<\/a>. The median price for a single-family home there sells for $539,900 as of Sept. 22, according to <strong><a href=\"https:\/\/preprod.housingwire.com\/category\/altos-research\/\" target=\"_blank\" rel=\"noreferrer noopener\">Altos Research<\/a><\/strong>. <br><br>Meanwhile, the median price in San Francisco, which is the most popular market of origin for buyers moving to Sacramento, is $1,799,000. In other words, the median price for a single-family home is roughly three times more expensive in San Francisco than in Sacramento.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-popular-migration-destinations-also-face-increasing-climate-risks\">Popular migration destinations also face increasing climate risks<\/h2>\n\n\n\n<p>Sacramento, Las Vegas, Orlando, Florida, North Port-Sarasota, Florida, and Tampa, Florida, are the most popular destinations for homebuyers looking to relocate, according to Redfin.<\/p>\n\n\n\n<p>While those destinations tend to be more <a href=\"https:\/\/preprod.housingwire.com\/tag\/affordable-housing\/\" target=\"_blank\" rel=\"noreferrer noopener\">affordable<\/a> than some of the metros homebuyers are leaving, they&#8217;re also more prone to severe weather from <a href=\"https:\/\/preprod.housingwire.com\/tag\/climate-change\/\" target=\"_blank\" rel=\"noreferrer noopener\">climate change<\/a>. <\/p>\n\n\n\n<p>Sacramento and Las Vegas face severe heat risk while Orlando, North Port-Sarasota, Myrtle Beach, South Carolina, and Cape Coral, Florida, face extreme wind\/hurricane risk. Tampa and Cape Coral are at extreme risk of flooding.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Lower housing costs a primary driver of relocations<\/h2>\n\n\n\n<p>When deciding where to live, affordability is often a more significant factor than climate, a recent <a href=\"https:\/\/www.redfin.com\/news\/moving-return-to-office-survey-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">Redfin survey<\/a> found. <br><br>Roughly 8% of U.S. residents likely to move within the next year are doing so because they\u2019re concerned about the impact of climate change on their previous area, compared with 22% moving in search of a lower cost of living.&nbsp;<\/p>\n\n\n\n<p>Meanwhile, homebuyers are leaving San Francisco, New York City and Los Angeles more than any other metros in the country, the report found.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A record 26% of homebuyers are looking to move to a different part of the country, up from 24% a year ago and 19% before the pandemic began, a Redfin report found.\u00a0<\/p>\n","protected":false},"author":39572,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[3189],"class_list":["post-4717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - 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