Homebuyers’ interest in moving to a new metro area remains elevated above pre-pandemic levels as remote work becomes the new normal. In November, Miami was the most popular relocation destination of any major U.S. metro for the fourth straight month, according to a new report from Redfin.
Nationwide, 30.3% of Redfin.com users looked to move to a different metropolitan area in October and November. That’s down from a record-high 31.5% in the first quarter of 2021 but well above pre-pandemic levels.
Metros boasting warmer weather typically rank high among the most popular migration destinations, but Miami topping the list is a relatively new phenomenon, the release noted. Cities like Miami and Tampa have consistently appeared on the Top 10 list since Redfin began tracking homeowner migration in 2017. Still, southwestern metros like Phoenix and Austin typically take the No. 1 spot.
Remote workers and retirees flock to South Florida in search of beaches, warm weather, low taxes and more affordable home prices than big cities on the East Coast or West Coast. As a result, net inflow into Miami has nearly tripled since this time last year and net inflow into Tampa has almost doubled, with New York as the No. 1 origin for Redfin.com users moving to both areas in the past year.
“More than half of my active clients are either investors or people who are relocating, coming from places like California, Oregon, New York City and New Jersey,” said Cristina Llanos, Miami Redfin real estate agent. “The relocators tend to be young remote workers who are moving to Miami for the affordability and sunshine. One client said they’re coming to Miami because they hate the snow; another wants to raise their kids in an ethnically diverse city.”
Some long-term investors are purchasing luxury Florida vacation condos as a winter escape, while others are looking to make a quick buck with short-term rentals, a difficult feat in the Miami housing market, Llanos added.