A record percentage of Redfin users nationwide are looking to relocate to another metro area, the company said this week, and Miami is the most popular destination.
Redfin reported 32.4% of its users in January were looking to relocate, the highest percentage since it started tracking the data in 2017. Pre-pandemic, the number was about 25%.
“I predict the share of homebuyers looking to move to a different area will continue to rise throughout the year,” said Redfin Chief Economist Daryl Fairweather. “With mortgage rates going up and rents skyrocketing, moving somewhere more affordable is one of the only ways for many Americans to stay within their housing budget.”
Redfin’s most popular relocation areas were measured by “net inflow,” or how many users looked to move into an area than leave. The top relocation metro areas, in order, were: Miami, Phoenix, Tampa, Sacramento, Las Vegas, Cape Coral, Fla., Dallas, San Antonio, North Port, Fla., and Atlanta.
The most common origin for relocation searches to the Miami area was New York City.
Redfin said its analysis includes about 2 million Redfin.com users who searched for homes in 111 metro areas in January. It excluded searches it determined were unlikely to result in an actual relocation or purchase. To be counted in the analysis, a user needed to view at least 10 homes in a particular metro area and the homes in that area must have accounted for at least 80% of the user’s searches.