1 in 4 buyers searching for a home via Redfin’s website considered homes in other metros. Fla. remains a top choice, and Miami returned to the No. 1 spot.
SEATTLE – More U.S. buyers are considering out-of-city moves. Overall, fewer buyers are in the market this year and total numbers are down; but of those still searching, a higher percentage are looking outside their home city.
Redfin says a record one-quarter (24.9%) of its website users nationwide looked outside their metro area in January to find a new home as remote work and elevated housing costs drove homebuyers to seek other options.
One year ago, 22.8% of buyers searched in outside metro areas; before the pandemic, it was 18%.
Of the top 10 “desired cities” in the study, five are in Florida with Miami taking the No. 1 spot for the first time since August 2022. Other Florida cities on the top 10 “desirability” list include Tampa, Cape Coral, Orlando and North Port-Sarasota.
January inflow interest in Florida cities
– Miami: 7,200 inflow searches compared to 11,400 in 2022
– Sacramento, Calif: 6,200 compared to 7,200 in 2022
– Las Vegas: 5,700 compared to 6,900 in 2022
– Phoenix: 5,500 compared to 9,900 in 2022
– Tampa: 5,200 compared to 7,500 in 2022
– Dallas: 4,400 compared to 7,300 in 2022
– Cape Coral: 4,200 compared to 5,500 in 2022
– Orlando: 3,800 compared to 1,700 in 2022
– North Port-Sarasota: 3,800 compared to 5,300 in 2022
– Houston: 3,700 compared to 2,900 in 2022
The typical Miami home sold for $470,000 in January compared with the $383,000 national median, but they still tend to be less expensive than the places people are coming from. The typical home in New York, the top origin for homebuyers relocating to Miami, sold for $650,000 in January.
“A lot of buyers have flocked into coastal Florida from out of town over the last several months,” says Elena Fleck, a Redfin agent in Palm Beach. “Buyers moving in from places like New York and San Francisco are helping the local market recover from last fall’s housing downturn. They’re not nearly as fazed by high mortgage rates because homes here are so much less expensive than their hometowns, and they get larger lots, pools, nice weather and lower taxes.”
© 2023 Florida Realtors®. Reprinted with permission Florida Realtors. All rights reserved.
