While house hunters continue to relocate at a higher rate than they did early in the pandemic, migration has cooled this summer as life has returned, at least somewhat, to normal. A Redfin report found 30 percent of its users looked to move to a different metro area in July and August, down slightly from 31.1 percent in the second quarter but up from 28.7 percent a year ago.
The slight dip in migration has coincided with a slowdown in the broader housing market. Homebuyer competition, home-sales growth, and interest in second homes are all on the decline.
“We’re not seeing the level of movement we saw at the end of 2020 and the start of 2021, but a lot of people are still looking to move to new cities,” Redfin Lead Economist Taylor Marr said in a release. “Worker turnover is one reason interest in relocating remains high. Scores of Americans are quitting their jobs in search of better salaries, benefits, and flexibility. Once they find their next gig, people are often able to move for affordability or a better lifestyle.”
Miami, Sacramento, Calif., Phoenix, Las Vegas, and Tampa, Fla., were the most popular migration destinations of any major metros in July and August.
Metros that are more affordable than major coastal cities and feature warmer weather frequently make the list of top migration destinations, according to Redfin. They’ve become even more popular during the pandemic because homebuyers who work remotely have had the freedom to prioritize affordability and space over proximity to the office.
San Francisco, Los Angeles, New York, Washington, D.C., and Boston saw more Redfin.com users try to leave than any other metro areas in July and August.
Dense, pricey cities typically see the most residents depart, a trend that intensified during the pandemic as remote work has given more people the flexibility to leave expensive job centers for relatively affordable areas.