Homebuyers in 2024 chose to move to a specific area primarily to be closer to family and friends (30 percent) and to get more home for the money (21 percent), according to a new report from the National Association of Realtors (NAR).
While available U.S. Census Bureau data provides information surrounding where and in what volume Americans are moving, NAR’s 2024 Migration Trends report analyzed the drivers and motivators of Realtors’ clients who moved to different areas nationwide to understand and measure why people are moving to certain areas.
The report also broke down regional differences between movers to the Midwest, Northeast, South and West.
U.S. Census Bureau data finds the top 20 states with the highest net migration in 2023 included Florida (372,870), Texas (315,301), North Carolina (126,712), South Carolina (91,853), Georgia (88,325), Tennessee (76,471), Arizona (57,814), Alabama (36,128), Oklahoma (31,967), Ohio (28,718), Indiana (22,468), Arkansas (22,202), Virginia (21,132), Idaho (20,053), Wisconsin (19,301), Colorado (19,167), Missouri (19,023), Kentucky (16,592), Washington (13,643) and Nevada (12,908).
Forty-six percent of Realtors’ clients moved to the South in 2024, followed by 25 percent to the West, 18 percent to the Midwest and 11 percent to the Northeast. Conversely, 33 percent of respondents’ clients moved from the South, 30 percent from the West, 22 percent from the Midwest and 15 percent from the Northeast.
Movers to the West were driven more than others by getting more house for the money (24 percent), movers to the South were more driven than others by lower or more favorable tax rates (19 percent) and movers to the Northeast were more motivated than others to move closer to their job location (22 percent).
“It is no surprise that the Sun Belt states continue to attract movers within the U.S., but this report helps to highlight just how much the draw to be close to one’s friends and family drives a relocation,” Jessica Lautz, NAR deputy chief economist and vice president of research, said in a release. “Homebuyers continue to seek areas where their support systems are around them.”
After stating that being closer to family and friends (30 percent) and to get more home for the money (21 percent) were at the top among all reasons for choosing a specific area, the secondary reasons Realtors’ recent clients cited for moving to a specific area include the area having lower or more favorable taxes (16 percent), it being a safer area with less crime (16 percent) and being closer to their work location (15 percent). When asked to identify the one primary reason for choosing to move to a specific area, the most common driver among Realtors’ recent clients was to be closer to family and friends at 23 percent, followed by “getting more house for the money” (12 percent) and being closer to work (9 percent).
“Homebuyers are placing a priority on getting more bang for their buck, looking to areas with not only more space within their home but also favorable taxes,” said Lautz. “This migration flow will likely continue as retirees and remote workers relocate.”
Realtors’ recent clients generally moved to a similar type of area; however, those moving from central city/urban areas (41 percent) and resort areas (44 percent) most often moved to a suburban area.
In 2024, Realtors reported that 36 percent of their clients moved to a different state. However, the majority of Realtors’ clients moved intrastate: 21 percent moved within the same city, 21 percent moved to a different city in the same area and 21 percent moved to a different area within their state. Those relocating to the South and West were most likely moving from a different state, while movers in the Northeast were most likely moving within the same state.
Consistent with general seasonal market trends, respondents’ clients were most likely to have begun their home purchase transaction in June (21 percent), May (18 percent) or April (15 percent).
Among repeat buyers, 74 percent sold their previous residence when making their recent purchase, while 20 percent kept their previous residence as an investment, rental or vacation property. Repeat buyers who moved to the West and Northeast were more likely than others to keep their previous residence.
Of Realtors’ recent clients, 94 percent made a permanent move to a new area, while 6 percent now split their time between their new and previous locations. Nearly one in five (18 percent) moved back to an area where they had previously lived, a trend more common in the Midwest (24 percent) and West (20 percent).
Realtors’ recent clients are most likely to have chosen a specific home based on its outdoor space (42 percent), additional square footage (31 percent) and because it’s in a quieter area (24 percent). Outdoor space was especially important to movers to the Midwest, while movers to the Northeast were particularly driven by the need for more square footage and a better work commute.
Job location did not play a role in the purchase decision for 43 percent of Realtors’ recent clients, as they continue to work remotely, while job location did influence 37 percent of movers who work at least some of their time in the office. Movers to the West and South were most likely to report that job location did not play a role in their decision due to remote work.
Only 2 percent of Realtors’ recent clients made their move due to a return-to-office in their jobs. This was slightly more common among movers to the Midwest at 4 percent.