As companies gradually enforce back-to-the-office policies, the share of homebuyers trying to relocate to a different metro area decreased in November for the third month in a row. The share dropped to 23.9%, the lowest level seen in a year-and-a-half, according to Redfin.
Compared to November 2022, the share of homebuyers trying to relocate fell 20 basis points from 24.1%. It was the first annual decline ever recorded since 2017. It is also down from this summer’s peak of 26%.
For this report, Redfin monitored the searches of about 2 million Redfin.com users who viewed for-sale homes online across more than 100 metro areas from September 2023 to November 2023.
Some Americans are still chasing affordability
In November, all of the 10 most popular migration destinations posted lower prices than the most common origin of buyers moving in.
Sacramento, Las Vegas and North Port Sarasota, Florida were the three most popular destinations for net migration. Meanwhile, Spokane, Washington, landed on the list of popular destinations for the first time, ranking number 10.
The largest number of homebuyers moving to Spokane were from Seattle, followed by Los Angeles and Portland, Oregon. According to Redfin, the typical Spokane home sold for $416,000, compared to $775,000 in Seattle.
Homebuyers are leaving Los Angeles more than any other metro area in the country
For the first time, Los Angeles topped the list of metros homebuyers want to leave. San Francisco and New York came in second and third position, respectively. San Francisco fell from the top spot for the first time in two years.
Even if home prices increased in popular migration destinations during the pandemic, the median sale price for a home in Los Angeles ($1,025,000) remains twice more expensive than that of Las Vegas ( $411,000).
