Nearly 26% of property search queries on online real estate brokerage Redfin.com are for cities where potential homebuyers don’t live, based on data for the three months ending June 2023. That’s the highest percentage since 2017, when Redfin first started tracking migration data.
Homeownership costs seem to be driving the trend, as the majority of homebuyers are from cities with some of the highest home prices in the country, such as New York or Los Angeles.
Based on an analysis of 100 metro areas, the following 10 cities had the highest net inflow of property searches on Redfin’s website. Net inflow is the number of people looking to move into a city minus the number of people looking to leave.
- Las Vegas: 5,700
- Phoenix: 5,300
- Tampa, Florida: 5,000
- Orlando, Florida: 4,900
- Sacramento, California: 4,800
- North Port-Sarasota, Florida: 4,700
- Cape Coral, Florida: 4,100
- Dallas: 4,100
- Miami: 3,700
- Houston: 3,600
