{"id":7818,"date":"2023-03-28T15:07:12","date_gmt":"2023-03-28T20:07:12","guid":{"rendered":"https:\/\/nwfl4sale.com\/study-high-number-of-buyers-still-move-state-to-state\/"},"modified":"2023-03-28T15:07:12","modified_gmt":"2023-03-28T20:07:12","slug":"study-high-number-of-buyers-still-move-state-to-state","status":"publish","type":"post","link":"https:\/\/nwfl4sale.com\/study-high-number-of-buyers-still-move-state-to-state\/","title":{"rendered":"Study: High Number of Buyers Still Move State-to-State"},"content":{"rendered":"
<\/p>\n
In Feb., the number of buyers searching listings outside their state dropped 3.6% year-to-year \u2013 but those looking locally fell 14.4%. 5 Fla. metros are top go-to spots.<\/span><\/span><\/p>\n<\/div>\n SEATTLE \u2013 The number of home searchers looking to relocate to a new metro fell 3.6% year-to-year in February, according to a report from Redfin \u2013 but that\u2019s less than a 14.4% drop looking to relocate within their current metro. And once again, Florida and other Sun Belt states sparked the most interest.<\/span><\/span><\/p>\n Rising mortgage rates dented buyer demand in general, but it\u2019s had little impact on where buyers wish to move. In some cases, buyers moving from high-cost metros, such as the San Francisco Bay area, can compensate for higher interest rates by buying a home in less costly metro areas, such as many in Florida. High rates don\u2019t impact those buyers as much because they\u2019re getting a cheaper house and possibly pocketing some proceeds from a home sale in a more expensive area.<\/span><\/span><\/p>\n Additionally, some relocating homebuyers have a non-negotiable reason for their move, such as a better job or to be closer to family. High rates are less likely to deter those buyers than ones simply considering a different house within the same town.<\/span><\/span><\/p>\n Of the buyers nationwide seeking a home, one in four (25.1%) looked to relocate to a new metro in February. A year earlier, it was 22.9%. Before the pandemic, it was roughly 18%.<\/span><\/span><\/p>\n For state-to-state movers, five of the top 10 go-to destinations are in Florida.<\/span><\/span><\/p>\n Popularity is determined by net inflow \u2013 how many home shoppers looked to move into an area rather than out of that area.<\/span><\/span><\/p>\n The typical home in popular go-to destinations is less expensive than the typical home they want to leave behind. The typical Miami home sold for $485,000 in February, for example, compared with $640,000 in New York, the most common origin for its incoming homebuyers.<\/span><\/span><\/p>\n \u00a9 2023 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n <\/p>\n <\/p>\nBuyers moving to a new metro<\/span><\/span><\/h3>\n
Top 10 go-to metro areas<\/span><\/span><\/h3>\n
\n
Top 10 move-out metro areas <\/span><\/span><\/h3>\n
\n