The COVID-19 pandemic shook up just about everything—especially where many people live. It caused a mass real estate migration unlike any in recent memory.
Lots of folks traded the cities for suburbs—more space! fewer people!—while others relocated to new, often cheaper, parts of the country. And with the popularity of remote work that allows buyers to live just about anywhere and the growing frustration with record-high home prices, the real estate reshuffle isn’t slowing down anytime soon.
In the first quarter of the year, more than half, 59.7%, of all of the views on the home listings on Realtor.com® came from shoppers based in other metros. That was a 4.6% bump over the same time last year.
So where is everyone going?
Our economics team analyzed the search traffic on Realtor.com to figure out the areas where people wanted to move to—and where they most wanted to leave. We scrutinized the data to determine the nation’s most sought-after areas from buyers who are looking at homes in a different metro area from where they live. On the other end of the scale, the team also found the metro areas where the highest percentage of locals were looking for homes someplace else.
“The pandemic led many Americans to revisit priorities, preferences, and timelines,” says George Ratiu, manager of economic research for Realtor.com. “Worries over health, financial pressures, lifestyle, and well-being were channeled into finding a home in a location which offered ample access to the outdoors, better quality of life, and increasingly important, affordable housing.”
As for trends, we found that the ever-elusive quest for affordability is still driving most preferences. Vacation and retirement destinations are especially popular with those browsing real estate listings from other areas. Some shoppers were looking to relocate, especially those who can work remotely. Others were hoping to purchase a second home, and then there were those who just wanted to dream.
R&I – FS
RandyMarsh