According to Redfin, a record number of Americans (27.4%) are looking to relocate to areas where they can have more space, especially with room for office space given work-from-home orders.
This represents an increase of more than 1% from Q! 2020 and more than 2% from Q2 2019.
Redfin Economist Taylor Marr commented on what exactly is driving these changes in the current state of the housing market.
“The factors driving a surge in overall homebuyer demand—low mortgage rates and changes in what people are looking for in a home—are lighting a fire in people who were already considering a move to a different area. Add in employers’ increasingly flexible remote work policies and the fact residents of many big coastal cities can’t fully enjoy their local amenities, and the people who have long wanted to live in a more affordable area or closer to family are incentivized to make the move soon,” Marr said. “As we enter the second half of the year, I expect more people to move from one part of the country to another as the pandemic continues to influence people’s priorities and lifestyles. But it’s also important to note that some pandemic-driven moves are temporary, and the stories about families hiding out in remote cabins won’t all result in home purchases or permanent relocation.”
Redfin did an analysis to pinpoint where most homebuyers were planning to relocate—or at least looking at—across 87 of the U.S.’s largest metro areas.
According to its findings, Redfin revealed that Phoenix; Sacramento, and Las Vegas topped the list of most popular picks, followed closely by the areas of Austin and Atlanta. Also, Redfin noted that among those seeking to relocate, current residents of New York; San Francisco, and Los Angeles made up the lion’s share of home seekers.