27% of Redfin users searched for homes outside their metro area in April and May, according to the online property portal

BY LIZ LUCKING | JUNE 25, 2020

Phoenix, Sacramento and Las Vegas were the most favored destinations for U.S. homebuyers looking for a major relocation in April and May, according to Thursday’s migration report from Redfin. 

A record 27% of Redfin users searched for homes outside their metro area during the two-month window, the peak of the coronavirus crisis in the U.S. 

The figure, based on a sample of more than 1 million users, is the highest recorded since Redfin began reporting net migration data in early 2017, and was likely bolstered by more people considering moves to quieter, less crowded areas with more square footage, Redfin said. 

While contributing to demand, buyers looking to relocate as a result of the coronavirus are not the exclusive drivers of out-of-town interest, and the “long-term impact of the pandemic on people actually moving from one part of the country to another remains to be seen,” Redfin economist Taylor Marr, said in the report. 

“People are starting to take the plunge and move away from big, expensive cities, though most of them were probably already considering a lifestyle change,” Mr. Marr said. “The pandemic and the work-from-home opportunities that come with it [are] accelerating migration patterns that were already in place toward relatively affordable parts of the country.” 

For many people, he said, “the lure of large homes in wide-open spaces will be a passing dream fueled by coronavirus-induced isolation." 

In Phoenix, the net inflow of users to the city hit 7,576 during April and May.  

The net inflow is how many more people are looking to move to the area than leave. 

Net inflow stood at 6,419 in Sacramento and 5,718 in Las Vegas. 

“Most of the homebuyers I meet are moving into town from other places because Sacramento gives them the best bang for their buck,” Sacramento-based Redfin agent Kellee Davis, said in the report. “In the Bay Area [of California], the size, quality and land that comes with properties don’t come close to what they can get for moving just an hour and a half away.” 

Unsurprisingly, the most densely populated and expensive cities are facing the largest exodus. New York witnessed a net outflow of 25,099 users, and San Francisco followed right behind with a net outflow of 24,235. 

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Source: Mansion Global

https://www-mansionglobal-com.cdn.ampproject.org/c/s/www.mansionglobal.com/amp/articles/surging-number-of-americans-looking-to-move-to-smaller-cities-report-finds-217081