Sunny, relatively affordable areas are typically the most popular relocation destinations, the report found.
RELATED COVERAGE:The average 30-year-fixed mortgage rate was 6.9% in October, up 3.83 percentage points from 3.07% one year earlier—the largest year-over-year increase during any month since 1981.Sacramento was the most popular destination for people looking to relocate, followed by Miami, Las Vegas, San Diego and Tampa. Popularity was determined by net inflow, which is the number of people looking to move into a metro minus the number of people looking to leave.
While Sacramento's $560,000 median sale price is higher than the national average, it’s a fraction of the $1.5 million median price in nearby San Francisco, the most common origin of newcomers to Sacramento, the report found. Samantha Rahman . "They’re mostly remote workers coming from the Bay Area who may need to commute to the office a few times a month but are saving significantly on housing costs. It makes even more sense to relocate to a more affordable region now than it did when mortgage rates were low, as lower-priced homes offset some of the expense of high rates and rack up less interest."
On the other end of the spectrum, two California cities ranked as the top places people are looking to leave, according to the study. San Francisco and Los Angeles took the top two spots in that list. Those leaving San Francisco are flocking to Sacramento, while people leaving Los Angeles are choosing Las Vegas.Redfin's migration analysis was based on about two million Redfin.com users who viewed for-sale homes online across more than 100 metro areas from August 2022 to October 2022.
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