Interest in Relocation Dips Slightly with 30% of house hunters looking to move to a different metro area. That's down from a peak of 32% at the start of the year, but higher than the 26% level Redfin saw early in the pandemic.
The pandemic triggered a relocation boom among Americans, who took advantage of remote work and record-low mortgage rates. Scores of families left major cities in search of affordability and space. But while house hunters continue to relocate at a higher rate than they did early in the pandemic, migration has cooled this summer as life in the U.S. has returned, at least somewhat, to normal.
The slight dip in migration has coincided with a slowdown in the broader housing market: Homebuyer competition, home-sales growth and interest in second homes, for example, have all slackened a bit. It's worth noting that the housing market typically slows at this time of year.
"We're not seeing the level of movement we saw at the end of 2020 and the start of 2021, but a lot of people are still looking to move to new cities," said Redfin Lead Economist Taylor Marr. "Worker turnover is one reason interest in relocating remains high. Scores of Americans are quitting their jobs in search of better salaries, benefits and flexibility. Once they find their next gig, people are often able to move for affordability or a better lifestyle."
Metros that are more affordable than major coastal cities like San Francisco and New York, and feature warmer weather, frequently make the list of top migration destinations. They've become even more popular during the pandemic because homebuyers who work remotely have had the freedom to prioritize affordability and space over proximity to the office.
Dense, pricey cities typically see the most residents depart—a trend that has intensified during the pandemic as remote work has given more people the flexibility to leave expensive job centers for relatively more affordable areas.
That said, four of the 10 top metros that people are leaving—New York, Chicago, Denver and Seattle—actually saw fewer people exit than a year earlier at the height of the pandemic.
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