JULY 27, 2023
5 Florida Metros in Top 10 for Out-of-State Buyers
In 2Q 2023, Florida remained a top go-to state, with the lion’s share relocating from New York, but Chicago provided more buyers for Cape Coral, No. 7 on the list.
SEATTLE – A record one-in-four national homebuyers (25.5%) searched for homes in metros outside their current state in the in the second quarter, up from 23% one year earlier, according to a report from Redfin. Before the pandemic, it was 19%.
The total number of out-of-state-seeking buyers declined 7.5%, however the percentage grew because the number of people interested in in-state moves declined even more, down 18%.
Of the top 10 states eyed for residency, Florida metros made up 50% of the top 10 go-to state metros. Tampa ranked highest at No. 3, and Las Vegas moved into the top spot based largely on the number of Los Angeles residents looking for a new out-of-state city to call home.
Top 10 out-of-state metros in the 2nd Quarter of 2023.
- Las Vegas: Net inflow 5,700. Top origin: Los Angeles
- Phoenix: Net inflow 5,300. Top origin: Seattle
- Tampa: Net inflow 5,000. Top origin: New York City
- Orlando: Net inflow 4,900. Top origin: New York City
- Sacramento, Calif. Net inflow 4,800. Top origin: Chicago
- North Port-Sarasota: Net inflow 4,700. Top origin: New York City
- Cape Coral: Net inflow 4,100. Top origin: Chicago
- Dallas: Net inflow 4,100. Top origin: Los Angeles
- Miami: Net inflow 3,700. Top origin: New York City
- Houston: Net inflow 3,600. Top origin: New York City
Las Vegas topped Redfin’s list for the first time. The report notes that a typical Las Vegas home sells for $412,000, or less than half the price of a home in Los Angeles, and, “It’s a similar story for the other popular migration destinations, which include Phoenix, Sacramento and several Florida metros.”
Of the top 10, nine have lower median sale prices than the top origin metro of buyers moving in.
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