A recent report by Redfin has revealed consumer behavior that is unique to the current real estate market climate. The report found that 29.4% of Redfin users across the country have looked to move to another metro area in October and November, up from 25.4% year-over-year.
This is the highest number of users looking to move to a new metro area since Redfin began tracking this type of behavior in 2017. The reason behind this trend is most likely due to the uptick in remote work availability due to the Covid crisis.
The specific markets seeing the most attention from prospective movers are Sacramento, Las Vegas, Phoenix, Austin, and Atlanta. These markets have the biggest net inflows than any other major metro in the country.
Contrariwise, New York, San Francisco, Los Angeles, Washington, D.C., and Chicago are the top markets Redfin users are fleeing from in October and November.
More specifically, the Bay Area is the top origin of Redfin users moving to Sacramento and Austin. Los Angeles is the top origin of people moving to Las Vegas and Phoenix. People from New York are mostly moving to Atlanta, and nearly double of Redfin users are leaving Washington, D.C. year-over-year.