More than a third of people searching Redfin.com for Phoenix homes last quarter were out-of-towners
By Tim Ellis | Redfin
Twenty-five percent of Redfin.com home searchers looked to move to another metro area in the first quarter of 2019, compared to 23 percent during the same period last year. The national share of home-searchers looking to relocate currently sits at its highest level on record, tied with the fourth quarter of 2018. The latest migration analysis is based on a sample of more than 1 million Redfin.com users who searched for homes across 87 metro areas from January through March.
“People are feeling more confident about the economy and now feel financially secure enough to make a cross-country move to a metro where their money will go further,” said Redfin chief economist Daryl Fairweather. “Homeownership may be out of reach for current residents of San Francisco or New York, but there are plenty of affordable homes and lower taxes in places like Phoenix, Atlanta and Austin. As more workers move to these places, there is a chicken and egg phenomenon where more companies open offices, which attracts even more workers.”
