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
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, are all on the decline. 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
Metros that are more affordable than major coastal cities like
"The influx of homebuyers into
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 affordable areas.
That said, four of the 10 top metros that people are leaving—New York,
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/july-august-2021-housing-migration-trends/
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For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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Redfin Journalist Services, Isabelle Novak, (414) 861-5861, email@example.com