About a third of Americans were looking to change metro areas in April and May, according to a new Redfin report, which found most had their sights set on Miami and Tampa.
Redfin said the mobility is a result of “homebuyers chasing affordability, moving to places like the Southwest and parts of Florida where homes are more affordable than pricey coastal metros.”
Florida is the most popular location for relocating homebuyers with Miami and Tampa leading the way, based on net inflow, or how many more Redfin.com users looked to move into an area than leave.
Many of those unable to afford these two Florida hot spots are settling for second-best in terms of top markets, GlobeSt reported, such as Bakersfield, San Antonio and Virginia Beach.
Tampa Passes Phoenix on the List
Miami has topped the list all year, and Tampa just surpassed Phoenix for the No. 2 spot. Phoenix now ranks third, followed by Sacramento and Las Vegas.
With the typical home selling for $370,000 in April, Tampa is classified as “relatively affordable,” though that market’s prices are up 28% year over year, but well below the national median of $424,000.
The typical home in Miami sells for $475,000; and $480,000 in Phoenix; $605,000 in Sacramento and $445,000 in Las Vegas.
Homebuyers are moving away from San Francisco, Los Angeles and New York, Redfin said.