One in four purchasers who used the real estate brokerage Redfin website to look for a house also explored properties in other metropolitan areas. The state of Florida is still a popular option, and Miami has reclaimed the position of number one.
A growing number of consumers in the United States are thinking about relocating to a town or suburb. This year, there are fewer buyers in the market overall, and the total number of purchasers is also down; however, among those still shopping, a bigger percentage are looking outside their home city.
Redfin reports that 24.9% of its website users throughout the country searched outside of their metropolitan region to locate a new house in January. Homebuyers are driven to explore alternative options due to rising housing costs and remote employment.
Before the epidemic, just 18% of consumers sought outside of metropolitan regions, but that number increased to 22.8% a year ago.
According to the research, five of the most "desired cities" in the United States are in Florida, with Miami claiming the top rank for the first time since August 2022. Other cities in Florida, such as Tampa, Cape Coral, Orlando, and North Port-Sarasota, have made it onto the list of the top 10 "desirability" cities.
Interest from newcomers in Florida cities throughout January
- Miami: 7,200 inflow searches compared to 11,400 in 2022
- Las Vegas: 5,700 compared to 6,900 in 2022
- Sacramento, Calif: 6,200 compared to 7,200 in 2022
- Phoenix: 5,500 compared to 9,900 in 2022
- Dallas: 4,400 compared to 7,300 in 2022
- Tampa: 5,200 compared to 7,500 in 2022
- Cape Coral: 4,200 compared to 5,500 in 2022
- North Port-Sarasota: 3,800 compared to 5,300 in 2022
- Orlando: 3,800 compared to 1,700 in 2022
- Houston: 3,700 compared to 2,900 in 2022
The property’s median sale price in Miami was $470,000 in January, more than the national median of $383,000; nevertheless, Miami homes are often more affordable than those where people are moving from. In January, the median price of a property sold in New York, the leading source state for purchasers who relocated to Miami, was $650,000.
"Over the past few months, many buyers have flocked into coastal Florida from out of town," says Elena Fleck, a Redfin realtor based in Palm Beach. "This trend is expected to continue." "Buyers flocking in from cities like New York and San Francisco are helping the local market rebound from last autumn's housing collapse. They are not nearly as bothered by the high mortgage rates since the homes here are so much more affordable than they were in their hometowns, and in addition, they receive larger lots, pools, nicer weather, and reduced taxes.
=====================
About Realtor Scott Garrison:
Bringing over 36+ years of experience as a local Orlando Realtor, Top Central Florida Realtor SCOTT GARRISON at ReMax Town & Country Real State has helped perhaps more Orlando-Area families and investors buy and sell Central Florida Residential Real Estate than any other of the #19,000+ Orlando Realtors currently working in the Central Florida area!
Living in Oviedo and with RE/MAX Real Estate offices in both WINTER SPRINGS, Florida and WINTER PARK, FL, Top Realtor SCOTT GARRISON actively serves your best Residential Real Estate needs virtually anywhere you’d want to be in Central Florida… including Orange, Seminole, Volusia, Osceola, Brevard, and Lake Counties. Scott has lived here in the Central Florida local Orlando-Area for nearly all of his life, attending the local Winter Park High School and graduating with several degrees from the nearby University of Central Florida.
As a Top Seminole & Orange County Real Estate Agent, Realtor Scott Garrison also has extensive experience in Residential Sales and Purchases, Vacant Land and in helping clients with Foreclosures and Short Sales! He owns multiple Rental Property right here in the area, and over the years, has done many “flips” by buying “ugly houses” and making them Pretty for a new buyer, so he also understands the Real Estate Investor mindset! Call Scott today to find out why “This Realtor WORKS!”
Comments(0)