Industry News

One-Quarter of Q4 Homebuyers Looking in Outside Metros

Phil Hall
Jan 31, 2019
For the third consecutive month, homeowners are insisting their residential properties are appreciating at a faster than appraisers’ opinions

One-quarter of house hunters looked to relocate to another metro area during the fourth quarter of 2018, according to new data from Redfin. This is up slightly from 23 percent one year earlier.
 
Working from a data analysis of one million Redfin users across 87 metro areas, Redfin determined that the highest net outflows for the fourth quarter occurred in San Francisco, New York, Los Angeles, Washington, D.C., and Denver. Sacramento, Phoenix, Atlanta, Portland and Seattle topped the list for the fourth quarter’s highest net inflows.
 
"In both Seattle and Denver prices were growing rapidly in 2017 and early 2018 to the point that buyers backed off in the second half of 2018," said Redfin Chief Economist Daryl Fairweather. "However, people looking to leave high-tax metros for a city with mountain views and top-notch hiking are more likely to pick Seattle over Denver because Washington State doesn't have an income tax. In fact, the top destination for Denverites looking to leave is Seattle."
 
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Published
Jan 31, 2019
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