Sunbelt Cities Remain Top Destinations Despite Rising Home Prices – NMP Skip to main content

Sunbelt Cities Remain Top Destinations Despite Rising Home Prices

Doug Page
May 25, 2022

Miami, Phoenix, and Tampa are the top three places for New Yorkers and Los Angelenos.

Miami and other Sunbelt locations, including Phoenix and Tampa, remain the country’s top destinations this year despite surges in home prices, says online real estate brokerage firm Redfin.

In Miami, the number one place to move to, especially for New Yorkers, said Redfin, the typical home sold for $475,000 in April, up from $330,000 two years ago, shortly after the Covid-19 pandemic hit the United States.

In number-two ranked Phoenix, Ariz., the typical home sold for $480,000 in April, up from $305,000 two years ago, said the company. Phoenix was a popular destination for people from Los Angeles, Redfin said.

In number-three ranked Tampa, Fla., another popular destination for New Yorkers, the typical home sold for $370,000 in April, up from about $290,000 two years ago, says Redfin.

Redfin says that home prices have surged and priced out many would-be buyers, a dynamic that’s being brought on rising mortgage rates.

Thirty-year fixed mortgage rates were about 3% a year ago compared to over 5% today.

“A lot of people are moving to Florida for the price point, beaches and quality of life, especially since the pandemic started,” said Eric Auciello, a Redfin manager in Tampa. “For a buyer who sold their home in a place like New York for a million dollars, Tampa is affordable.

He continued, “They can get a nice home in a desirable neighborhood for around $550,000. But for locals looking in the $300,000 to $400,000 price point, there’s next to nothing for sale. Locals are turning to condos or moving to more affordable rural areas.”

Published
May 25, 2022
Surprise! New-Home Sales Jump Nearly 11% In May

Increase was the first this year; April estimate of sales also revised upward.

Analysis and Data
Jun 24, 2022
Demand For Vacation Homes Falls Below Pre-Pandemic Baseline

Increasing mortgage rates, home prices, and loan fees makes second-home buyers say no thanks.

Analysis and Data
Jun 24, 2022
Black Knight: Past-Due Mortgages Fall To 3rd-Straight Record Low In May

Company’s “first look” finds serious delinquencies, foreclosure starts showing continued improvement.

Analysis and Data
Jun 24, 2022
Redfin: House Affordability Crisis 'Goes To 11'

Homebuying demand pulls back further as mortgage rates near 13-year high.

Analysis and Data
Jun 23, 2022
Home Flips Are Up, But Raw Profits Hit 13-Year Low

In a striking trend, profit margins slipped to their lowest point since 2009.

Analysis and Data
Jun 23, 2022
ATTOM Spotlights The Most Vulnerable Housing Markets

New Jersey, Illinois, and inland California had the highest concentrations of the most at-risk markets in the first quarter.

Analysis and Data
Jun 22, 2022