According to a Redfin housing survey, more home buyers have reportedly left San Francisco in recent months than any other metro region. The Bay Area tops the nation in terms of people looking to move. However, a recent decline in individuals planning to leave the area has resulted in a minor drop in the region’s housing prices. These figures are based on the proportion of users wishing to move out of a particular location versus those looking to move in and include information gathered from more than 2 million users across 100 metro regions.
In July and August, 24.1% of Redfin’s Bay Area customers looked for homes outside the region, with their top in-state destination being Sacramento. Seattle was the most popular out-of-state location for San Francisco home buyers. A record 33.9% of users in the U.S. were planning to move in July and August, up from 26% before the pandemic.
Los Angeles was second to San Francisco regarding home buyers seeking to relocate; in July and August, close to 35,000 Redfin users in L.A. searched for homes in various locations, with San Diego ranking as their top in-state destination and Las Vegas as their top out-of-state destination.
The record number of nationwide moves is the result of the flexibility of remote work, which enables more individuals to relocate away from pricey employment hubs, and economic pressures like rising inflation and mortgage rates. Numerous homebuyers are migrating to slightly more affordable locations like Sacramento, San Diego, Las Vegas, and Tampa from areas like the Bay Area, Los Angeles, New York City, Washington, D.C., and Boston.