Florida remains top destination in great COVID migration

by

Nationwide, 30.3 percent of Redfin.com users looked to move to a different metro area in October and November, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s down from a record-high 31.5% in the first quarter of 2021 but well above pre-pandemic levels.

Homebuyer interest in relocating to a different part of the
country accelerated as the coronavirus pandemic took hold in the first half of
2020 and reached its peak at the beginning of this year before declining
slightly and leveling out. Redfin.com users are showing significantly more
interest in relocating than before the pandemic, when levels stood at 25% to
26%.

“At the beginning of the pandemic, remote work gave
homebuyers the opportunity to consider a new location,” said Redfin Chief
Economist Daryl Fairweather. “Now the labor market is incredibly tight,
which means even homebuyers with in-person occupations can move somewhere new
and be confident they can secure employment in their new town.”

Miami was the most popular migration destination of any
major U.S. metro for the fourth month in a row. Next come Phoenix, Las Vegas,
Sacramento and Tampa. Two other Florida metros also appear on the top 10, with
Cape Coral taking the number seven spot and North Port coming in 10th. The
popularity of migration destinations is determined by net inflow, a measure of
how many more Redfin.com home searchers looked to move into a metro than leave.

Florida has become a particularly popular destination this
year as remote workers and retirees flock to the state in search of beaches,
warm weather, low taxes and more affordable housing than big cities on the East
or West Coast. Net inflow into Miami has nearly tripled since this time last
year, and net inflow into Tampa has nearly doubled, with New York as the
number-one origin for Redfin.com users moving to both areas.

“More than half of my active clients are either
investors or people who are relocating, coming from places like California,
Oregon, New York and New Jersey,” said Miami Redfin agent Cristina Llanos.
“The relocators tend to be young remote workers who are moving to Miami
for the affordability and sunshine. One client said they’re coming to Miami
because they hate the snow; another wants to raise their kids in an ethnically
diverse city.”

San Francisco, Los Angeles, New York, Washington, D.C. and
Seattle top the list of places Redfin.com users looked to leave in October and
November. That’s according to net outflow, a measure of how many more
Redfin.com home searchers looked to leave a metro than move in.

Big, expensive coastal cities typically top the list of
places Redfin.com users are looking to leave, a trend that has accelerated with
the pandemic and remote-work options. Many big-city dwellers with white-collar
jobs are able to work remotely from more affordable locations with a lot of
recreational opportunities.

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