A study from real estate company, Redfin, has found that a record 25.5% of people looked to move to a different metro area in the second quarter of this year. That percentage jumped up from 23% last year and 19% pre-pandemic.
Redfin's data is collected from the searches of around two million users on its site from April to June 2023 across more than 100 metro areas. Major cities including San Francisco, New York, and Los Angeles saw the biggest outflow while Las Vegas topped Redfin's list for the first time ever. Phoenix and Tampa also bagged top spots as some of the most popular destinations. Like Las Vegas, both cities are relatively affordable in comparison to Los Angeles or San Francisco. The average Las Vegas home costs less than half as much as buying one in the major California cities, according to Redfin.. The real estate brokerage calculated the results by net inflow, subtracting the number of searches looking to leave a metro area from the number looking to move there.