A study by Redfin.com, the real-estate site, found that 25.5% of its users nationwide looked to move to a different metropolitan area in the second quarter, compared to about 23% the year before and about 19% before the pandemic.
According to the information, Las Vegas was the most popular destination in June for relocating homebuyers, topping Redfin’s list for the first time.
“Buyers with the freedom and inclination to relocate are choosing Las Vegas in large part because their money goes a long way there,” the report says. “Your typical house sells for $412,000, less than half the price of a house in Los Angeles, the most common origin for buyers moving to Las Vegas. It’s a similar story for other popular migration destinations, including Phoenix, Sacramento and various Florida metropolitan areas.”
Redfin highlights that today’s high mortgage rates (June average was 6.7%, up from 5.5% a year earlier and 3% in early 2022) have changed the dynamics of the housing market in general: “High rates have slowed the market down significantly since the buying frenzy of housing by the pandemic, which was driven by record rates and remote work, but have also increased the attractiveness of relatively affordable metro areas.
Realestate compared June 2023 housing costsfrom Las Vegas and the 3 most common origins of people who move there.
City: The Vegas, Nevada
Average sale price: $412,000
Median Monthly Mortgage Payment: $2,721
City: Los Angeles California
Average sale price: $975,000
Median Monthly Mortgage Payment: $6,439
City: San francisco California
Average sale price: $1,405,500
Median Monthly Mortgage Payment: $9,281
City: Seattle, Wash.
Average sale price: $826,000
Median Monthly Mortgage Payment: $5,455
The average monthly mortgage payment was calculated using the metropolitan area average sales price and June average mortgage rates of 6.7%.
The data in the report is based on the searches of approximately two million Redfin.com users who viewed homes for sale online in more than 100 metropolitan areas from April 2023 to June 2023.
Keep reading:
· Real Estate Market Myths Affecting Buyers and Sellers in the US Today.
· How far will it go? The price of housing in the US does not stop increasing
· Places homebuyers are moving to in the US.
