39. Redfin Reports the Share of Homebuyers Looking to Relocate Is Near Pandemic Peak

Redfin Reports the Share of Homebuyers Looking to Relocate Is Near Pandemic Peak

Nearly one-third of Redfin.com users looked to move away from their hometown in the fourth quarter, close to the record high set in the first quarter

SEATTLE, Tuesday, January 25, 2022 - BUSINESS WIRE (NASDAQ: RDFN) – Nationwide, 31.2% of Redfin.com users looked to move to a different metro in the fourth quarter of 2021, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage.

That number is down from the record high of 31.5% set in the first quarter of last year, but is still up significantly from pre-pandemic levels, with 26.3% of Redfin.com users looking to relocate in the fourth quarter of 2019.

Homebuyer interest in relocating to a new part of the country rose with the onset of the pandemic and has remained elevated for nearly two years. That’s partly due to low mortgage rates and partly the surge in remote work that’s allowing Americans to choose where they live based on things like affordability and weather rather than proximity to an office.

The latest migration analysis is based on a sample of about 2 million Redfin.com users who searched for homes across 111 metro areas in the fourth quarter, excluding searches unlikely to precede an actual relocation or home purchase. To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a particular metro area, and homes in that area must have made up at least 80% of the user’s searches. Redfin’s migration data goes back to 2017.

Redfin Media Release continues in the We Get Around Network Forum (www.WGANForum.com) here:

https://forum.we-get-around.com/topic/16308/page/1/4q-nearly-13-of-redfincom-users-looked-to-move-away-from-their-hometown/