Phoenix No. 2 Destination for Homebuyers Looking To Move

Phoenix No. 2 Destination for Homebuyers Looking To Move

*article courtesy of AZ Big Media
Nationwide, 30.2% of users looked to move to a different metropolitan area in the third quarter of 2021, according to a new report from Redfin (, the technology-powered real estate brokerage. And when it comes to where they’re looking to move, Phoenix is the No. 2 destination for U.S. homebuyers looking to move to a new city.
The 30.2% national rate is down from 31.1% in the second quarter, marking the second-straight quarter of declines following four-consecutive quarters of increases.
READ ALSO: Top 5 predictions for Phoenix residential real estate
Although the percentage of users moving to a new metro area in the third quarter declined, interest in relocation during the third quarter remained higher than it was a year earlier (29.2%) and before the pandemic (~26%).
The latest migration analysis is based on a sample of about 3.3 million users who searched for homes across 125 metro areas in the third quarter, excluding searches unlikely to precede an actual relocation or home purchase. To be included in this dataset, a 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.
The slowdown in relocations has coincided with a cooling of the overall housing market: Homebuyer bidding wars, home-price growth and home-sales growth have all been falling. It’s worth noting that the housing market typically slows at this time of year.
While the migration rate has slipped slightly in recent months, it’s unlikely to fall back to pre-pandemic levels any time in the foreseeable future, according to Redfin Deputy Chief Economist Taylor Marr.
“We expect Americans to continue relocating at a higher rate than they did before the coronavirus pandemic,” Marr said. “As employers fight to retain talent during the ongoing labor shortage, they’ll face mounting pressure to introduce permanent flexible-work policies that will give more workers the option to move where they want. We’re also starting to see a resurgence in demand for vacation homes, which could help sustain the relatively high rate of house hunters searching outside their home metro.”

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