The study found that about 24% of all those who bought houses were looking for excavations in different cities in the third quarter of this year – a new all-time high.
“With a looming recession and high household costs, many people cannot afford to buy a house in an expensive area and/or want to save money for an emergency, making moving to a more affordable location an attractive option,” said Redfin. Leading specialist in economic research Chen Zhao.
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The study looked at how many users of a listing site wanted to leave a particular area of the city rather than enter it.
“More homebuyers wanted to leave San Francisco than any other major metropolitan area, followed by Los Angeles, New York, Washington DC and Boston,” the report said.
27% of New York City searchers were looking for homes elsewhere, with Florida being their top destination. For aspiring Empire State defectors, Miami was at the top of their wish list, followed by Tampa and Sarasota.
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But Zhao noted that interest rate hikes and growing worries about the health of the economy could hamper resettlement in the near future.
“Migration is likely to slow down in the coming months because the weakening labor market and job losses will force more people to stay or move in with their families, although some may have to relocate in search of new job opportunities. In addition, many remote workers who wanted to relocate have already done so,” she said.
The report said that Los Angeles preferred Las Vegas and San Diego, while San Francisco residents explored their prospects in Sacramento.
Redfin noted that homes in the California capital have an average price of $560,000, while real estate in San Francisco remains sky-high at $1.5 million.
More Washington, D.C. residents looked for homes in Salisbury, Maryland than any other city, while Chicago residents preferred Milwaukee.