Redfin Data Shows Phoenix Among Top-Searched Cities For Out-of-Town Home Buyers
Phoenix ranked third in Redfin’s list of cities users were looking to move to based on data gathered by the online real estate brokerage during October and November. The real estate firm’s report examined how many people were looking to move to various cities compared to how many were looking to leave.
“A lot of folks who live in small urban condos and houses are realizing they can get more space for their money outside the city,” said Redfin agent Leslie White in a statement. “Given the newfound freedom to work from home, a lot of people are buying bigger homes with outdoor space in the suburbs or even farther out if they only need to commute into the city once or twice a month.”
According to the data, which came from a sample of over 2 million Redfin users, Phoenix had 7,667 more Redfin users looking to move into the area than looking to leave. Last year, in contrast, the city had 5,129 more people looking to move in than to leave. Users were only included in the data if they had searched 10 or more homes in a particular city, and “homes in that area must make up at least 80% of the user’s searches,” according to the report.
Phoenix’s 36.2% portion of Redfin users looking from outside the metro compares to 33.4% for 2019. According to Redfin, the median home price in Phoenix is $320,000 — up 18.5% year over year. Phoenix saw its heaviest interest from Redfin users in Los Angeles.
The Phoenix Business Journal reported earlier this month that the metro housing market is expected to see a surge in home sales in 2021, with prices continuing to rise more than the national average. That’s according to Realtor.com’s 2021 Housing Forecast, which predicted home sales in the Valley next year to jump 11.4% over 2020 levels, the 11th-largest expected increase among the top 100 metros in the U.S.
Average prices are expected to jump in 2021 as well, cranking up by 7% in the Valley, which is the 12th-biggest rise forecasted in the report.
Ahead of Phoenix on Redfin’s list of metros with the most net inflow were Sacramento at No. 1 and Las Vegas at No. 2. Austin, Texas, Atlanta and Dallas rounded out the top five.
New York City topped Redfin’s net outflow list with 37,305 more users looking to leave than to move in, followed by San Francisco with 33,520. Los Angeles; Washington, D.C.; Chicago; and Denver ranked third through sixth, respectively.
Seattle-based Redfin, founded in 2006, operates in more than 90 markets in North America and has helped its customers buy or sell more than $115 billion worth of homes, according to the company.
The 29.4% of Redfin users looking to move cities in October and November is the highest percentage since the company started keeping track of this data in the beginning of 2017.