Thanks to its overall affordability, the Dallas metro area is gaining more residents.
Dallas was the 10th-most-popular migration destination in the second quarter compared with homebuyers leaving the area, according to a Redfin.com analysis of its users.
According to Redfin, 4,964 of its online users relocated to the Dallas area in the second quarter compared with 7,458 during the same period a year ago. The Dallas area has seen rising home prices.
A record 32.6 percent of Redfin.com users nationwide looked to move from one metro to another in the second quarter, up slightly from 32.3 percent in the first quarter and about 26 percent before the pandemic.
During Q2, 25 percent of Redfin home searches in the Dallas area came from outside the region. The leading source of those searches was from Los Angeles.
In fact, Los Angeles residents have also been using Redfin to finally get the heck out of Dodge. No. 3 Phoenix, No. 5 Las Vegas, and No. 10 San Antonio are taking in former LA residents. Like the first quarter, San Francisco had the highest net outflow of any major U.S. metro in Q2.
Of the top 10 metro areas, seven don’t have a state income tax.
Netflow in Dallas, Phoenix, Sacramento, and Las Vegas — as positive as it’s been — has slowed from a year ago.
“That’s partly because home prices have risen so much in those areas, taking them from relatively affordable to not-so-affordable,” according to the report.
The analysis is based on a sample of about 2 million Redfin.com users who searched for homes across more than 100 metro areas in the second quarter, excluding searches unlikely to precede an actual relocation or home purchase.
The reason is obvious. Remote work is becoming the norm for many workers with more homebuyers looking to move out of expensive cities, according to Redfin.
Take out the Texas metro areas and half of the metro areas registering gains are in Florida — No. 1 Miami, No. 2 Tampa, No. 6 Cape Coral, and No. 8 North Port, all with higher gains than a year earlier.
“Tampa is still attracting a lot of out-of-state homebuyers, coming from places like New York, who can get more for their money in Florida,” said Eric Auciello, a Redfin manager in Tampa.
Report review: It’s an interesting report for keeping up with how homebuyers view the Dallas metro area rates as opposed to other metro areas. The graphics are dynamic and easy to follow. 🐇 🐇 🐇
