U.S. Move-To Hotspots: 5 Florida Metros Continue to Lead

Austin, a popular city in Texas, saw its first-ever resident loss, while Orlando, North Port-Sarasota, Tampa, Cape Coral, and Miami were among the top 10 cities for newcomers.

In the third quarter of 2023, about one-quarter (25.9%) of homebuyers looked to move to a different region of the country; this number is basically unchanged from the record high of 26% in August. It has increased somewhat from 19% prior to the epidemic and 24% a year ago.

This information covers more than 100 U.S. metro areas and is based on around two million house searches made on Redfin’s website between July 2023 and September 2023, according to a recent article by Kerry Smith of Florida Realtors.

Florida’s metro areas continue to be in high demand from buyers looking to relocate outside of their current state because they contain five of the top 10 most sought-after metro areas nationwide. In contrast to several pandemic hotspots where demand has decreased, the state continues to draw in new inhabitants despite a slight decline in total demand since the beginning of the pandemic and modifications in work-from-home policies. For instance, according to Redfin’s most recent survey, more people in Austin, Texas–once a hot spot–are intending to move out than move in.

Top 10 U.S. go-to metros areas in 3Q 2023

1. Sacramento, Calif.: 4,800 new residents; top out-of-state origin: Chicago

2. Las Vegas: 4,500 new residents; top out-of-state origin: Los Angeles

3. Orlando – 4,000 new residents; top out-of-state origin: New York City

4. Myrtle Beach, S.C.: 3,800 new residents; top out-of-state origin: Washington, D.C.

5. North Port-Sarasota: 3,700 new residents; top out-of-state origin: New York City

6. Portland, Maine: 3,500 new residents; top out-of-state origin: Boston

7. Tampa – 3,400 new residents; top out-of-state origin: New York City

8. Cape Coral: 3,300 new residents; top out-of-state origin: Chicago

9. Miami – 3,200 new residents; top out-of-state origin: New York City

10. Salisbury, Maryland: 3,100 new residents; top out-of-state origin: Washington, D.C.

Because affordability is a major factor in relocation for many homebuyers, the decline in the number of people considering moving out of state is less than the total number of people looking to move.

The fall of Austin, Texas, was noteworthy. It was the most popular move-to metro in the country at the beginning of 2021, and other metro regions may be able to learn from the causes behind its collapse. According to the report, there are a few causes of Austin’s downturn:

Rising costs of homes: Prices in Austin have increased by about 75% from pre-pandemic levels by the middle of 2022. There is less of a price difference now between homes in Austin and its feeder states, such as Los Angeles and San Francisco.

Monthly mortgage payments doubled: At a 7.63% mortgage rate, Austin’s median-priced home ($455,000) has an average monthly payment of $3,890, which is almost twice as much as the $2,136 usual payment for 2019.

Return-to-work policies: Some remote workers returned to their hometowns; others did so after determining Austin wasn’t a long-term fit; yet others relocated to large employment centers when the labor market began to contract.

Most of the time, people who buy homes in Austin move to other places in Texas. Two of the top three places Redfin.com users move to after leaving Austin are San Antonio and Corpus Christi. The third place is Denver.

The article originally appeared on Florida Realtors.

The post U.S. Move-To Hotspots: 5 Florida Metros Continue to Lead appeared first on Naples News Now.