The majority of home searchers look to stay in their current metro. New analysis shows that in this year's third quarter, the amount of potential homebuyers looking elsewhere is up to 22 percent.
Using a data sample of 1 million users across 75 metros, Redfin identified the newest trends in the housing market. San Diego and Sacramento, California were in the top two spots of the net inflow rankings, drawing residents from expensive areas like San Francisco. This marks the first time Nashville has cracked the top 10 migration destinations as an affordable alternative to more expensive metros.
Conversely, metros experiencing net outflow tend to have lower than average rates of new construction. According to a Redfin analysis of new construction data, nationally, there were 10.7 new residential housing units permitted to be built per 10,000 residents in September 2017.