That's according to data by Redfin Corp. , which analyzed the activity of about 2 million users on its website who viewed for-sale homes online across more than 100 metro areas between October 2022 to December 2022. A record 24.6% of Redfin users in Q4 looked for homes outside of their market, up 22.1% from a year earlier and about 18% more than before the pandemic. , chief economist at Redfin, said based on surveys Redfin has conducted, the No.
Even metro areas with a significant share of potential buyers from outside of the market are seeing reduced activity. Among the remaining top 10 cities in Redfin's analysis, the originating cities were all New York, Chicago and Los Angeles, suggesting the move out of expensive gateway cities to more affordable metros like Tampa, Florida, and Phoenix continues to hold steady.
Los Angeles, meanwhile, had net outflow of 23,100 in Q4, down from 32,000 a year prior. About 20% of those searching for a home based in Los Angeles are looking to relocate elsewhere.
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