Some markets have a strong allure for buyers with their job markets and lower home prices and are seeing an uptick of new residents.
"With prices now having risen for seven consecutive years, affordability has become top of mind and is driving people not just in their local markets, but when they’re shopping to relocate," says Danielle Hale, chief economist of realtor.com. However, "it’s not just the cheapest markets that are attracting attention, but markets that are similar to, but cheaper than, places people are looking to leave."
Less expensive markets in the South and West are topping realtor.com®’s newly released Cross Market Demand report. Seven of the top 10 markets attracted nonlocal buyers that were shopping for homes with a median price that was 3% to 34% less expensive than the median home price in their housing markets, according to the study. Realtor.com® based its rankings on those that received the most views at its site from outside their state in the second quarter of 2019.
The metros that are proving to be the most popular with out-of-towners are:
- Charleston, S.C.
- Boise, Idaho
- Honolulu
- Columbia, S.C.
- Cape Coral, Fla.
- Portland, Maine
- North Port, Fla.
Highlighting some of the moving trends, realtor.com®’s report noted the growing popularity of South Carolina. The state has a growing employment sector, moderately priced homes, and low taxes helping it to increase its popularity. Charleston, S.C., topped the list, while Columbia came in at number four and Greenville was number eight.
"Folks can afford to live well in the state, where homes are still affordable, property taxes are low, and cost of living is reasonable," Ryan Dietz, director of the master of real estate development program at Clemson University, told realtor.com®.
Overall, buyers are seeking bargains—but they’re not venturing too far. "Regionally, people generally aren’t looking to go very far, and since we’ve seen prices rise the most out West, [the quest for] affordability seems to be having the strongest effect in other Western markets," Hale says.
Boise, Idaho, came in at number-two on realtor.com®’s list and is proving an attractive area to settle, particularly for those transplanting from Los Angeles, Salt Lake City, and Sacramento, Calif. The median list price in the Boise area is 18% higher than the national median, but it’s about 20% less expensive than the median in their hometowns.
Source: “Magnetic Metros: The Top 10 Places Luring Out-of-Towners to Move In,” realtor.com® (Aug. 21, 2019)
