Home News Home buyers continue to shop around for out-of-state homes, study says

Home buyers continue to shop around for out-of-state homes, study says

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What was thought to be the dispersal of people from cities to suburbs and from one state to another due to a pandemic was coronavirus Hopefully it will start to decline.

Realtor.comof”Cross market demandThe report shows that buyers are searching outside the state more than last year. In addition, some amazing news about the charm of the city: DC and New York City are one of the 10 fastest growing markets for homeshoppers.

The higher share (40.5%) of viewers viewing the Realtor.com list is in 2022 compared to the first quarter of 2021 (36.4%) and the first quarter of 2020 (33.4%). It looked out of state in the first quarter. ..

Realtor.comResearchers have discovered that home shoppers are now looking for properties away from where they currently live. For example, remote work that drives people to the Sunbelt location due to affordable issues and allows buyers to live in warmer and cheaper areas.

Six of the top 10 destinations for relocation buyers are in the Sun Belt. In addition, the desire to resume normal activity and return to normal life in urban areas has created new interest in major metropolitan areas.

The top 10 fastest growing destinations for moving buyers are:

In eight of the top ten destinations, list prices per square foot were lower than the national average of $ 206, according to search trends analyzed by Realtor.com. Demand is pushing up prices in these markets, but when comparing the first quarter of 2022 and the first quarter of 2021, half of them have a lower rate of price increase per square foot than 15.7% nationwide. It has become.

For example, McAllen, Texas, has a median price of $ 125 per square foot, an increase of 13.8% in the first quarter of 2022 compared to the first quarter of 2021. The McAllen real estate state came from the DC metro area in the first quarter of 2022. The median per square foot is $ 277. DC and New York are one of the top three homebuyers looking for homes in Augusta, Georgia and Greensboro, NC, and are a sign of people looking for affordable homes.

Conversely, demand from various homeshoppers considering moving to DC and New York City was higher in the first quarter of 2022 compared to the first quarter of 2021 and since the first quarter of 2018. It was the highest level in any quarter.

New York, Philadelphia, and Baltimore are the top three places where home shoppers looking to move to DC live. The top three places where home shoppers looking to move to New York live are DC, Philadelphia, and Miami. The median per square foot in New York is $ 600.

Report available Here..

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