5 Florida metro areas rank among the top 10 for out-of-state buyers.
While the majority of movers to Florida in the second quarter of 2023 were from New York, Cape Coral, which came in at number seven on the list, saw more purchases from Chicago.
A record one in four national homebuyers (25.5%) looked for properties in metro areas other than their present state in the second quarter, up from 23% a year earlier. It was 19% before the pandemic, according to a recent article by Kerry Smith of Florida Realtors.
The total number of out-of-state buyers fell by 7.5%, but the percentage increased because fewer persons were interested in moving within the state, which fell by 18%.
Florida metro areas accounted for 50% of the top 10 states to consider for residency. Tampa came in at No. 3, while Las Vegas rose to the top thanks in large part to the number of people seeking for a new home outside of California.
Top 10 out-of-state metros in 2Q
- Las Vegas: Net inflow 5,700. Top origin: Los Angeles
- Phoenix: Net inflow 5,300. Top origin: Seattle
- Tampa: Net inflow 5,000. Top origin: New York City
- Orlando: Net inflow 4,900. Top origin: New York City
- Sacramento, Calif. Net inflow 4,800. Top origin: Chicago
- North Port-Sarasota: Net inflow 4,700. Top origin: New York City
- Cape Coral: Net inflow 4,100. Top origin: Chicago
- Dallas: Net inflow 4,100. Top origin: Los Angeles
- Miami: Net inflow 3,700. Top origin: New York City
- Houston: Net inflow 3,600. Top origin: New York City
Redfin’s ranking was topped for the first time by Las Vegas. According to the survey, the average home in Las Vegas costs $412,000, which is less than half as much as one in Los Angeles. It is also noted that “it’s a similar story for the other popular migration destinations, which include Phoenix, Sacramento, and several Florida metros.”
Nine of the top 10 have median sale prices that are less than those of the top origin metro for incoming buyers.
The original article can be found on Florida Realtors