The article highlights a trend of buyers from expensive real estate markets searching for homes in more affordable neighboring areas. Here are the key points:
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Seattle and Washington, DC:
- Seattle shoppers searched for out-of-market homes at nearly 84%, second only to Washington, DC (nearly 86%).
- DC residents primarily looked towards Baltimore due to its lower median listing price ($390,000 vs. $588,332 in DC).
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Los Angeles:
- Over 70% of L.A. buyers searched for homes outside the metro.
- Riverside, CA was a popular destination because it offered significantly lower prices (median listing price around $341 per square foot compared to $641 in L.A.).
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Midtier Markets Facing Pressure:
- Cities like Salt Lake City, Denver, and Durham saw over 70% of their buyers searching for out-of-market homes.
- Buyers from these cities targeted nearby areas with home prices that were 5-15% lower.
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Economic Factors Influencing Migration:
- Birmingham, AL residents moved to Nashville, TN despite higher
Read the full article at Realtor.com Blog
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