According to a new report from Redfin, Dallas-Fort Worth’s gravitational pull continued to exert itself in January. DFW was the No. 6 metro in the U.S. among the Top 10 Metros Homebuyers Are Moving Into, the report shows.
And the metro that lost the most residents to DFW-bound homebuyers was Los Angeles. The report says DFW homes sell “for roughly half” of the typical L.A. home, which costs $800,000.
Meanwhile, a record one in four Redfin.com uses nationwide (24.9%) looked to move to a different metro area last month, “as remote work and elevated housing costs drove homebuyers to relocate,” Redfin said.
The share of relocating homebuyers is up from 24.5% in the fourth quarter, 22.8% a year ago, and roughly 18% before the pandemic.
Redfin notes that high mortgage rates have caused many would-be homebuyers to back out of the market, with overall U.S. home sales down considerably from a year ago. “But among the people who are buying homes, a record portion are relocating. That’s largely due to the ongoing affordability crisis,” Redfin said.
Unsurprisingly, homebuyers are leaving coastal California more than anywhere else—and many of them could be North Texas neighbors soon.
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.