Get me out of here!
That seems to be what many potential home buyers in the Bay Area are saying these days as they come up against the region’s astronomical housing prices. A new report from Redfin analyzing 75 metro areas across the nation shows the Bay Area topping the list for “net outflow” — the number of online searchers looking to move outside the metro where they live.
New York was second on the list, followed by Los Angeles and Washington, D.C., according to Redfin’s “Migration Report” for the second quarter. It indicates that home buyers increasingly are looking to leave expensive coastal cities in search of affordability.
San Francisco house hunters — faced with a median sales price of $1.25 million — most commonly looked to Sacramento, where the median has been climbing, but still feels like a bargain: $376,000. The most common out-of-state destination for San Franciscans was Seattle.
For homeowners in Los Angeles, the most common destination was San Diego — or Las Vegas, Nevada, for those looking to leave the state.
Conversely, San Diego registered the greatest “net inflow” of Redfin’s online users, with the greatest concentration of searches launched there by potential buyers from Los Angeles. Second on the list for “net inflow” was Sacramento, with a preponderance of searches there launched by buyers now living in San Francisco.
San Francisco was also the top point of origin for searches by out-of-towners looking to live in Austin, Texas, a growing tech hub where home prices may be going up but remain affordable, at least by Bay Area standards.
Taylor Marr, a data scientist who worked on the report, cited “strong buyer demand and competition in mid-tier cities” including Sacramento, Phoenix and Atlanta.
The report — you can read it here — also noted that Chicago, Boston and Seattle had the highest share of residents looking to stay in their current metros.
Top: Photo of the Golden Gate Bridge in San Francisco. (Karl Mondon/Bay Area News Group)
Tags: affordable housing, affordable real estate, Bay Area housing, Bay Area housing prices, Bay Area real estate, Silicon Valley real estate