With the median sale price of a Los Angeles home pegged at $900,000, it’s little wonder that local Redfin users have set their sights on comparatively affordable markets beyond the county line.
A new survey found that 18.8 percent of Redfin users based in LA were actively searching for properties outside their metro area in April, compared to 15.6 percent during the same period last year. Coming in behind New York and San Francisco, LA had the third-largest net outflow, a measure of how many more Redfin users looked to leave the metro than move in.
To prevent hobbyist home searchers from muddling the data, Redfin only considered users who had viewed at least 10 homes in a particular metro area, and homes within that region had to comprise at least 80 percent of the user’s searches.
The most frequently perused metro among LA-based users seeking to relocate was San Diego, where the median sale price clocked in at $743,500 last month. The top out-of-state destination was Las Vegas, where the typical home fetched $336,100 — about a third of what it would cost to buy a home locally.
Nationwide, inland Sunbelt cities were the most popular markets among Redfin users searching for homes outside their area. This calculation was based on net inflow, or how many users sought to move into a metro than leave. The top destination was Phoenix, followed by Las Vegas, Sacramento, Austin and Atlanta.
In warm-weather markets like Phoenix, Las Vegas and Dallas, Los Angeles-area Redfin users made up the largest share of out-of-town home searchers. While it’s not uncommon for those living in expensive coastal cities to consider moving to more affordable areas, the proliferation of remote work has certainly made it easier for Angelenos to do so.
Across the country, 30.6 percent of Redfin users looked to relocate to a different metro, down from 31.5 percent during the first quarter but up from 26 percent in April 2020. Redfin Chief Economist Daryl Fairweather explained that the April downturn could be either a sign of a forthcoming migration slowdown or merely an anomaly before homebuyers follow through on their moving plans.
“The dust has not settled, as there are still a lot of unknowns about what portion of workers will return to the office and how many will pick up and move because they finally have clarity from their employers about whether or how often they can work remotely,” said Fairweather.
“Once people know more about their future, we could see another big wave of migration as people settle into the new normal.”