More people looked to leave the Bay Area than any other metropolitan area in July and August, Redfin says. Where are San Franciscans looking to go? The top in-state destination is the state capitol, Sacramento. Homebuyers looking to move out of California altogether are most frequently searching in Seattle, Washington, according to Redfin.
Though many homebuyers are considering leaving the San Francisco area, that number has declined due to home prices coming down from their pandemic highs, according to the report. Home prices have leveled out by coming down 8% in San Francisco, 1.6% in Oakland, and 0.2% in San Jose over the past year.
Homebuyers in Southern California were leaving Los Angeles at a high rate as well. More than 34,000 Redfin users were searching for homes in new areas in July and August. The top destination for Angelenos? Sunny San Diego of course. As far as moving out of California, users from Los Angeles were searching in Las Vegas, Nevada for new digs.
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A record high of 33.9% of all Redfin users across the U.S. looked into moving from one metropolitan area to another throughout July and August. This is up from the 26% of Redfin users who were considering the same before the pandemic hit.
Redfin sampled the data of around two million Redfin users searching for homes in more than 100 metro areas in July and August. For more details about how the study was conducted, please visit the Redfin website.