The Dallas-Fort Worth area remains a popular destination for homebuyers, though not as many people moved to the area from out of town as last year.
Among more than 100 major metro areas, Dallas ranked as the 10th most popular destination for homebuyers moving into the area compared to homebuyers leaving the area, according to an analysis by Redfin.
The company’s analysis suggests 4,964 Redfin users relocated to the Dallas area in the second quarter of 2022, compared to 7,458 during the same period last year.
Miami was the most popular migration destination in the second quarter of 2022 and San Antonio, the only other Texas city on the list, ranked number nine.
“The typical home in San Francisco or San Jose now costs more than $1.5 million,” Redfin Deputy Chief Economist Taylor Marr said. “Add in today’s 5%-plus mortgage rates and you have a sky-high monthly payment. Those factors, along with more companies giving employees the permanent flexibility to work remotely, are driving a larger portion of buyers to consider homes in other parts of the country. Someone who would have to stretch beyond their budget in Los Angeles may be able to comfortably afford a home in Phoenix or San Antonio.”
Redfin’s analysis notes “net inflow into Phoenix, Sacramento, Las Vegas, and Dallas has started to slow down from last year,” though, “partly because home prices have risen so much in those areas, taking them from relatively affordable to not-so-affordable.”
During the second quarter of 2022, 25% of Redfin home searches in the Dallas area came from outside the region, with the leading source of those searches being buyers from Los Angeles.
For more information about the report, visit Redfin’s website.