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Share Name | Share Symbol | Market | Type |
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Redfin Corporation | NASDAQ:RDFN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.2797 | 4.51% | 6.4797 | 6.43 | 6.48 | 6.505 | 6.28 | 6.34 | 4,923,532 | 00:54:40 |
The Bay Area, New York and Los Angeles ranked highest for net outflow of home searchers
(NASDAQ: RDFN) — Twenty-one percent of Redfin.com users in the second quarter of 2017 searched mostly for homes outside the metro where they reside, slightly up from 20 percent in the first quarter, according to the latest migration report from Redfin (www.redfin.com), the next-generation real estate brokerage.
The Redfin Migration Report analyzed a sample of more than one million Redfin.com users searching for homes across 75 metro areas during the peak of the homebuying season from April through June. Redfin used IP addresses to identify the metros where home searchers likely reside and compared that to where users were searching for homes.
While 79 percent of Redfin.com home searchers looked to stay in their current metro, several key trends emerged among those looking to move to another metro:
“Home searches are early indicators of home sales. The migration patterns in our report closely correlate to actual purchases made by Redfin home-buying customers within and across metros,” said Taylor Marr, a Redfin data scientist who conducted the underlying research.
“Buyers who can’t afford a home in their current city are exploring what is available elsewhere,” said Marr. “We are already seeing strong buyer demand and competition in mid-tier cities like Sacramento, Phoenix and Atlanta. As home searches evolve into purchase offers and home sales, we anticipate prices and competition will continue to grow in those markets.”
Top 10 Metros by Net Outflow of Users and Their Top Destinations Rank Metro* Net Outflow†Portion of LocalUsers SearchingElsewhere
Top DestinationTop Out-of-StateDestination
1 San Francisco, CA -16,913 18.80% Sacramento, CA Seattle, WA 2 New York, NY -15,790 34.60% Boston, MA Boston, MA 3 Los Angeles, CA -13,177 14.70% San Diego, CA Las Vegas, NV 4 Washington, DC -5,571 10.50% Philadelphia, PA Philadelphia, PA 5 Chicago, IL -2,631 7.90% Los Angeles, CA Los Angeles, CA 6 Denver, CO -368 17.90% Chicago, IL Chicago, IL 7 Houston, TX -354 24.20% Austin, TX Los Angeles, CA 8 Detroit, MI -338 25.30% Chicago, IL Chicago, IL 9 Milwaukee, WI -246 36.80% Chicago, IL Chicago, IL 10 Dayton, OH -34 37.30% Cincinnati, OH Chicago, IL *Combined statistical areas with at least 500 users in Q2 2017 †Among the one million users sampled for this analysis only Top 10 Metros by Net Inflow of Users and Their Top Origins Rank Metro* Net Inflow†Portion ofSearches fromUsers Outsidethe Metro
Top OriginTop Out-of-StateOrigin
1 San Diego, CA 5,233 29.40% Los Angeles, CA Seattle, WA 2 Sacramento, CA 4,831 35.30% San Francisco, CA Seattle, WA 3 Phoenix, AZ 3,975 31.40% Los Angeles, CA Los Angeles, CA 4 Las Vegas, NV 3,660 42.00% Los Angeles, CA Los Angeles, CA 5 Atlanta, GA 2,914 24.30% New York, NY New York, NY 6 Dallas, TX 2,112 21.10% Los Angeles, CA Los Angeles, CA 7 Tampa, FL 1,899 45.90% Washington, DC Washington, DC 8 Miami, FL 1,861 22.00% New York, NY New York, NY 9 Boston, MA 1,707 12.30% New York, NY New York, NY 10 Austin, TX 1,601 23.20% San Francisco, CA San Francisco, CA *Combined statistical areas with at least 500 users in Q2 2017 †Among the one million users sampled for this analysis onlyTo read the full report, complete with an interactive data map of metro-to-metro migration trends and full methodology, please visit: https://www.redfin.com/blog/2017/08/migration-report-q2-2017.html.
About Redfin
Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, subscribe here. To view Redfin's press center, click here.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170810005606/en/
Redfin Journalist Services:Alina Ptaszynski, 206-588-6863press@redfin.com
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