Florida real estate shines for relocators in Q2 2023

Florida real estate shines for relocators in Q2 2023

Once again, Florida real estate ticks all the boxes for relocators in the US. Metros in the Sunshine State take five of the top ten positions in the country as buyers seek destinations with cheaper property. Among the most popular destinations were Tampa, Orlando and North Port-Sarasota.

Record number of relocators

The latest migration trend report from Redfin reveals that 25.5% of the portal’s users were looking outside their metro area in Q2 this year. The percentage is the highest on record, up from 23% last year and 19% prior to the pandemic.

However, Redfin points out that although the proportion of relocators is higher than ever, overall numbers are 7.5% lower than in Q2 2023. This is a consequence of the tighter housing market, particularly more expensive mortgage costs.

Las Vegas most popular relocation spot

The world’s casino capital took top place as the most popular place to move to in the US. Redfin reports that buyers were drawn to cheaper property in Las Vegas, where the median price is around US$412,000.

The cost is around half the price of a property in Los Angeles, the metro of origin for most Las Vegas relocators.

Florida metros shine

But the Sunshine State is, once again, the most popular state to move to in the US. Five metros in Florida took in the top ten places, with Tampa and Orlando in third and fourth place, respectively.

Other Florida metros in the ranking were North Port-Sarasota in sixth position, Cape Coral in seventh and Miami in ninth. Most people looking to move to the most sought-after Florida metros came from New York, with the exception of Cape Coral, where they originated in Chicago.

Cheaper Florida real estate

Like Las Vegas, the Sunshine State’s main appeal lies in cheaper property. According to Redfin, the median sale prices were lower than the most common origin of buyers. In addition, buyers “are more motivated by affordability than other factors in choosing where to live”.

Tampa property

In Tampa, the third-most-popular relocation spot, property prices increased by 3.5% in the 12 months to June, taking the median to US$445,000. The current market is “somewhat competitive”. As a result, Redfin gives Tampa real estate a score of 69 out of 100,

Orlando property

In Orlando, the market was hotter, with a house price increase of 11.1% in the year to June and a median of US$400,000. The property portal describes the market as “very competitive” and gives it a score of 71 out of 100.

(Source: Redfin)