Today, we delve into the fascinating dynamics of the U.S. real estate market, focusing on the top 10 U.S. cities experiencing the highest net outflow of homebuyers. Based on Redfin’s data from November 2023, will not only highlight the cities that are seeing a significant exodus of residents but also reveal their preferred destinations, both within and outside their home states.
Los Angeles, CA
In November 2023, Los Angeles experienced a significant net outflow of 26,100 homebuyers, a decrease from 30,300 in the previous year. The majority of these homebuyers are relocating to Las Vegas, NV, which is both their top destination and top out-of-state destination.
San Francisco, CA
San Francisco saw a net outflow of 25,400 in November 2023, down from 32,000 in 2022. While Sacramento, CA is the primary destination for these movers, Seattle, WA emerges as the favored out-of-state option.
New York, NY
New York’s net outflow of homebuyers increased to 24,900 in November 2023, up from 20,700 the previous year. Miami, FL is the top destination for these individuals, both within and outside of the state.
Washington, D.C.
The capital experienced a net outflow of 13,300 in November 2023, a decrease from 16,100 in 2022. Salisbury, MD is the leading destination for those leaving, including as the top out-of-state choice.
Seattle, WA
Seattle’s net outflow rose sharply to 11,900 in November 2023, a significant increase from just 1,300 the year before. Spokane, WA is the top local destination, while Phoenix, AZ is the preferred out-of-state location.
Chicago, IL
Chicago had a net outflow of 7,600 in November 2023, slightly up from 7,100 in 2022. Cape Coral, FL is the most popular destination for those moving, both within and outside Illinois.
Boston, MA
Boston experienced a net outflow of 5,000 in November 2023, down from 6,100 in the previous year. Portland, ME is the primary destination for Bostonians looking to relocate, including as the top out-of-state choice.
Philadelphia, PA
Philadelphia saw a net outflow of 3,000 in November 2023, more than double the 1,300 from 2022. Salisbury, MD is the most popular destination for those leaving Philadelphia, also ranking as the top out-of-state destination.
Detroit, MI
Detroit had a net outflow of 2,100 in November 2023, a decrease from 3,400 in the previous year. Surprisingly, the top destination for those leaving is Washington, D.C., which is also the favored out-of-state location.
Denver, CO
Denver experienced a net outflow of 2,000 in November 2023, down from 3,200 in 2022. Surprisingly, Chicago, IL, is the primary destination for Denver residents moving away, both within and outside of Colorado.
