In April and May, the internal migration of home buyers remained at a record level by historical standards. About 32.3% of the country's population was looking for opportunities to move to other states, counties, urban agglomerations, and municipalities.
These volumes are similar to volumes with no growth recorded at the end of the first quarter of 2022. On one hand, this is still 26% higher than before the beginning of the COVID-19 pandemic.
Even though the market has cooled down, many people are still seeking to change their place of residence and permanent home. In particular, they rush to relocate in the context of rising mortgage rates. Buyers prefer housing units in affordable price segments.
Within Florida, this takes them to the southwestern regions of the state and areas far from the expensive coastal counties. The source of migration is different states and cities, including such major cities as San Francisco, Los Angeles, and New York. Most of the people have decided to relocate during these three years. The top-5 also include Washington and Seattle. Foreign investors and buyers also relocate to Florida.
In April and May, Miami and Tampa, the state's two largest urban agglomerations, were the most popular among buyers at the national level. This conclusion results from a comparison of the net inflow of buyers and the ratio of people who moved to the regions and left them.
Miami took first place in this ranking for the whole of last year. On the other hand, Tampa recently took second place, replacing Phoenix, Arizona. Phoenix is now in third place. It is followed by Sacramento (California) and Las Vegas (Nevada).
Tampa slowly becomes more and more popular as a relocation destination for buyers. Mostly because it is an affordable place. In April, the average purchase price for a home was about $370,000 in the city. Despite the fact that prices have risen by 28% in a year since April 2021. For comparison, the median price for homes of a similar category is $424,000 in the United States.
In Miami, the median price is $475,000; $480,000 in Phoenix; and $605,000 and $445,000 in Sacrament and Las Vegas, respectively.
Increased migration to Tampa began in 2020 along with the beginning of the COVID-19 pandemic. In the first quarter of this year, more than 11,000 buyers arrived in the city. A year earlier, 7,600 people relocated to the city, and 4,000 people in 2020.