The largest number of Californians searching for a new home on Redfin, over 41,000 in the last quarter of 2022, sought to leave the state, according to the company’s report. San Francisco and Los Angeles topped the list of metropolitan areas with the most Redfin users seeking to relocate. Despite this trend, the Sacramento region remained the most popular destination on the site, attracting 5,700 more inbound searches compared to outbound during the same period. The area outperformed other rapidly growing cities such as Las Vegas, Miami, and Phoenix.
San Francisco was the leading city of origin for those considering relocation. A record 25% of Redfin users nationwide sought to move to new cities. The company explained that the high number of relocations was due to factors such as elevated mortgage rates, persistent high home prices, and economic instability, particularly among remote workers seeking more affordable options. This trend was highlighted in a recent blog post by the company.
The median home price in Sacramento has seen a substantial decline since reaching its peak in May 2022, falling over 15% to a current median of $530,000, as reported by local appraiser and real estate market analyst Ryan Lundquist. Much of the attention seems to be centered on Placer County suburbs in the Sacramento area.
U-Haul reported this week that Roseville saw a significant increase in one-way truck rentals in 2022, ranking second nationally, up from its eighth place ranking the previous year. A Sacramento Bee analysis of census data revealed that over 1 million individuals have relocated from California to other states since the start of the COVID-19 pandemic, with Texas and Arizona being the most popular destinations for those who left.