Homebuyers relocation rate drops to 18-month low

Recent data from Redfin indicates a decrease in the percentage of homebuyers opting to relocate, reaching the lowest level in 18 months.

Between September and November, only 23.9% of homebuyers chose relocation, compared to 24.1% during the same period the previous year. This marks the first annual decline in relocation rates recorded by Redfin since 2017.

Several contributing factors include:

1. Strained Affordability: Characterized by elevated mortgage rates and substantial principal and interest payments.

2. Changes in Remote Work Dynamics: The widespread adoption of remote work during the COVID-19 pandemic initially encouraged more people to consider relocating. However, constraints imposed by employers on remote work have tempered this trend.