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