Moving across the country or even a state away is a daunting proposition requiring planning, packing, moving trucks, and a whole lot of determination. But some cities are drawing an especially high level of interest from out-of-state home shoppers.
Today’s buyers are grappling with high home prices, rising mortgage rates, and inflation, so they are eager for a deal. Out-of-state home shoppers are scouring listings in the more affordable metros in the South and Midwest.
We analyzed the viewing patterns of people perusing home listings on Realtor.com to figure out which places are receiving the most out-of-state interest. We selected just one metro per state to ensure geographical diversity.
1. Phoenix, AZ
Moving to Phoenix now would make any sane person start to sweat, but that isn’t stopping some people from perusing these toasty properties.
For a little more than the metro’s median home price, home shoppers can find a three-bedroom condo downtown or a corner-lot, four-bedroom home in north Phoenix.
2. Chicago, IL
Out-of-state buyers are a familiar sight in Chicago, and they include people who want to be able to take a handful of trips into the big city every year, as well as people who are buying a home for their kids to go to college in Chicago.
3. Atlanta, GA
Atlanta’s regional appeal is highlighted by its low list price per square foot and low median list price, which means home shoppers are getting more square footage for every dollar in Atlanta.
4. Dallas, TX
Dallas is the obsession of would-be Texans from around the country, due to the jobs that have been created locally. Companies such as Toyota, Charles Schwab, and Amazon have been expanding in and relocating to the area in recent years.
5. Myrtle Beach, SC
Myrtle Beach’s housing market has been on the rise since March, and home prices are back to about 7% below last year’s high-water mark.
6. Minneapolis, MN
Minneapolis is another big Midwestern housing market that shows strength as big coastal metros sputter along. Home prices are still rising year over year, and the overall price for homes has passed the national average of $440,000.
7. St. Louis, MO
St. Louis is one of the most affordable metros on our list, with a median home list price about 34% below the national average. It’s also straddling a state line, with portions of the metro area in Illinois.
8. Tampa, FL
Florida became a hot spot during the COVID-19 pandemic, and Tampa is one of our pricier metros with a price per square foot of $260, 15% above the national figure of $224.
Callen Jones, a local real estate agent with Dalton Wade Real Estate Group, says the rise of remote work has meant more midcareer professionals coming to Tampa, and more frequently from small and midsized Midwestern cities.
9. Memphis, TN
Buyers looking for affordable real estate are heading to Memphis, where the median listing price is $160 per square foot.
Memphis’ median home price is $325,000, and a buyer can get a sprawling four-bedroom home on a large lot with a neighborhood country club and golf course nearby.
10. Charlotte, NC
Charlotte, where home prices are still a bit below the national average, is attracting lots of out-of-state attention, thanks to its lower tax situation, diversifying local economy and relatively low cost of living.
Source: realtor.com
