Aug 8, 2023 - News

Out-of-state buyers still showing interest in Raleigh real estate

Image credit: Data: Zillow; Note: Origins include the entire metro area; Chart: Axios Visuals

Out-of-state buyers are still showing a lot of interest in grabbing some Raleigh real estate, an Axios analysis of Zillow data shows.

Why it matters: The Triangle continues to have one of the hottest housing markets in the country — especially as newcomers from more expensive cities often bring higher incomes and offer prices.

Driving the news: Residents of the East Coast's largest cities are among the top searchers of Raleigh homes, according to first-quarter Zillow data shared with Axios.

By the numbers: Roughly 55% of page views for Raleigh-area Zillow listings are from locals, according to first-quarter Zillow data shared with Axios.

  • Of the top 10 metros where searches originate from, six are out of state, with New York, Atlanta, Washington, D.C. and Miami sending the most traffic Raleigh's way.
  • Charlotte and Durham, however, were the cities that searched Raleigh real estate the most.

The big picture: Since 2021, there's been an exodus from high-cost tech hubs along the West Coast — including the Bay area and Seattle — for more affordable states, Redfin deputy chief economist Taylor Marr told Axios' Brianna Crane.

  • On top of the Carolinas, Marr said, people left New York and headed south to Philly and Florida.

Yes, but: "We're seeing a big pullback in migration right now," Marr tells Axios.

  • It's simply too expensive for most people to buy right now. Across the U.S., the number of Redfin users searching for homes within their metro is down 18% from a year ago, per a June report.
  • Meanwhile, the number of users surfing listings in a new area dropped 7%.
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