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Out-of-Town Home Buyers Will Pay 30% More Than Locals in Hottest U.S. Markets

In cities including Nashville, Philadelphia, Atlanta and Miami, people migrating from elsewhere are willing to pay way more than asking price.

Bloomberg business news — How Inflation Is Impacting Real Estate

By

Allison McNeely

February 15, 2022, 5:35 PM UTC

People moving to some of the hottest U.S. real estate markets have nearly 30% more to spend on homes than locals, highlighting pressures in the country’s most competitive cities for housing.

The trend toward remote work has allowed many Americans to sell their homes in pricier cities and move to cheaper ones, giving them a bigger budget than locals, according to a new report from listing site Redfin Corp.