Apparently, we are all looking somewhere else. 🤨
I was skimming through my emails this morning and came across an interesting real estate fact that stopped me in my scroll.
Of people shopping for homes online in the 100 largest metropolitan areas, 60.1% of listing views are now for homes OUTSIDE the shopper's current metro area.
Sixty One Percent!!
Before someone comes at me with a fact-check, this is listing-view data, not actual moves. It does not mean 60% of Americans have packed up all their belongings, abandoned their cities, and headed for greener pastures. Some of us simply relax and enjoy looking at random houses in random cities with absolutely no intention of moving there. I call them "Zillow Tours."
Still...in 2019, the number was 48.2% and today it's 60.1%...sooooo something has definitely changed. That being said, I don't think it's particularly complicated.
People have options they didn't have before. Work requirements and expectations have changed. Where we live in relation to where we work has changed. People are retiring, downsizing, moving closer to their kids (or further from them...depending on the kids). As priorities change, life changes...and as life changes, environment changes.
All of this on top of the well-known fact that housing got really freaking expensive!! Now, instead of asking, "What can I afford in my neighborhood?" people are asking, "Where can I afford the life I actually want?"
To me, THAT is extremely interesting. As a Denver Metro REALTOR®, it's especially interesting to dive into the local stats. That 60.1% is a national statistic. However, looking at the Denver-Aurora-Centennial shoppers, it shows 78% of their listing views were outside our metro. That puts Denver fourth highest among the 100 largest metros studied, behind San Jose, Washington, D.C., and Seattle.
Seventy Eight Freaking Percent!
Our most popular destination is Colorado Springs, where the median listing price was about 15% lower than Denver's during the second quarter of this year. Redfin search data alone shows Colorado Springs and Fort Collins as the top two destinations for Denver-area users looking outside our metro. That's largely due to affordability.
The good thing is, this means people aren't necessarily leaving Colorado. They're just...looking around for a more affordable way to maintain their current lifestyle. People think about it and realize maybe they don't have to live in Denver anymore. Maybe they can move into the greater metro, keeping the parts of the CO lifestyle they love, but get a little more house and spend a little less money.
At the same time, some people are thinking they may not need to stay in CO at all. This is where I think things get really interesting for the future of real estate. We've spent forever saying real estate is local. It is, of course it is. But...buyers aren't necessarily local anymore - and neither are we.
We have a broad referral network of amazing real estate agents across the country, so if your next chapter has you wondering whether there might be a more affordable place to call home, let's talk about it. Maybe you're curious about another Colorado market...or maybe you're thinking about leaving the state all together. Most likely, you have absolutely on freaking idea where you want to go, but you do know you want to explore your options.
Hit us up! We will chat about what you're looking for, what matters to you and where the numbers might make a little more sense. If your search takes you outside our market, we will happily connect you with a great local agent who is the expert in the place you're considering.
Of course, we don't want to see you go...but if you're going to go anyway, we want to make sure you're well supported throughout the process.
