Realtors say about one-third of their relocation clients moved to be closer to friends and family this year, according to the National Association of REALTORS’® (NAR) 2024 Migration Trends report. Meanwhile, 21% moved to get more space for their money.
Furthermore, 46% of relocation clients moved to the South, followed by 25% to the West, 18% to the Midwest and 11% to the Northeast. On the flip side, 33% moved from the South, followed by 30% from the West, 22% from the Midwest and 15% from the Northeast.
“It is no surprise that the Sun Belt states continue to attract movers within the U.S., but this report helps to highlight just how much the draw to be close to one’s family and friends drives a relocation,” Jessica Lautz, deputy chief economist and vice president of research for NAR, said in a press release. “Homebuyers continue to seek areas where their support systems are around them.”
While 30% of clients said proximity to family and friends was a contributing factor to their relocation, 23% said it was the primary reason they moved. Meanwhile, 12% said the primary reason for relocation was getting more for their money, while 9% relocated primarily for work. Only 2% of clients moved because they had to return to work in an office.
Movers to the West were more likely to be motivated by getting more square footage for their money, while movers to the South were driven by lower tax rates. Movers to the Northeast were most likely to relocate for work.
“Homebuyers are placing a priority on getting more bang for their buck, looking to areas with not only more space within their home but also favorable taxes,” Lautz said. “This migration flow will likely continue as retirees and remote workers relocate.”
Realtors also noted that 36% of their clients moved to a different state, but the vast majority moved intrastate, with 21% moving within the same city, 21% moving to a different city in the same area and 21% moving to a different area within the same state.
For repeat buyers, 74% sold their previous residence while 20% kept their previous residence as an investment or rental property. Buyers who moved to the West and Northeast were most likely to keep their previous residence.
Nearly one in five clients — commonly those from the Midwest or West — moved back to an area where they previously lived. Meanwhile, 94% of clients made a permanent move, while only 6% planned to split time between their new and old locations.
When it came to choosing a specific home, 42% of clients chose based on outdoor space, followed by additional square footage at 31%. Movers to the Midwest were especially likely to prioritize outdoor space, while movers to the Northeast placed more importance on square footage.