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The “Great Reshuffling” is Far From Over

Remote workers are still moving.

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The Great Reshuffling is Far From Over | Range Homes

The “Great Reshuffling” is generally thought of as a pandemic-specific phenomenon — a sudden burst of cross-country relocations by people unshackled by the onset of remote-work in 2020. But the flow out of expensive markets has not stopped, and continues to have major effects across the country.

  • The most popular migration destination in the U.S. last year were Phoenix, Dallas, and Orlando. Almost every city in the top ten is in the South or the Sun Belt. Meanwhile the metros people were most likely to leave were San Francisco, Los Angeles, and New York City.
  • Places like Austin, Phoenix, and Tampa have the highest price growth in the county, challenging their previous status as affordable markets. Those migration patterns have been more beneficial for top-tier coastal cities, easing pricing, and inventory problems.
  • People fleeing the priciest metros are disturbing the equilibrium in cheaper markets. In Nashville, for example, out-of-town buyers have 28.5% higher budgets than local residents. The opposite is true in San Francisco, where locals still have higher budgets. It’s a good reminder that we shouldn’t apply the ‘what happens in Vegas, stays in Vegas’ mentality to the effects of the pandemic. Many of the shifts born in 2020 will be with us for years to come. In fact, what’s happening in Las Vegas — new residents have driven home prices up close to 25% — is happening in cities across the country.

Read more at the NYT: Remote Work Opens Up Cheaper Housing Options

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Mark Pages-Oliver, MBA – DRE:02020349 | Lisa Caldwell – DRE:01267745 | Range Homes – DRE:02111757

Mark Pages-Oliver, MBA – DRE:02020349

Lisa Caldwell – DRE:01267745

Range Homes – DRE:02111757

Copyright 2021 © Range Homes. All Rights Reserved | Privacy Policy

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All Rights Reserved | Privacy Policy

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