A Corelogic analysis has found that California has lost 2.5 home sellers for every home buyer it has gained, while Texas, Arizona, and North Carolina have gained more out-of-state buyers than sellers relocating out-of-state. That trend has accelerated as the housing recovery has progressed, with out-migration increasing among home owners in fast-appreciating markets.
On average, prices increased by 62% in the nation’s fastest-appreciating housing markets between 2000 and 2015, while prices in slower markets only increased by 37%. For California, the median sale price for homeowners leaving the state is $495,000, while the median purchase price in their new markets is $315,000 – a 36% decrease in home price. Californians moving to Texas can trade a $510,000 median selling price for a $307,663 purchase price – a 40% drop in home price.
Sahar Pezeshki, a Dallas-area agent at the real-estate brokerage Redfin, said she has seen Californians “coming in by the busloads” to Texas in recent years. The reasons run the gamut—job relocations, retirement—but she said most buyers are chasing the significant cost savings.