According to a new survey from the National Association of Realtors (NAR), in 2024, Realtors indicated that their recent clients choose to move to a certain area mostly to acquire more home for the money (21%), and to be closer to family and friends (30%).
While the U.S. Census Bureau‘s data on where and how many Americans are moving is readily available, NAR’s 2024 Migration Trends report examines the factors that influence and quantify the reasons behind the relocation of Realtors’ clients across the country. Regional variances by movers to the Midwest, Northeast, South, and West are also broken down in the report.
Key Finding From NAR’s 2024 Report:
- In 2024, 46% of Realtors’ clients moved to the South, 25% moved to the West, 18% moved to the Midwest and 11% moved to the Northeast.
- Those relocating were driven primarily by the desire to be closer to family and friends (30%) and to get more home for the money (21%).
- Movers to the South and West were most likely moving from a different state, while movers to the Northeast were most likely moving to a different area within the same state.
Per the report, the U.S. Census Bureau data found that the top 10 states with the highest net migration in 2023 include:
- Florida (372,870)
- Texas (315,301)
- North Carolina (126,712)
- South Carolina (91,853)
- Georgia (88,325)
- Tennessee (76,471)
- Arizona (57,814)
- Alabama (36,128)
- Oklahoma (31,967)
- Ohio (28,718)
In 2024, 46% of realtors’ clients relocated to the South, followed by the West (25%), the Midwest (18%), and the Northeast (11%). In contrast, 42% of respondents’ clients relocated from the Midwest, 15% from the Northeast, 33% from the South, and 30% from the West.
Getting a better home for the money was the main motivator for movers to the West (24%), cheaper or more advantageous tax rates were the main motivator for movers to the South (19%), and moving closer to one’s place of employment was the main motivator for movers to the Northeast (22%).
“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 friends and family drives a relocation,” said Jessica Lautz, NAR Deputy Chief Economist and VP of Research. “Home buyers continue to seek areas where their support systems are around them.”
The top two reasons given by Realtors’ recent clients for choosing a particular area were to be near family and friends (30%) and to get a better home for the money (21%). The next most common reasons given were that the area had lower or more favorable taxes (16%), was safer with fewer crimes (16%), and was closer to their place of employment (15%). The most popular reason given by Realtors’ recent clients for moving to a certain area was to be nearer to friends and family (23%), followed by finding a better deal (12%) and being nearer to their place of employment (9%).
“Home buyers 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 Reveal Top Relocation Destinations
Recent clients of realtors typically relocated to a comparable location; nevertheless, the majority of those relocating from resort areas (44%) and central city/urban areas (41%) did so in a suburban area.
According to Realtors, 36% of their consumers relocated to a different state in 2024. Nonetheless, the vast majority of realtors’ clients relocated within their state: 21% did so inside the same city, 21% did so to a different city within the same region, and 21% did so to a new area. While movers in the Northeast were probably moving inside the same state, those traveling to the South and West were probably migrating from another state.
Respondents’ clients were most likely to have started their house buying transaction in June (21%), May (18%), or April (15%), which is in line with overall seasonal market trends.
When making their most recent purchase, some 74% of repeat buyers sold their previous home, while 20% kept it as a vacation, rental, or investment property. Recurring purchasers were more likely to remain in their prior home if they relocated to the West and Northeast.
Ninety-four percent of recent clients of Realtors moved permanently to a new area, and 6% now divide their time between their new and old locales. Almost one in five (18%) returned to their prior residence, a trend that is more prevalent in the Midwest (24%) and West (20%).
Recent clients of realtors are more likely to have selected a particular home because of its outside space (42%), extra square footage (31%), and calm neighborhood (24%). While migrants to the Northeast were primarily motivated by the desire for more square footage and a better commute to work, movers to the Midwest placed a higher value on outdoor space.
While 37% of movers who spend at least some time in the office were influenced by employment location, 43% of Realtors’ recent clients who still work remotely did not consider it when making their purchase decision. Due to remote work, movers from the West and South were most likely to state that job location had no bearing on their choice.
In total, just 2% of recent clients of Realtors moved because they had to return to the office for work. At 4%, this was somewhat more prevalent among those who relocated to the Midwest.
To read the full report, including more data, charts, and methodology, click here.
