NY homebuyers flee to Philadelphia as prices more than halve

Redfin’s Q2 home-search data reveal a net loss of 27,143 prospective movers from the New York metropolitan area, the second-largest outflow among the top 100 U.S. metros after Los Angeles. The primary destination is Philadelphia, just 90 miles south, where the median home price of $309,000 is roughly $523,000 lower than New York’s $832,000 average. Los Angeles residents, by contrast, are moving to Las Vegas for affordability.

Florida remains a major pull, with Orlando, Miami and Tampa ranking among the top inbound metros for New Yorkers. Nationwide, 18.7% of Redfin users looked for homes outside their current metro, up from 18.1% a year earlier, reflecting both remote-work flexibility and stark price differentials. Although search activity is up, actual relocations remain modest as overall home-buying stays sluggish. Redfin’s methodology counts users who viewed at least 20 listings in a destination, encompassing primary, secondary and investment property searches.