Growing number of Denver residents looking to move, study says
There is a sharp increase in the number of Denver-area residents searching for homes in other metros compared to the number of people in other cities looking for properties in the area, according to Redfin.
Redfin counted 3,007 more outbound searches on its portal than inbound searches for metro Denver. That's the sixth highest net outbound count behind San Francisco, New York, Los Angeles, Washington, D.C., and Chicago, which are all much larger metros, according to its latest migration study.
Last year, property searches remained solidly in Denver's favor, but that shifted in the first quarter, with more outbound than inbound searches. The gap was a small 309 in the first quarter, but it widened nearly tenfold in the second. That could spell trouble for those who count on migration to remain strong.
About 23% of all searches for homes originating in the Denver market in the second quarter were for homes in another metro area. Of those looking to move away, one in five were focused on either Colorado Springs or Fort Collins.
Affordability could be a big reason why. The median list price of homes in Colorado Springs homes in July was $305,000, which was $101,000 below Denver's median list price, according to Redfin.
The hottest markets for homeowners on the move in the second quarter were Phoenix; Sacramento, Calif.; Atlanta; Las Vegas, and Portland, Ore. The market outside of Colorado that most interested Denver home hunters was Seattle.