In fact, the Denver metro area ranks 10th in the U.S. for the total number of people that left the area instead of moving in during July and August of this year.
During July and August, the net amount of people that left the Denver metro area was 3,739. While that might seem like a big number to some, that total was actually higher in 2021 at 4,662.
According to Redfin, Chicago is the top destination for homebuyers leaving the Denver metro area.
The data also showed that a record number of homebuyers looked to relocate from one metro area to another in July and August.
“The overall slowdown and the popularity of relocating are both due to high home prices and mortgage rates that have doubled since last year,” said Redfin Deputy Chief Economist Taylor Marr. “Six percent mortgage rates are exacerbating already-high home prices and motivating homebuyers–especially remote workers–to leave expensive areas for more affordable ones. Persistent inflation and slumping stocks are also cutting into buyers’ budgets, making relatively affordable areas even more attractive.”
Here is a look at the top 10 metro areas for the total number of people that left instead of moving in during July and August:
- San Francisco
- Los Angeles
- New York
- Washington, D.C.
Redfin said that Miami was the most popular destination for homebuyers during July and August.