Why ‘not-so-affordable’ Sacramento might be slowing as a national migration hot spot

Is the pandemic-fueled migration to the Sacramento region starting to slow?

New data released this month from Redfin showed the Sacramento area is still among the top destinations for users of the site who are looking to relocate. However, the net inflow – in other words, the number of people looking to move here compared to those looking to leave – was a bit lower in the second quarter of 2022 than it was during the same time last year.

The net inflow during the second quarter was 9,640, down from 9,742. That was still the fourth-highest figure in the nation, trailing only Miami, Tampa, Florida, and Phoenix. And once again, the top origin for people looking to move here was San Francisco.

The percentage of people using Redfin who are searching for a home here and live outside the Sacramento region also dipped.

A couple of metro areas are starting to gain more interest from outsiders. San Diego, San Antonio and North Port, Florida on the Gulf Coast all saw big boosts in net migration, according to Redfin.

“Meanwhile, net inflow into Phoenix, Sacramento, Las Vegas and Dallas has started to slow down from last year,” Redfin data journalist Dana Anderson wrote. “That’s partly because home prices have risen so much in those areas, taking them from relatively affordable to not-so-affordable.”

The median sale price for a home in the four-county Sacramento region stood at $610,000 in June, according to data from local appraiser and market analyst Ryan Lundquist. That marked an increase of 6.1% over last year.

While that median price is likely a record, adjusted for inflation, it’s still well below the California median of $900,170 reported last week by the California Association of Realtors.

This story was originally published July 21, 2022 at 5:00 AM.