California’s homebuyer exodus continues. But this region remains a national hot spot

At a median sale price of more than $840,000, California has some of the most expensive real estate in the nation.

It’s also bleeding potential homebuyers.

New data from Redfin show that a net of 41,000 people searching for homes on the site between July and September looked to leave the Golden State. Put another way, thousands of more homehunters are looking to flee California than are interested in moving here from other states.

That number has remained steady in recent months, according to Redfin.

And yet, despite the exodus of homebuyers, one region in the state has remained a national hot spot.

Sacramento had the highest net inflow of Redfin shoppers among more than 100 metropolitan areas, according to Redfin. About 4,800 more people from other regions looked to buy a home here than Sacramento residents who searched for houses elsewhere. Sacramento was the only California region to crack the top 10 and was followed by Las Vegas, Orlando, Florida and Myrtle Beach, South Carolina.

Florida was the most popular state, with 27,000 more Redfin users looking to buy a home there than leave. Other popular states included Texas, Maine, Washington and the Carolinas.

The top origin for Redfin users looking for homes in Sacramento was, as always, San Francisco. The California Association of Realtors reported the median sale price for a single-family home in San Francisco in September was nearly $1.6 million and the Bay Area was the most expensive region in the state, with a median sale price of $1.3 million.

On the other hand, Sacramento County’s median sale price was $545,000.

The top out-of-state origin for Redfin users researching available homes in Sacramento was Chicago.

San Francisco had the largest net outflow of potential homebuyers in the nation. Los Angeles and San Diego also cracked the top 10. New York, Massachusetts and Illinois are seeing homebuyers flee, according to Redfin.

The interest in Sacramento real estate from outside the region has remained strong despite data showing that new listings and sales have plummeted this year. Home sales were down 25% in Sacramento County in September, according to the California Association of Realtors’ figures.

This story was originally published November 6, 2023 at 6:00 AM.