Research reveals where US buyers are searching for real estate

San Francisco is one of the most popular housing markets searched by buyers in the United States who are seeking a new home in a different city, new research has found.

On average, a home in the San Francisco area gets more page views from afar than 92% of other markets but half of San Francisco-based views are of homes outside the area, according to an analysis report from real estate firm Zillow.

The analysis sheds light on search trends among residents in large US housing markets. The promise of success in hot job markets attracts people to places like San Francisco, but affordability may be a barrier to staying there long term.

In the San Francisco metro, the median home value is just over $800,000 and the median rental payment is $3,400 a month.

The reverse is happening in booming Portland and Seattle markets. Both are highly desirable among outsiders and places where residents don’t seem to want to leave. Homes in Portland get more page views from outside the area than 94% of other markets, while just 295 of views originating in Portland are of homes outside of the area.

‘We look at home searches to get a read on people’s housing aspirations and how they feel about housing and quality of life in their city, as well as their actual intentions to move into or out of a given area,’ said Zillow chief economist Svenja Gudell.

‘If someone lives in an expensive area, they may look for another place to live that is less expensive but offers a similar quality of life. Home shoppers in less expensive markets may weigh sacrificing space or cost in favour of a better job in a more expensive locale,’ she explained.

‘Home search trends, in time, translate into actual moves and migration, which will have a lasting impact on the economy and landscape,’ she added.

Search patterns in Austin are similar to those of San Francisco. On average, a home in Austin gets more page views from outside searches than 86% of other destinations, but over half of Austin based views are of homes outside the area.

At the same time, home value growth in Austin is out pacing San Francisco’s, up 9% over the past year, the research also shows.

Those who live in New Orleans, Miami and Detroit are looking for homes in other places, and few outsiders are looking to move in while in Minneapolis, New York and Pittsburgh, most home shoppers are from within the area and just 29% of current Minneapolis area shoppers are looking elsewhere for homes.