Out-of-Town Shoppers Now Drive Demand in 87 of the Largest U.S. Markets, Realtor.com® Reports
MWN-AI** Summary
According to a recent report from Realtor.com, out-of-town shoppers have become a significant driving force in the U.S. housing market, impacting 87 out of the 100 largest metropolitan areas. As of Q4 2025, these non-local buyers accounted for 61.9% of online home views, marking a notable increase from 48.6% prior to the pandemic in 2019. While this figure represents a slight decline from last year's peak of 64.7%, the trend suggests a more mobile and interconnected demographic of homebuyers.
The report highlights that the Sun Belt remains the top destination for out-of-state relocators, driven by affordable living and lifestyle opportunities. Markets such as Cape Coral, Lakeland, and Durham have become increasingly attractive, particularly to retirees and investors seeking second homes. Additionally, emerging tech hubs, particularly those benefiting from AI-driven job growth, are seeing significant rises in out-of-market interest. San Francisco, for instance, has witnessed a surge in external inquiries, aided by burgeoning tech investments.
Despite the dominance of out-of-town interest, there remain 13 metros where local buyers still hold sway, including Chicago and New York. However, even in these areas, local shopper engagement has decreased since 2019, indicating a shift in preferences.
Overall, the analysis illustrates profound changes in the U.S. housing landscape, driven by economic factors, affordability, and job opportunities, suggesting a continued trend towards increasing demand from out-of-state buyers. This reconfiguration of the housing market poses new challenges and opportunities for local economies as they adapt to this evolving dynamic.
MWN-AI** Analysis
The latest data from Realtor.com highlights a noteworthy trend in the U.S. housing market: out-of-town shoppers are driving demand across 87 of the largest metropolitan areas. This structural shift from local to out-of-market buyers underscores a significant change in consumer behavior, influenced by factors such as the pursuit of affordability, remote work flexibility, and lifestyle changes.
As a financial analyst, it’s essential to consider the implications of this trend for both current homeowners and potential investors. The Sun Belt continues to be the prime destination for relocators, with cities like Cape Coral, FL, and Lakeland, FL, leading in out-of-town interest. Investors should focus on these markets, particularly because they offer lower prices compared to coastal cities and are attractive to retirees and second-home buyers. The rise of these areas as investment opportunities can provide a hedge against inflation and diversify an investment portfolio in real estate.
Meanwhile, established markets such as San Francisco are witnessing a rejuvenation in out-of-market interest, primarily driven by AI and tech job growth. Investors looking into tech-centric regions should monitor cities where significant infrastructure investments are being made, as these often translate into long-term growth.
However, while diversifying into high-demand markets appears attractive, caution is necessary. High-entry barriers in markets like New York and Washington, D.C., indicate that local shoppers still have a stronghold there. Potential buyers and investors should analyze regional dynamics closely before committing resources.
In summary, the rise of out-of-town shoppers presents compelling opportunities, especially in financially accessible metros. A strategic focus on these areas could yield significant returns, but it’s critical to remain vigilant of the local economic conditions and emerging trends that could influence market viability.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
Interest from out-of-market buyers has seen a structural shift since 2019, accounting for 61.9% of home views in Q4 2025
AUSTIN, Texas, Feb. 26, 2026 /PRNewswire/ -- Cross-market home shopping continued to dominate the U.S. housing landscape in the final quarter of 2025. According to a new report from Realtor.com®, out-of-market shoppers accounted for 61.9% of online views for homes in the 100 largest metros, which is a significant shift from the 48.6% seen in the pre-pandemic era of 2019. While this search activity is down modestly from last year's 64.7% peak, the long-term trend highlights a more mobile and interconnected pool of home shoppers.
Today, 87 of the largest 100 metros are driven primarily by out-of-market interest, leaving just 13 markets where local shoppers remain the majority of the audience.
"We have seen a fundamental change in where Americans who are shopping for a home are looking to live," said Danielle Hale, chief economist at Realtor.com®. "As the 'lock-in effect' keeps some owners from selling, those who are moving are increasingly untethered to the market they're currently in. Whether driven by a search for affordability in the Sun Belt or following the wave of AI-driven job opportunities in the Rust Belt and West, home shoppers are looking further afield than ever before."
Sun Belt Remains the Top Target for Relocators
The Sun Belt remains the undisputed leader in non-local demand. In 2025 Q4, 87 of the largest 100 metros saw out-of-market demand outperform local interest, led by affordable, lifestyle-driven metros such as Cape Coral, Fla., Lakeland, Fla., and Durham, N.C.
These markets stand out for their lower home prices relative to major coastal cities and their strong appeal to retirees. However, the report also notes that these areas are increasingly attracting investors and second or even third-home demand, which further lifts the share of non-local shoppers. Interestingly, the Hudson Valley, N.Y area has emerged as a rare Northeastern outlier, ranking among the top five markets for out-of-town demand as it attracts buyers seeking Hudson Valley affordability compared to the high costs of New York City.
Top Markets Fueled by Out-of-Market Demand in 2025Q4
Rank | Market | % Traffic from out-of- | % Traffic from | % Traffic from | % Traffic from |
1 | Cape Coral-Fort Myers, Fla. | 82.5 % | 17.5 % | 73.8 % | 26.2 % |
2 | Lakeland-Winter Haven, Fla. | 79.8 % | 20.2 % | 69.9 % | 30.2 % |
3 | Durham-Chapel Hill, N.C. | 78.2 % | 21.8 % | 67.3 % | 32.7 % |
4 | North Port-Bradenton-Sarasota, Fla. | 77.8 % | 22.3 % | 67.5 % | 32.5 % |
5 | Kiryas Joel-Poughkeepsie-Newburgh, N.Y. | 77.5 % | 22.5 % | 64.6 % | 35.4 % |
6 | Deltona-Daytona Beach-Ormond Beach, Fla. | 77.4 % | 22.6 % | 69.1 % | 30.9 % |
7 | Charleston-North Charleston, S.C. | 75.8 % | 24.2 % | 64.7 % | 35.3 % |
8 | Allentown-Bethlehem-Easton, Pa.-N.J. | 75.7 % | 24.3 % | 61.0 % | 39.0 % |
9 | Augusta-Richmond County, Ga.-S.C. | 74.5 % | 25.5 % | 65.3 % | 34.7 % |
10 | Columbia, S.C. | 74.3 % | 25.7 % | 64.8 % | 35.2 % |
The AI Migration: Tech Hubs Flipping to Out-of-Town Interest
One of the most striking findings in the Q4 report is the shift of 39 metros that were once locally dominated but are now seeing the majority of their interest come from out-of-town shoppers. San Francisco leads this charge, with a 25.4% surge in outside interest compared to six years ago.
"The top five metros experiencing the biggest shifts are seeing a surge in AI-driven jobs and data center expansions," said Jiayi Xu, economist at Realtor.com®. "San Francisco is seeing renewed outside interest fueled by AI, while Philadelphia and Pittsburgh are benefiting from multi-billion-dollar AI and cloud-focused data center investments across Pennsylvania. Meanwhile, booming data center and infrastructure projects in Omaha and Detroit are drawing more out-of-market shoppers to these fast-growing, opportunity-rich regions."
Markets Experiencing the Largest Shifts: From Local-Renter Dominated to Out-of-Market Driven, 2025Q4 vs. 2019Q4
Rank | Market | % Traffic | % Traffic | % Change in |
1 | San Francisco-Oakland-Fremont, Calif. | 58.7 % | 33.3 % | 25.4 % |
2 | Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | 53.0 % | 28.0 % | 25.0 % |
3 | Pittsburgh, Pa. | 55.0 % | 30.5 % | 24.5 % |
4 | Omaha, Neb-Iowa | 59.7 % | 36.0 % | 23.7 % |
5 | Detroit-Warren-Dearborn, Mich. | 52.4 % | 29.2 % | 23.2 % |
The Holdouts: Where Local Shoppers Still Lead
Only 13 of the 100 largest metros remain locally dominated, where the majority of home views come from people already living in the area.
- High-Entry Barriers: In New York (73.7% local) and Washington, D.C. (60.6% local), high housing costs continue to limit entry from out-of-market shoppers.
- Market Loyalty: Chicago, Dallas, and Atlanta benefit from strong internal economies and job markets that keep residents shopping for their next home within their current metro.
However, even in these strongholds, the dominance of the local shopper is fading. Each of these 13 markets has seen a declining share of local engagement compared to 2019, suggesting that out-of-market interest is playing an increasingly significant role nationwide.
Top Markets Led by Local Shoppers in 2025Q4
Rank | Market | % Traffic | % Traffic | % Traffic | % Traffic from out- |
1 | New York-Newark-Jersey City, N.Y.-N.J. | 81.9 % | 18.2 % | 73.7 % | 26.4 % |
2 | Chicago-Naperville-Elgin, Ill.-Ind. | 80.2 % | 19.8 % | 72.3 % | 27.7 % |
3 | Dallas-Fort Worth-Arlington, Texas | 74.4 % | 25.7 % | 68.0 % | 32.1 % |
4 | Atlanta-Sandy Springs-Roswell, Ga. | 67.1 % | 32.9 % | 61.4 % | 38.6 % |
5 | Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va. | 67.9 % | 32.1 % | 60.6 % | 39.4 % |
Methodology
This report analyzes views of for-sale listings on the Realtor.com® marketplace in the largest 100 metros between October and December 2025. More data can be found here.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
Media contact: Emily Do, press@realtor.com
SOURCE Realtor.com
FAQ**
How has the increase in out-of-town shoppers, as reported by Realtor.com and highlighting News Corporation NWSA, impacted home prices in the 87 largest U.S. markets compared to local demand?
What factors are contributing to the enduring appeal of the Sun Belt regions for out-of-town buyers, according to the Realtor.com analysis by News Corporation NWSA?
In what ways is the shift to out-of-market demand impacting the local housing markets that are still dominated by local shoppers, particularly in cities highlighted by Realtor.com and News Corporation NWSA?
How might the trend of increased out-of-town interest, as outlined in the Realtor.com report from News Corporation NWSA, influence future investment strategies in real estate markets across the U.S.?
**MWN-AI FAQ is based on asking OpenAI questions about News Corporation (NASDAQ: NWSA).
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