#USA #Various #Realtor.com #U.S. Housing Market #Out-of-Town Shoppers

Out-of-Town Buyers Reshaping the U.S. Housing Landscape in 2025

In a significant transformation of the American real estate scene, out-of-town buyers have surged in influence, dominating the housing market trends observed during the last quarter of 2025. A report released by Realtor.com highlights that these external home shoppers accounted for 61.9% of the online views for residential listings across the largest 100 metropolitan areas in the United States. This is a striking increase from 48.6% back in 2019, prior to the onset of the pandemic, underscoring a fundamental shift in how and where Americans are looking to purchase homes.

A Dynamic Shift in Buyer Behavior

The phenomenon, often referred to as “cross-market home shopping,” saw its peak at 64.7% in late 2024. While a slight decline was noted in 2025’s fourth quarter, the long-term trajectory remains indicative of a more mobile population willing to look beyond their current locations. The data reveals that 87 of the 100 most populous metros are increasingly inclined towards interest from external markets, leaving only a mere 13 areas where local buyers still form the majority.

Danielle Hale, chief economist of Realtor.com, attributes this growing trend to what is termed the “lock-in effect.” Many current homeowners are reluctant to sell and move—staying in their homes due to historically low mortgage rates—but those who are moving are exploring new regions. Factors such as the allure of affordability, especially in the Sun Belt, and job opportunities driven by advancements in AI and technology are propelling home buyers to venture further afield.

The Sun Belt: A Prime Destination for Relocators

The Sun Belt region continues to emerge as the epicenter for non-local demand. In 2025’s fourth quarter, it was noted that affordable, lifestyle-focused metros such as Cape Coral and Lakeland in Florida, as well as Durham in North Carolina, were thriving with out-of-market interest. These locations offer not only comparatively lower housing costs than many coastal areas but also cater significantly to retirees and investors seeking second homes. Interestingly, the fast-growing Hudson Valley area in New York has become a notable outlier attracting attention from buyers drawn by accessibility and affordability.

Top Markets for Out-of-Market Interest in Q4 2025

Markets leading the charge include:
1. Cape Coral-Fort Myers, FL – 82.5% of views from out-of-town shoppers.
2. Lakeland-Winter Haven, FL – 79.8%.
3. Durham-Chapel Hill, NC – 78.2%.
4. North Port-Bradenton-Sarasota, FL – 77.8%.
5. Kiryas Joel-Poughkeepsie-Newburgh, NY – 77.5%

The trends not only showcase a clear preference towards locations with affordable living but also reflect a burgeoning market for investment properties.

The Shift in AI Tech Hubs

Furthermore, an intriguing insight from the report is the emergence of 39 metro areas that have transitioned from local buyer dominance to being driven largely by out-of-town demand, particularly in regions flourishing due to AI-driven job growth and data center expansions. San Francisco, bemoaned for its high living costs, is witnessing a resurgence, now attracting a 25.4% increase in outside interest compared to six years prior.

The top five metros experiencing these notable shifts underscore the expanding influence of investment in tech hubs:
1. San Francisco-Oakland – 58.7% from out-of-market shoppers.
2. Philadelphia-Camden – 53.0%.
3. Pittsburgh – 55.0%.
4. Omaha – 59.7%.
5. Detroit – 52.4%.

Local Market Holdouts

Interestingly, despite the sweeping changes, only a handful of large metros—just 13—continue to predominantly cater to local buyers. Cities like New York and Washington D.C. still see a significant majority of their traffic from local residents due to high entry price barriers.

As we look towards the future, even these bastions of local demand are beginning to experience a decline in local shopper participation, forecasting that external interest will play an increasingly vital role in the housing market nationwide. This evolving landscape serves as a reminder of the dynamic nature of real estate and how, in the midst of ongoing economic fluctuations, buyer preferences are continuously reshaping the market fabric.

In summary, the housing market's evolution in 2025 highlights a truly interconnected landscape, reshaped by the changing preferences and necessities of modern homebuyers, reflecting broader social and economic trends.

Methodology

The insights in this analysis are derived from data examining online views of for-sale listings on Realtor.com during the fourth quarter of 2025 across the largest metropolitan areas. Further detailed findings can be explored in the full report released by Realtor.com.