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People are moving to Boston and staying there, report finds

by Van Moody

boston-emerging-real-estate-market-2017

Those hoping to move to Boston will undoubtedly face some serious competition during the search process — people who already live here are pretty much staying put. According to Redfin’s recent migration report, Boston ranked second for most loyal residents of any U.S. metro during Q2.

The study analyzed online home search activity of more than one million Redfin users across 75 metros from April through June. According to the report, one particular trend seemed to continue from Q1: migration from the largest, most expensive cities to more affordable mid-tier cities. Boston doesn’t exactly fall into this category of affordability, but once people move there, they’re unlikely to leave any time soon.

According to the report, 91.7 percent of Boston users hoped to stay in the city. Boston has suffered from low inventory and heavy competition for years, so it’s no wonder residents want to hold on to property once they have it. Meanwhile, Boston ranked no. 9 on the list of U.S. cities with the highest net inflow of users in Q2. Approximately 12.3 percent of Boston searches came from outside the area, and these 1,707 users primarily originated from New York City.

 

Source: Redfin

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