Squeezed by sky-high home prices, buyers in expensive and midtier metros alike are increasingly looking beyond the horizon of their local market in search of greater affordability or better job prospects.
Cross-market home searches on Realtor.com® topped 60% across the 100 largest U.S. metros this spring, up from roughly 48% in 2019, with housing affordability overwhelmingly dictating whether buyers stay or go, according to the Realtor.com economic research team.
However, the report highlights that affordability is relative, taking on different meanings depending on the local market and a buyer’s budget…