Below are the ten most popular cities where people wanted to move. As you can see, four Florida cities broke the top ten. And one snagged the top spot.
Miami, Florida
Phoenix, Arizona
Tampa, Florida
Sacramento, California
Las Vegas, Nevada
Cape Coral, Florida
North Port, Florida
Dallas, Texas
San Antonio, Texas
Atlanta, Georgia
Below are the most frequent cities where people wanted to move from.
San Francisco, California
Los Angeles, California
New York, New York
Washington, DC
Seattle, Washington
Boston, Massachusetts
Chicago, Illinois
Denver, Colorado
Portland, Oregon
Minneapolis, Minnesota
People targeting Florida as a cheaper place to live will face low housing inventories and higher prices. According to Zillow.com the average home in Florida costs around $356,349, which is up almost 30% from a year ago.
Still, that's admittedly substantially less than the average home price in California, which is $758,360, also according to Zillow. In New York, the average home price runs $746,354.
After talking with my friend and mortgage broker, Dylan Doyle with The Doyle Team at Spire Financial - A Division of AmeriFirst Financial, Inc. the other day, I agree with him that this is going to continue to drive our home prices up and even if we see a recession within the next year, people will pull their money from the stock market and invest that money into real estate.
This will be nothing like 2006. In 2006 there was too much inventory. Now there is too little inventory for the demand.
There may not be an end in sight! Stop waiting for a crash to buy!