The latest data from the U.S. Census Bureau for 2023 reveals that Florida experienced the highest net migration among all states, with 372,870 people moving to the state. Following Florida were Texas with 315,301 new residents and North Carolina with 126,712. Other states in the top 20 for net migration included South Carolina, Georgia, Tennessee, Arizona, Alabama, Oklahoma, Ohio, Indiana, Arkansas, Virginia, Idaho, Wisconsin, Colorado, Missouri, Kentucky, Washington and Nevada.
In a related trend observed by real estate professionals in 2024, 46% of Realtors’ clients relocated to the South. This was followed by 25% moving to the West and smaller percentages heading to the Midwest and Northeast. Conversely, a significant number of people moved away from these regions as well.
The motivations behind these moves varied by region. In particular: "Movers to the West were driven more than others by getting more house for the money (24%), movers to the South were more driven than others by lower or more favorable tax rates (19%) and movers to the Northeast were more motivated than others to move closer to their job location (22%)."
Overall reasons for relocation cited by recent customers of Realtors included being closer to family and friends (30%) and obtaining more home for their money (21%). Secondary reasons involved lower taxes (16%), safer areas with less crime (16%), and proximity to work locations (15%).
When asked about their primary reason for choosing a specific area: "the most common driver among Realtors’ recent customers was to be closer to family and friends at 23%, followed by getting more house for the money (12%) and being closer to work (9%)."
Seasonal trends also played a role in home purchases; transactions peaked in June at 21%, followed closely by May at 18% and April at 15%.