clock menu more-arrow no yes mobile

Filed under:

Report: New York, DC homebuyers eye Philly for next move

New, 1 comment

Based on Redfin search results

People who live in New York and D.C. have one thing in common: A lot of them want to move to Philly.

At least, that’s what the real estate website Redfin has found in its recent Migration Report, which looked at the search trends of nearly one million users searching for homes in the first three months of 2017.

Redfin found that Philly was the destination of choice for one in eight users looking to leave the New York area. Washingtonians were the second group most likely to scout out homes in Philadelphia.

Philly has some obvious draws for New Yorkers and Washingtonians, namely lower median home prices. For example, according to Redfin’s own data, Philly’s median home price was 59 percent of the $375,000 paid for a typical home in D.C. in March.

Also, Philly is just two hours from either city, so commuting to NYC or D.C. while living here isn’t completely out of the question (looking at you, Amtrak Joe).

Redfin actually found that this trend goes both ways. Among Philadelphia-based users, 20 percent looked at homes in New York and 17 percent searched for properties in Washington.

Read the full report here. Its interactive map lets you choose the point of origin or the destination and see where people are looking to buy.