Quote:
Originally Posted by galleyfox
The number looks perfectly reasonable in the national context.
Philadelphia—> NYC: 11.8%
Boston —> NYC: 11.7%
Seattle —> LA: 8.9%
LA —> Dallas: 15.9%
People tend to disproportionately look for homes in nearby metros. Obviously Redfin does not track people moving for college, moving from overseas, or people who already have family contacts.
But the Chicago numbers are basically saying that if 1000 people were searching for Chicago real estate, 880 already live in Illinois and 120 live outside the state. Of those 120 looking, about 11-12 are from Denver.
That’s intuitive. Denver is close and often more expensive for the Redfin demographic than Chicago
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I am seeing different numbers from those that you quote. Like LA to Dallas as 4.1 which seems reasonable.
At any rate, I can see Chicago as a top destination for Denver. But that the presumed number of relocations to Chicago would be greater than the next largest destinations of LA, Phoenix, Seattle, Dallas, Houston, and Miami combined seems off to me. But I have no alternative data so will leave it at that.