Highlights
- In 2025Q4, 61.9% of online views for homes in the 100 largest metros came from out-of-market shoppers—up from 48.6% in 2019Q4, signaling a structural shift in demand.
- Homes in Southern metros attract the highest share of out-of-metro interest, while Northeastern metros have seen the fastest demand growth from out-of-market shoppers over the past six years.
- In 2025Q4, just 13 of the 100 largest metros were dominated by local home shoppers—led by New York, NY, where high prices continue to limit entry from out-of-market buyers. However, the dominance of local shoppers is fading across all these markets.
- Meanwhile, 87 of the 100 largest metros were driven primarily by out-of-market demand, with Sun Belt metros leading the way.
- 39 of the 100 largest metros have flipped to out-of-market–driven demand, led by San Francisco, CA, Philadelphia, PA, Pittsburgh, PA, Omaha, NE, and Detroit, MI, amid an AI and data center boom.
Cross-market home shopping continued to dominate in 2025Q4, with out-of-market buyers accounting for 61.9% of online views to homes in the 100 largest metros—up from 48.6% pre-pandemic in 2019Q4 and down only modestly from last year’s 64.7%. This trend highlights a structural shift in housing demand over the past six years, showing a market that is more interconnected and mobile.
Regionally, in 2019Q4, major metros in both the Midwest and the Northeast were dominated by local shoppers, with out-of-market demand averaging just 40.8% and 45.4%, respectively. By 2025Q4, out-of-market demand had surpassed local demand in both regions, rising to an average of 55.8% for metros in the Midwest and 62.1% in the Northeast. Furthermore, homes in Northeastern metros have seen the strongest growth in out-of-metro demand over the past six years, but also a relative decline in within-metro demand. This pattern could be largely driven by the lock-in effect, where existing homeowners—particularly in higher-priced markets—are less likely to move due to elevated mortgage rates and limited available inventory, concentrating transactions among out-of-metro buyers
Meanwhile, online views from nonlocal buyers were already dominating metros in the South (52.3%) and the West (50.9%) in 2019Q4. By 2025Q4, their average share surged to 64.6% and 61.7%, respectively, showing that out-of-market demand has consistently outperformed local demand. Over the past six years, Southern metros have consistently attracted the highest share of out-of-market buyers.
Where Local Buyers Keep Markets Strong
In 2025Q4, only 13 of the 100 largest metros were dominated by local home shoppers. Among them, New York, NY, had the lowest share of out-of-market traffic at 26.4%, primarily due to high housing costs that create barriers for newcomers. Washington, DC, faces a similar dynamic, where steep home prices and a concentration of government-related jobs favor residents already living in the metro. In Chicago, IL, Dallas, TX, and Atlanta, GA, strong local job markets and economic stability keep residents moving within the metro, resulting in a higher share of local buyers. At the same time, Chicago’s cold winters and the extreme heat in Dallas and Atlanta may push some nonlocal buyers to other competitive Sun Belt markets, further reinforcing the dominance of local residents.
Markets Led by Local Shoppers in 2025Q4
| Rank | Market | % Traffic from local shoppers, 2019Q4 | % Traffic from out-of-market shoppers, 2019Q4 | % Traffic from local shoppers, 2025Q4 | % Traffic from out-of-market shoppers, 2025Q4 |
| 1 | New York-Newark-Jersey City, NY-NJ | 81.9% | 18.2% | 73.7% | 26.4% |
| 2 | Chicago-Naperville-Elgin, IL-IN | 80.2% | 19.8% | 72.3% | 27.7% |
| 3 | Dallas-Fort Worth-Arlington, TX | 74.4% | 25.7% | 68.0% | 32.1% |
| 4 | Atlanta-Sandy Springs-Roswell, GA | 67.1% | 32.9% | 61.4% | 38.6% |
| 5 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 67.9% | 32.1% | 60.6% | 39.4% |
| 6 | Boston-Cambridge-Newton, MA-NH | 66.4% | 33.6% | 59.4% | 40.6% |
| 7 | Miami-Fort Lauderdale-West Palm Beach, FL | 66.5% | 33.5% | 58.2% | 41.8% |
| 8 | Los Angeles-Long Beach-Anaheim, CA | 69.4% | 30.6% | 57.2% | 42.8% |
| 9 | Minneapolis-St. Paul-Bloomington, MN-WI | 73.2% | 26.8% | 56.3% | 43.7% |
| 10 | San Jose-Sunnyvale-Santa Clara, CA | 57.3% | 42.7% | 53.8% | 46.2% |
| 11 | St. Louis, MO-IL | 65.4% | 34.6% | 51.6% | 48.4% |
| 12 | Denver-Aurora-Centennial, CO | 60.4% | 39.6% | 51.0% | 49.0% |
| 13 | Indianapolis-Carmel-Greenwood, IN | 60.0% | 40.0% | 50.9% | 49.1% |
While these markets continue to receive the majority of their views from local buyers, each has seen a declining share of local engagement compared to six years ago. This trend suggests that out-of-market buyers are playing an increasingly significant role in these markets. In other words, the gap between local and nonlocal demand has narrowed considerably.
While major hubs like New York City, Chicago, and Dallas continue to be largely dominated by local shoppers—as evidenced by a persistently wide spread in traffic shares—markets such as Indianapolis, IN, Denver, CO, and St. Louis, MO, have shifted toward a more balanced dynamic. In these areas, the share of local traffic has dropped from over 60% to the 50% threshold over the past six years. This transition has effectively closed the gap between local and nonlocal interest to near zero, signaling a more even split in buyer demand.
Markets Fueled by Out-of-Market Demand
In 2025 Q4, 87 of the 100 largest metros saw out-of-market home demand outperform local demand, with each of them seeing a rising share of interest from out-of-market home shoppers compared to six years ago. Leading this pack are the affordable, fast-growing Sun Belt and lifestyle-driven metros such as Cape Coral, FL, Lakeland, FL, and Durham, NC. These markets stand out for their lower home prices relative to major coastal cities, strong migration inflows, and lifestyle appeal, especially for retirees. Many also attract investors and second- or even third-home demand, further lifting the share of nonlocal buyers.
Among the top five markets dominated by nonlocal home shoppers, Kiryas Joel–Poughkeepsie–Newburgh, NY, stands out as a non-Sun Belt metro. The Hudson Valley metro attracts out-of-market buyers with relatively affordable housing compared with New York City.
Top Markets Fueled by Out-of-Market Demand in 2025Q4
| Rank | Market | % Traffic from out-of-market shoppers, 2025Q4 | % Traffic from local shoppers, 2025Q4 | % Traffic from out-of-market shoppers, 2019Q4 | % Traffic from local shoppers, 2019Q4 |
| 1 | Cape Coral-Fort Myers, FL | 82.5% | 17.5% | 73.8% | 26.2% |
| 2 | Lakeland-Winter Haven, FL | 79.8% | 20.2% | 69.9% | 30.2% |
| 3 | Durham-Chapel Hill, NC | 78.2% | 21.8% | 67.3% | 32.7% |
| 4 | North Port-Bradenton-Sarasota, FL | 77.8% | 22.3% | 67.5% | 32.5% |
| 5 | Kiryas Joel-Poughkeepsie-Newburgh, NY | 77.5% | 22.5% | 64.6% | 35.4% |
| 6 | Deltona-Daytona Beach-Ormond Beach, FL | 77.4% | 22.6% | 69.1% | 30.9% |
| 7 | Charleston-North Charleston, SC | 75.8% | 24.2% | 64.7% | 35.3% |
| 8 | Allentown-Bethlehem-Easton, PA-NJ | 75.7% | 24.3% | 61.0% | 39.0% |
| 9 | Augusta-Richmond County, GA-SC | 74.5% | 25.5% | 65.3% | 34.7% |
| 10 | Columbia, SC | 74.3% | 25.7% | 64.8% | 35.2% |
AI and Data Centers Attract Out-of-Market Shoppers Over Locals
Among the 100 largest metros, 39 have shifted from being locally driven to being dominated by out-of-market buyers, with the biggest swings in San Francisco, CA, Philadelphia, PA, Pittsburgh, PA, Omaha, NE, and Detroit, MI.
Interestingly, the top five metros are experiencing a surge in AI-driven jobs, data center expansions, and power infrastructure growth. San Francisco is seeing renewed outside interest fueled by an AI rebound. Philadelphia and Pittsburgh are benefiting from multibillion-dollar AI and cloud-focused data center investments across Pennsylvania. Meanwhile, booming data center and infrastructure projects in Omaha and Detroit are drawing more out-of-market buyers to these fast-growing, opportunity-rich regions.
Markets Experiencing Shifts: From Local-Buyer-Dominated to Out-of-Market-Driven
| Rank | Market | % Traffic from out-of-market shoppers, 2025Q4 | % Traffic from out-of-market shoppers, 2019Q4 | % Change in out-of-market share |
| 1 | San Francisco-Oakland-Fremont, CA | 58.7% | 33.3% | 25.4% |
| 2 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 53.0% | 28.0% | 25.0% |
| 3 | Pittsburgh, PA | 55.0% | 30.5% | 24.5% |
| 4 | Omaha, NE-IA | 59.7% | 36.0% | 23.7% |
| 5 | Detroit-Warren-Dearborn, MI | 52.4% | 29.2% | 23.2% |
| 6 | Hartford-West Hartford-East Hartford, CT | 67.2% | 45.1% | 22.1% |
| 7 | Des Moines-West Des Moines, IA | 65.3% | 43.6% | 21.6% |
| 8 | Rochester, NY | 57.4% | 36.1% | 21.2% |
| 9 | Jackson, MS | 66.2% | 45.5% | 20.7% |
| 10 | Sacramento-Roseville-Folsom, CA | 64.5% | 44.8% | 19.8% |
| 11 | Buffalo-Cheektowaga, NY | 57.1% | 37.6% | 19.5% |
| 12 | Albany-Schenectady-Troy, NY | 63.2% | 44.1% | 19.1% |
| 13 | Charlotte-Concord-Gastonia, NC-SC | 61.2% | 42.3% | 18.9% |
| 14 | Providence-Warwick, RI-MA | 63.5% | 44.8% | 18.7% |
| 15 | Cleveland, OH | 54.8% | 36.8% | 17.9% |
| 16 | Orlando-Kissimmee-Sanford, FL | 63.2% | 45.4% | 17.9% |
| 17 | Richmond, VA | 60.6% | 42.9% | 17.7% |
| 18 | Baltimore-Columbia-Towson, MD | 61.5% | 44.2% | 17.2% |
| 19 | Syracuse, NY | 60.0% | 43.3% | 16.7% |
| 20 | Louisville/Jefferson County, KY-IN | 54.7% | 38.0% | 16.7% |
| 21 | Milwaukee-Waukesha, WI | 56.1% | 39.6% | 16.5% |
| 22 | New Orleans-Metairie, LA | 62.5% | 46.0% | 16.5% |
| 23 | Salt Lake City-Murray, UT | 60.5% | 44.4% | 16.1% |
| 24 | Kansas City, MO-KS | 51.3% | 35.7% | 15.6% |
| 25 | Houston-Pasadena-The Woodlands, TX | 55.8% | 40.8% | 15.1% |
| 26 | Memphis, TN-MS-AR | 58.7% | 43.7% | 15.1% |
| 27 | Cincinnati, OH-KY-IN | 54.3% | 39.9% | 14.4% |
| 28 | Columbus, OH | 51.6% | 37.3% | 14.4% |
| 29 | Dayton-Kettering-Beavercreek, OH | 61.5% | 47.5% | 14.0% |
| 30 | Madison, WI | 61.3% | 47.6% | 13.7% |
| 31 | Baton Rouge, LA | 62.0% | 48.4% | 13.6% |
| 32 | Oklahoma City, OK | 61.4% | 48.4% | 12.9% |
| 33 | Tampa-St. Petersburg-Clearwater, FL | 59.8% | 47.0% | 12.9% |
| 34 | Wichita, KS | 57.7% | 45.3% | 12.4% |
| 35 | San Antonio-New Braunfels, TX | 59.1% | 47.4% | 11.8% |
| 36 | Portland-Vancouver-Hillsboro, OR-WA | 61.2% | 49.7% | 11.5% |
| 37 | Birmingham, AL | 55.9% | 45.2% | 10.7% |
| 38 | Phoenix-Mesa-Chandler, AZ | 50.1% | 45.9% | 4.3% |
| 39 | Seattle-Tacoma-Bellevue, WA | 51.0% | 49.4% | 1.6% |