The top housing market New Yorkers are looking to buy into
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Some New Yorkers may be fleeing for Florida, but when it comes to searching for real estate online, most are keeping it decidedly close to home.
"The top destination for people searching from New York? It's actually New York," Amanda Pendleton, Zillow's (Z) home trends expert, told Yahoo Finance Live this week. "A vast majority of New Yorkers want to stay local and want to stay within the metro area."
With all the reports about billionaires and banks moving south, you would think maybe Miami or Palm Beach or Tampa would be the next most popular market for New Yorkers looking at real estate. But you'd be wrong. The next two are actually within driving distance. Philadelphia, Pennsylvania, and Stamford, Connecticut, round out the top three, according to Zillow.
Miami is the fourth most popular search destination. Zillow says Miami-area listings originating from New York are up from 7.17% to 8.33% year over year.
Overall, Zillow is reporting massive surges in its traffic with both New York and Miami seeing gains of over 50% year over year. The top market with the biggest gains in Zillow traffic for 2020 was Las Vegas, Nevada. The jump in Sin City searches was up 64% year over year.
"There are demographic and pandemic-led factors that are driving people to both surf Zillow, but also to move and to buy homes,” Zillow's Pendleton said.
Jen Rogers is an anchor for Yahoo Finance Live. Follow her on Twitter @JenSaidIt.
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