Out-of-Town Shoppers Now Drive Demand in 87 of the Largest U.S. Markets, Realtor.com® Reports

Rhea-AI Summary

Realtor.com (NWS) finds out-of-market shoppers drove 61.9% of home listing views across the 100 largest U.S. metros in 2025Q4, up from 48.6% in 2019.

In 2025Q4, 87 of 100 metros were majority out-of-market driven; San Francisco saw a 25.4 percentage-point rise in outside interest versus 2019.

Positive

• Out-of-market views reached 61.9% of listing traffic in 2025Q4
• 87 of 100 metros were majority out-of-market driven in 2025Q4
• San Francisco recorded a 25.4 percentage-point increase in outside interest since 2019

Negative

• Local shopper share declined in every one of the 13 locally led metros
• High-entry markets like New York remain 73.7% local, limiting relocator demand

Key Figures

Out-of-market views share: 61.9% Pre-pandemic out-of-market: 48.6% Peak out-of-market share: 64.7% +5 more

8 metrics

Out-of-market views share 61.9% Share of home views from out-of-market buyers in Q4 2025

Pre-pandemic out-of-market 48.6% Share of home views from out-of-market buyers in Q4 2019

Peak out-of-market share 64.7% Peak share of out-of-market views last year

Metros led by outsiders 87 of 100 Largest metros where out-of-market shoppers are the majority in Q4 2025

Locally dominated metros 13 of 100 Largest metros where local shoppers still dominate in Q4 2025

Cape Coral outside traffic 82.5% Q4 2025 traffic from out-of-market shoppers in Cape Coral–Fort Myers

San Francisco outside traffic 58.7% Q4 2025 traffic from out-of-market shoppers in San Francisco metro

San Francisco share change 25.4% Increase in out-of-market share vs Q4 2019 for San Francisco

Market Reality Check

Price: $26.26 Vol: Volume 1,602,276 is sligh...

normal vol

$26.26 Last Close

Volume Volume 1,602,276 is slightly below 20-day average 1,744,147 (relative volume 0.92). normal

Technical Shares at $26.26 trade below 200-day MA $31.38, only 3.02% above 52-week low $25.49 and 26.19% below 52-week high $35.58.

Peers on Argus

NWS was up 0.84% while peers were mixed: NWSA up 1.42%, FOXA up 0.78%, ROKU up 4...

1 Down

NWS was up 0.84% while peers were mixed: NWSA up 1.42%, FOXA up 0.78%, ROKU up 4.83%, but TKO and WMG down 1.62% and 2.00%. Momentum scanner only flagged TKO on the downside, supporting a stock-specific move rather than a broad sector rotation.

Historical Context

5 past events · Latest: Feb 24 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 24	Conference appearance	Neutral	+0.8%	CEO scheduled to speak at Morgan Stanley TMT conference with webcast access.
Feb 23	Housing market report	Neutral	-2.7%	Realtor.com report on higher rates, affordability strain, and inventory shift.
Feb 20	SXSW event plans	Neutral	+1.4%	Announcement of Realtor.com Open House event during SXSW 2026 in Austin.
Feb 19	Employee benefit initiative	Neutral	-0.3%	Company match of U.S. government’s $1,000 children’s investment account seed.
Feb 17	Rental market report	Neutral	+1.2%	Realtor.com rental report showing higher vacancy and 1.5% YoY rent decline.

Pattern Detected

Recent Realtor.com and corporate news has tended to produce modest single-day moves, without a consistent positive or negative bias.

Recent Company History

Over the past weeks, NWS has issued several Realtor.com-focused updates and corporate announcements. A Morgan Stanley conference appearance on Feb 24, 2026 saw a 0.77% gain. A housing "recalibration" report on Feb 23 coincided with a -2.67% move, while an SXSW Open House announcement on Feb 20 aligned with a 1.37% rise. A children’s investment account match program on Feb 19 led to a small -0.34% move. A renter-friendly rental report on Feb 17 preceded a 1.23% gain.

Market Pulse Summary

This announcement highlights a structural shift in U.S. housing searches, with out-of-market buyers ...

Analysis

This announcement highlights a structural shift in U.S. housing searches, with out-of-market buyers making up 61.9% of Q4 2025 views versus 48.6% in 2019, and 87 of the largest 100 metros now dominated by non-local interest. For NWS, recent Realtor.com data releases have produced modest, mixed price moves. Investors may watch how this cross-market demand trend interacts with overall housing affordability, regional migration, and the company’s broader digital real estate strategy.

Key Terms

lock-in effect, data center

2 terms

lock-in effect financial

"As the 'lock-in effect' keeps some owners from selling, those who are moving..."

The lock-in effect describes how customers, users, or partners become reluctant or unable to switch away from a product, service, or platform because changing would be costly, inconvenient, or risky—like staying with a phone plan because moving would mean losing contacts, apps, and setup. For investors, lock-in matters because it can create predictable revenue, pricing power, and higher long-term value, but it also concentrates risk if the locked-in product falls out of favor or becomes obsolete.

data center technical

"multi-billion-dollar AI and cloud-focused data center investments across Pennsylvania."

A data center is a secure facility that houses large numbers of computers, storage devices and networking gear that run, store and move digital information for businesses and online services. Investors treat data centers like modern warehouses: their occupancy, energy efficiency, connectivity and long-term service contracts drive steady revenue and capital needs, so changes in demand or costs can directly affect profitability and growth prospects.

AI-generated analysis. Not financial advice.

Interest from out-of-market buyers has seen a structural shift since 2019, accounting for 61.9% of home views in Q4 2025

AUSTIN, Texas, Feb. 26, 2026 /PRNewswire/ -- Cross-market home shopping continued to dominate the U.S. housing landscape in the final quarter of 2025. According to a new report from Realtor.com^®, out-of-market shoppers accounted for 61.9% of online views for homes in the 100 largest metros, which is a significant shift from the 48.6% seen in the pre-pandemic era of 2019. While this search activity is down modestly from last year's 64.7% peak, the long-term trend highlights a more mobile and interconnected pool of home shoppers.

Today, 87 of the largest 100 metros are driven primarily by out-of-market interest, leaving just 13 markets where local shoppers remain the majority of the audience.

"We have seen a fundamental change in where Americans who are shopping for a home are looking to live," said Danielle Hale, chief economist at Realtor.com^®. "As the 'lock-in effect' keeps some owners from selling, those who are moving are increasingly untethered to the market they're currently in. Whether driven by a search for affordability in the Sun Belt or following the wave of AI-driven job opportunities in the Rust Belt and West, home shoppers are looking further afield than ever before."

Sun Belt Remains the Top Target for Relocators
The Sun Belt remains the undisputed leader in non-local demand. In 2025 Q4, 87 of the largest 100 metros saw out-of-market demand outperform local interest, led by affordable, lifestyle-driven metros such as Cape Coral, Fla., Lakeland, Fla., and Durham, N.C.

These markets stand out for their lower home prices relative to major coastal cities and their strong appeal to retirees. However, the report also notes that these areas are increasingly attracting investors and second or even third-home demand, which further lifts the share of non-local shoppers. Interestingly, the Hudson Valley, N.Y area has emerged as a rare Northeastern outlier, ranking among the top five markets for out-of-town demand as it attracts buyers seeking Hudson Valley affordability compared to the high costs of 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, Fla.	82.5 %	17.5 %	73.8 %	26.2 %
2	Lakeland-Winter Haven, Fla.	79.8 %	20.2 %	69.9 %	30.2 %
3	Durham-Chapel Hill, N.C.	78.2 %	21.8 %	67.3 %	32.7 %
4	North Port-Bradenton-Sarasota, Fla.	77.8 %	22.3 %	67.5 %	32.5 %
5	Kiryas Joel-Poughkeepsie-Newburgh, N.Y.	77.5 %	22.5 %	64.6 %	35.4 %
6	Deltona-Daytona Beach-Ormond Beach, Fla.	77.4 %	22.6 %	69.1 %	30.9 %
7	Charleston-North Charleston, S.C.	75.8 %	24.2 %	64.7 %	35.3 %
8	Allentown-Bethlehem-Easton, Pa.-N.J.	75.7 %	24.3 %	61.0 %	39.0 %
9	Augusta-Richmond County, Ga.-S.C.	74.5 %	25.5 %	65.3 %	34.7 %
10	Columbia, S.C.	74.3 %	25.7 %	64.8 %	35.2 %

The AI Migration: Tech Hubs Flipping to Out-of-Town Interest
One of the most striking findings in the Q4 report is the shift of 39 metros that were once locally dominated but are now seeing the majority of their interest come from out-of-town shoppers. San Francisco leads this charge, with a 25.4% surge in outside interest compared to six years ago.

"The top five metros experiencing the biggest shifts are seeing a surge in AI-driven jobs and data center expansions," said Jiayi Xu, economist at Realtor.com^®. "San Francisco is seeing renewed outside interest fueled by AI, while Philadelphia and Pittsburgh are benefiting from multi-billion-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 shoppers to these fast-growing, opportunity-rich regions."

Markets Experiencing the Largest Shifts: From Local-Renter Dominated to Out-of-Market Driven, 2025Q4 vs. 2019Q4

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, Calif.	58.7 %	33.3 %	25.4 %
2	Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	53.0 %	28.0 %	25.0 %
3	Pittsburgh, Pa.	55.0 %	30.5 %	24.5 %
4	Omaha, Neb-Iowa	59.7 %	36.0 %	23.7 %
5	Detroit-Warren-Dearborn, Mich.	52.4 %	29.2 %	23.2 %

The Holdouts: Where Local Shoppers Still Lead
Only 13 of the 100 largest metros remain locally dominated, where the majority of home views come from people already living in the area.

• High-Entry Barriers: In New York (73.7% local) and Washington, D.C. (60.6% local), high housing costs continue to limit entry from out-of-market shoppers.
• Market Loyalty: Chicago, Dallas, and Atlanta benefit from strong internal economies and job markets that keep residents shopping for their next home within their current metro.

However, even in these strongholds, the dominance of the local shopper is fading. Each of these 13 markets has seen a declining share of local engagement compared to 2019, suggesting that out-of-market interest is playing an increasingly significant role nationwide.

Top 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, N.Y.-N.J.	81.9 %	18.2 %	73.7 %	26.4 %
2	Chicago-Naperville-Elgin, Ill.-Ind.	80.2 %	19.8 %	72.3 %	27.7 %
3	Dallas-Fort Worth-Arlington, Texas	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, D.C.-Va.-Md.-W.Va.	67.9 %	32.1 %	60.6 %	39.4 %

Methodology
This report analyzes views of for-sale listings on the Realtor.com^® marketplace in the largest 100 metros between October and December 2025. More data can be found here.

About Realtor.com^®

Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Emily Do, press@realtor.com

View original content:https://www.prnewswire.com/news-releases/out-of-town-shoppers-now-drive-demand-in-87-of-the-largest-us-markets-realtorcom-reports-302697415.html

SOURCE Realtor.com

FAQ

What share of home views came from out-of-market shoppers in 2025Q4 for Realtor.com (NWS)?

Out-of-market shoppers accounted for 61.9% of listing views in 2025Q4. According to Realtor.com, this compares with a pre-pandemic 48.6% in 2019 and a 64.7% peak last year.

Which metros were most driven by out-of-town buyers in 2025Q4 on Realtor.com (NWS)?

Cape Coral, Lakeland, and Durham led with >74% out-of-market views in 2025Q4. According to Realtor.com, Sun Belt affordability and retiree appeal boosted these metros' outside demand.

How many of the top 100 U.S. metros were majority out-of-market in 2025Q4?

87 of the 100 largest metros were majority out-of-market driven in 2025Q4. According to Realtor.com, only 13 metros remained locally dominated, all with falling local shares since 2019.

Which metros showed the largest shift toward out-of-market interest by 2025Q4?

San Francisco, Philadelphia, Pittsburgh, Omaha, and Detroit showed the biggest shifts, each gaining >23 percentage points. According to Realtor.com, AI and data center growth helped drive outside interest.

What does Realtor.com (NWS) report about high-cost markets like New York and Washington, D.C.?

New York remained largely local with 73.7% local views, and Washington, D.C. had 60.6% local. According to Realtor.com, high housing costs continue to limit out-of-market entry in these metros.