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
News Market Reaction – NWSA
In the Feb 26 session, NWSA gained 3.14%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Interest from out-of-market buyers has seen a structural shift since 2019, accounting for
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
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
Top Markets Fueled by Out-of-Market Demand in 2025Q4
Rank | Market | % Traffic from out-of- | % Traffic from | % Traffic from | % Traffic from |
1 | 82.5 % | 17.5 % | 73.8 % | 26.2 % | |
2 | 79.8 % | 20.2 % | 69.9 % | 30.2 % | |
3 | 78.2 % | 21.8 % | 67.3 % | 32.7 % | |
4 | 77.8 % | 22.3 % | 67.5 % | 32.5 % | |
5 | 77.5 % | 22.5 % | 64.6 % | 35.4 % | |
6 | 77.4 % | 22.6 % | 69.1 % | 30.9 % | |
7 | 75.8 % | 24.2 % | 64.7 % | 35.3 % | |
8 | 75.7 % | 24.3 % | 61.0 % | 39.0 % | |
9 | 74.5 % | 25.5 % | 65.3 % | 34.7 % | |
10 | 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.
"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®. "
Markets Experiencing the Largest Shifts: From Local-Renter Dominated to Out-of-Market Driven, 2025Q4 vs. 2019Q4
Rank | Market | % Traffic | % Traffic | % Change in |
1 | 58.7 % | 33.3 % | 25.4 % | |
2 | 53.0 % | 28.0 % | 25.0 % | |
3 | 55.0 % | 30.5 % | 24.5 % | |
4 | 59.7 % | 36.0 % | 23.7 % | |
5 | 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) andWashington, D.C. (60.6% local), high housing costs continue to limit entry from out-of-market shoppers. - Market Loyalty:
Chicago ,Dallas , andAtlanta 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 | % Traffic | % Traffic | % Traffic from out- |
1 | 81.9 % | 18.2 % | 73.7 % | 26.4 % | |
2 | 80.2 % | 19.8 % | 72.3 % | 27.7 % | |
3 | 74.4 % | 25.7 % | 68.0 % | 32.1 % | |
4 | 67.1 % | 32.9 % | 61.4 % | 38.6 % | |
5 | 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