For the last several years, the story dominating U.S. housing has been simple: nobody is moving. Homeowners were rate-locked, inventory was frozen, and transaction volume was historically low.
But that narrative is officially changing.
A new Realtor.com analysis shows that Americans are moving again, at levels significant enough to reshape both local markets and national investing strategies. And for real estate investors, understanding where people are going (and why) is critical.
The Top Migration Metros in 2025
Between September 2024 and August 2025, the metros with the highest turnover were:
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Kansas City, Missouri
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San Antonio, Texas
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Indianapolis, Indiana
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Las Vegas, Nevada
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Dallas, Texas
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Nashville, Tennessee
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Austin, Texas
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Charlotte, North Carolina
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Houston, Texas
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St. Louis, Missouri
There’s a clear theme here: affordable metros with job growth, strong inventory, and lifestyle appeal, especially throughout Texas and the South.
These shifts correlate with Realtor.com’s November housing report, which shows many Southern markets returning to pre-pandemic norms as inventory finally expands. More homes are hitting the market, and more people are making moves.
Why Americans Are Moving Again
Contrary to the popular belief that interest rates would trap homeowners in place indefinitely, life is overriding financial hesitation.
People are moving to:
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Retire
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Change jobs
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Downsize
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Unlock equity from significant appreciation
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Reduce insurance and maintenance costs
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Move closer to family
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Escape long commutes or high-cost metros
In many cases, the equity gained over the last decade is so substantial that homeowners are willing to give up their low-rate mortgages to reset their lifestyle.
As one San Antonio investor noted, sellers today aren’t panic-selling. They’re reprioritizing life logistics, not running from financial distress.
More Inventory = More Negotiation Power
As supply increases, pricing pressure follows. Former “growth markets” are now “negotiation markets.”
Homes sitting for more than a few weeks are seeing:
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Price reductions
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Closing cost credits
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Concessions for repairs
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More flexible sellers
According to Redfin, roughly 500,000 more sellers than buyers are in the market today. That imbalance creates opportunities—especially for investors who understand underwriting and negotiation.
Existing-home sales increased 1.2% in October, fueled primarily by the Midwest and South where affordability remains intact. The South in particular saw a 2.8% year-over-year increase in activity.
Smaller Metros Are Emerging as Refuge Markets
As affordability tightens in major cities, nearby smaller or midsized metros are gaining traction. Realtor.com highlights:
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Grand Rapids, MI
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St. Louis, MO
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Cleveland, OH
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Milwaukee, WI
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Pittsburgh, PA
These markets offer lower prices, strong economies, and faster turnover—listings sold 27 days faster than the U.S. average in October. For investors, these metros offer stable demand without the froth of overheated markets.
What This Means for Real Estate Investors
This isn’t a dramatic market crash or boom—it’s a strategic shift. Mobility creates opportunity, and right now, mobility is back.
Here’s how investors should position themselves:
1. Underwrite Conservatively
Assume flat or modest appreciation. Focus on cash flow and long-term stability.
2. Negotiate Like It’s 2015 Again
Leverage seller credits, rate buydowns, and repair concessions to improve your yield.
3. Avoid Thin-Margin Flips or BRRRRs
With slower price growth, overly optimistic projections can wipe out returns.
4. Target Workforce Housing
As more companies enforce return-to-office policies, demand for affordable rentals near job hubs will rise.
5. Stay Liquid and Nimble
Markets with increasing mobility reward investors who can act quickly when opportunities appear.
Final Thoughts
The U.S. housing market isn’t experiencing a dramatic reset, it’s experiencing a thaw.
People are moving again, inventory is loosening, and negotiation is back on the table.
In markets like Texas, the Midwest, and emerging “refuge cities,” investors who stay disciplined, data-driven, and ready to act will find opportunities that simply didn’t exist over the last several years.
As always, real estate is a long-distance race. The investors who stay near the front—prepared, liquid, and patient—are the ones who win.
