(down 40%), Indiana (down 35%), Arizona (down 35%), Ohio (down 31%), and Iowa (down 27%). States with the lowest share of out-of- state buyers so far in 2024—typically markets that have not been attractive to geographically flexible buyers for several years—were California (2% out-of-state buyers so far in 2024), Washington (3%), New York (8%), New Jersey (10%), and Idaho (10%). TOP 25 COUNTY TRENDS County-level data provides even more precise insight into which local markets are most attractive and least attractive to geographically flexible real estate investors. At the county level, it’s beneficial to look at the share of buyers who live outside the county, not outside the state. Those buyers still typically represent geographically flexible investors, given the median land area for a U.S. county is 622 square miles. Among the top 25 counties for auction sales volume so far in 2024, a little more than half (13) saw an increase in the share of out-of-county buyers, and a little less than half (12) saw a decrease in the share of out-of-county buyers. Those with the biggest increase in the share of out-of-county buyers were
▲ SOURCE: AUCTION.COM
were Mississippi (up 35%), Tennessee (up 34%), Alabama (up 30%), Montana (up 20%), and Illinois (up 20%). Georgia,
more focused on market strength and opportunity are pivoting away from those states (see Figure 2). States with the biggest percentage decrease in out-of-state buyers so far in 2024 compared to 2023 were Washington (down 62%), New Jersey (down 51%), Michigan (down 48%), California (down 46%), and Idaho (down 40%). Other states in the top 10 for the biggest decrease in the share of out-of-state buyers were Virginia
where Johnson invests, was No. 11 on the list with an 18% increase.
STATES WITH A DECLINING SHARE OF MOBILE INVESTORS On the other end of the spectrum are states with a declining share of out-of-state buyers, an indication that geographically flexible buyers
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