U.S. Housing Market Sees Shift to Cross-Market Shopping
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4 days ago
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Should l Buy NWS?
Source: PRnewswire
- Cross-Market Dominance: According to Realtor.com's report, in Q4 2025, out-of-market buyers accounted for 61.9% of online views for homes in the 100 largest U.S. metros, a significant structural shift from 48.6% in 2019, indicating increased mobility and interconnectedness among home shoppers.
- Sun Belt Appeal: In Q4 2025, 87 of the largest metros saw out-of-market demand surpass local interest, particularly in affordable cities like Cape Coral and Lakeland, which attract many retirees and investors, further elevating the share of non-local shoppers.
- AI-Driven Market Shifts: A notable finding is that 39 metros, including San Francisco, have shifted from local dominance to out-of-market interest, with San Francisco experiencing a 25.4% increase in outside interest, driven by AI job opportunities and data center expansions, highlighting technology's profound impact on the housing market.
- Declining Local Buyer Share: While 13 metros still have local buyers in the majority, these markets have seen a declining share of local engagement since 2019, suggesting that out-of-market interest is becoming increasingly significant nationwide, potentially influencing future market dynamics.
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Analyst Views on NWS
About NWS
News Corporation is a diversified media and information services company. Its Digital Real Estate Services segment consists of the Company’s interest in REA Group and Move. REA Group is a digital media business specializing in property and property-related services on its Websites and mobile apps. Move is a provider of digital real estate services in the United States and primarily operates a real estate information, advertising and services platform, as well as its referral-based services, online tools and services to do-it-yourself landlords and tenants. Its Dow Jones segment consists of Dow Jones, a global provider of news and business information, which distributes its content and data through a variety of media channels. Its Book Publishing segment consists of HarperCollins, a consumer book publisher with operations in 15 countries. Its News Media segment consists of News Corp Australia, News UK and the New York Post and includes The Australian, The Daily Telegraph, among others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
U.S. Housing Market Sees Shift to Cross-Market Shopping
- Cross-Market Dominance: According to Realtor.com's report, in Q4 2025, out-of-market buyers accounted for 61.9% of online views for homes in the 100 largest U.S. metros, a significant structural shift from 48.6% in 2019, indicating increased mobility and interconnectedness among home shoppers.
- Sun Belt Appeal: In Q4 2025, 87 of the largest metros saw out-of-market demand surpass local interest, particularly in affordable cities like Cape Coral and Lakeland, which attract many retirees and investors, further elevating the share of non-local shoppers.
- AI-Driven Market Shifts: A notable finding is that 39 metros, including San Francisco, have shifted from local dominance to out-of-market interest, with San Francisco experiencing a 25.4% increase in outside interest, driven by AI job opportunities and data center expansions, highlighting technology's profound impact on the housing market.
- Declining Local Buyer Share: While 13 metros still have local buyers in the majority, these markets have seen a declining share of local engagement since 2019, suggesting that out-of-market interest is becoming increasingly significant nationwide, potentially influencing future market dynamics.
See More
Surge in Out-of-Market Demand Reshapes U.S. Housing Market
- Increase in External Buyers: According to Realtor.com's report, out-of-market buyers accounted for 61.9% of home views in the 100 largest U.S. metros in Q4 2025, a significant rise from 48.6% in 2019, indicating enhanced mobility and interconnectedness among home shoppers.
- Sun Belt's Strong Appeal: In Q4 2025, cities like Cape Coral, Lakeland, and Durham saw over 75% of their demand from external buyers, attracting retirees and investors due to lower home prices and appealing lifestyles compared to coastal cities.
- Tech Hubs Attracting External Interest: A notable shift in 39 metros, including San Francisco, which experienced a 25.4% increase in out-of-market interest, is driven by AI job opportunities and data center expansions, highlighting the tech sector's influence on the housing market.
- Decline of Local Buyer Dominance: While 13 metros still have a majority of local buyers, their engagement has been declining since 2019, suggesting that out-of-market interest is becoming increasingly significant nationwide, particularly in high-cost areas like New York and Washington, D.C.
See More
New Dynamics in the U.S. Housing Market Amidst High Rates and Prices
- Market Dynamics Shift: Since January 2022, mortgage rates peaked at 7.79% and currently hover around 6.10%, while active inventory surged by 142.1%, yet the national median list price rose by 8.1%, indicating price resilience that burdens buyers.
- Lock-In Effect Impact: Over 50% of borrowers hold mortgage rates below 4%, creating a lock-in effect that restricts their mobility, resulting in insufficient market supply, and despite new listings, price pressures persist, affecting buyer choices.
- Significant Regional Differences: Active listings in the West and South increased by 211% and 178%, respectively, while the Northeast and Midwest saw only 23% and 68% growth, highlighting an uneven recovery with some areas still facing inventory shortages.
- Uncertain Market Outlook: While falling rates could ease the lock-in effect and attract more sellers, they may also reignite buyer demand, creating a supply-demand conflict, with future price trends dependent on sustainable growth in new listings and improved market liquidity.
See More
New Dynamics in the U.S. Housing Market Amidst High Rates and Prices
- Supply and Demand Imbalance: Since January 2022, mortgage rates peaked at 7.79% and currently hover around 6.10%, while active inventory surged by 142.1%, yet the national median list price rose by 8.1%, indicating strong price resilience that burdens buyers.
- Lock-In Effect: Over 50% of borrowers hold mortgage rates below 4%, limiting their ability to sell, with many households facing the dilemma of replacing low-rate loans with nearly double the cost, exacerbating market liquidity issues.
- Significant Regional Disparities: Active listings in the West and South increased by 211% and 178%, respectively, while the Northeast and Midwest saw only 22.4% and 67.1% growth, highlighting uneven recovery, with cities like New York experiencing fewer listings than four years ago.
- Slow Market Adjustment: Despite a decrease in new listings, the increase in inventory is primarily due to longer market times for existing listings, as sellers prefer to wait for price recovery rather than aggressively cut prices, thus stifling market liquidity.
See More
Realtor.com® Hosts Open House at SXSW 2026
- Cultural and Real Estate Intersection: Realtor.com® is hosting an Open House at its Austin headquarters during SXSW 2026, aiming to merge culture with real estate while engaging media, partners, and locals to discuss housing-related topics, showcasing the company's commitment to the community.
- Innovation Showcase: On the second day of the event, Realtor.com® collaborates with the National Association of REALTORS® to host the PropTech Startup Showdown, where six startups pitch their innovative solutions in the real estate sector, driving technological advancements in the industry.
- Rise of Female Homebuyers: The event will highlight the economic power of female homebuyers, as single women now outpace single men in home purchases nationwide, reflecting their crucial role in financial independence and long-term wealth creation, emphasizing housing's impact on generational wealth.
- Housing and the American Dream: Discussions will focus on how homeownership serves as a key driver of generational wealth, analyzing the costs of delaying home purchases and its implications for future prosperity, aiming to preserve housing as a pathway to success.
See More
Realtor.com® Open House Showcases Real Estate Innovation at SXSW
- Event Overview: Realtor.com® is hosting a two-day Open House during SXSW 2026, designed to merge culture, innovation, and real estate, attracting media, partners, and local residents to engage in meaningful discussions.
- Star Lineup: The event features live performances by cookbook author and country music entertainer Hannah Dasher, along with an evening party by music duo Dorio, enhancing the event's appeal and participation.
- Startup Competition: On March 13, the PropTech Startup Showdown will showcase innovations in real estate technology, fostering collaboration and dialogue within the industry to drive future market developments.
- Economic Power of Female Homebuyers: The March 14 programming will delve into the rising influence of female homebuyers and their impact on the housing market, emphasizing the significance of homeownership in generational wealth, with industry leaders participating in discussions.
See More
U.S. Housing Market Sees Shift to Cross-Market Shopping
- Cross-Market Dominance: According to Realtor.com's report, in Q4 2025, out-of-market buyers accounted for 61.9% of online views for homes in the 100 largest U.S. metros, a significant structural shift from 48.6% in 2019, indicating increased mobility and interconnectedness among home shoppers.
- Sun Belt Appeal: In Q4 2025, 87 of the largest metros saw out-of-market demand surpass local interest, particularly in affordable cities like Cape Coral and Lakeland, which attract many retirees and investors, further elevating the share of non-local shoppers.
- AI-Driven Market Shifts: A notable finding is that 39 metros, including San Francisco, have shifted from local dominance to out-of-market interest, with San Francisco experiencing a 25.4% increase in outside interest, driven by AI job opportunities and data center expansions, highlighting technology's profound impact on the housing market.
- Declining Local Buyer Share: While 13 metros still have local buyers in the majority, these markets have seen a declining share of local engagement since 2019, suggesting that out-of-market interest is becoming increasingly significant nationwide, potentially influencing future market dynamics.
See More
Surge in Out-of-Market Demand Reshapes U.S. Housing Market
- Increase in External Buyers: According to Realtor.com's report, out-of-market buyers accounted for 61.9% of home views in the 100 largest U.S. metros in Q4 2025, a significant rise from 48.6% in 2019, indicating enhanced mobility and interconnectedness among home shoppers.
- Sun Belt's Strong Appeal: In Q4 2025, cities like Cape Coral, Lakeland, and Durham saw over 75% of their demand from external buyers, attracting retirees and investors due to lower home prices and appealing lifestyles compared to coastal cities.
- Tech Hubs Attracting External Interest: A notable shift in 39 metros, including San Francisco, which experienced a 25.4% increase in out-of-market interest, is driven by AI job opportunities and data center expansions, highlighting the tech sector's influence on the housing market.
- Decline of Local Buyer Dominance: While 13 metros still have a majority of local buyers, their engagement has been declining since 2019, suggesting that out-of-market interest is becoming increasingly significant nationwide, particularly in high-cost areas like New York and Washington, D.C.
See More
New Dynamics in the U.S. Housing Market Amidst High Rates and Prices
- Market Dynamics Shift: Since January 2022, mortgage rates peaked at 7.79% and currently hover around 6.10%, while active inventory surged by 142.1%, yet the national median list price rose by 8.1%, indicating price resilience that burdens buyers.
- Lock-In Effect Impact: Over 50% of borrowers hold mortgage rates below 4%, creating a lock-in effect that restricts their mobility, resulting in insufficient market supply, and despite new listings, price pressures persist, affecting buyer choices.
- Significant Regional Differences: Active listings in the West and South increased by 211% and 178%, respectively, while the Northeast and Midwest saw only 23% and 68% growth, highlighting an uneven recovery with some areas still facing inventory shortages.
- Uncertain Market Outlook: While falling rates could ease the lock-in effect and attract more sellers, they may also reignite buyer demand, creating a supply-demand conflict, with future price trends dependent on sustainable growth in new listings and improved market liquidity.
See More
New Dynamics in the U.S. Housing Market Amidst High Rates and Prices
- Supply and Demand Imbalance: Since January 2022, mortgage rates peaked at 7.79% and currently hover around 6.10%, while active inventory surged by 142.1%, yet the national median list price rose by 8.1%, indicating strong price resilience that burdens buyers.
- Lock-In Effect: Over 50% of borrowers hold mortgage rates below 4%, limiting their ability to sell, with many households facing the dilemma of replacing low-rate loans with nearly double the cost, exacerbating market liquidity issues.
- Significant Regional Disparities: Active listings in the West and South increased by 211% and 178%, respectively, while the Northeast and Midwest saw only 22.4% and 67.1% growth, highlighting uneven recovery, with cities like New York experiencing fewer listings than four years ago.
- Slow Market Adjustment: Despite a decrease in new listings, the increase in inventory is primarily due to longer market times for existing listings, as sellers prefer to wait for price recovery rather than aggressively cut prices, thus stifling market liquidity.
See More
Realtor.com® Hosts Open House at SXSW 2026
- Cultural and Real Estate Intersection: Realtor.com® is hosting an Open House at its Austin headquarters during SXSW 2026, aiming to merge culture with real estate while engaging media, partners, and locals to discuss housing-related topics, showcasing the company's commitment to the community.
- Innovation Showcase: On the second day of the event, Realtor.com® collaborates with the National Association of REALTORS® to host the PropTech Startup Showdown, where six startups pitch their innovative solutions in the real estate sector, driving technological advancements in the industry.
- Rise of Female Homebuyers: The event will highlight the economic power of female homebuyers, as single women now outpace single men in home purchases nationwide, reflecting their crucial role in financial independence and long-term wealth creation, emphasizing housing's impact on generational wealth.
- Housing and the American Dream: Discussions will focus on how homeownership serves as a key driver of generational wealth, analyzing the costs of delaying home purchases and its implications for future prosperity, aiming to preserve housing as a pathway to success.
See More
Realtor.com® Open House Showcases Real Estate Innovation at SXSW
- Event Overview: Realtor.com® is hosting a two-day Open House during SXSW 2026, designed to merge culture, innovation, and real estate, attracting media, partners, and local residents to engage in meaningful discussions.
- Star Lineup: The event features live performances by cookbook author and country music entertainer Hannah Dasher, along with an evening party by music duo Dorio, enhancing the event's appeal and participation.
- Startup Competition: On March 13, the PropTech Startup Showdown will showcase innovations in real estate technology, fostering collaboration and dialogue within the industry to drive future market developments.
- Economic Power of Female Homebuyers: The March 14 programming will delve into the rising influence of female homebuyers and their impact on the housing market, emphasizing the significance of homeownership in generational wealth, with industry leaders participating in discussions.
See More
