The housing market is a living, breathing organism, constantly moving, with each real estate market playing by its own rules. Thanks to the individuality of the American housing market, homebuyers had the flexibility to choose where they wanted to live as soon as the 2020 lockdowns took place. No longer did homebuyers have to purchase a house that was close enough to the office. Since many worked remotely, the entire country became their office, and a slew of newly nomadic workers decided to settle down in states both far from and near home. These migration patterns changed the landscape of the housing market and made once-sleepy cities into booming metros with high-priced homes almost overnight. Now, the trend has reached a halt, as homebuyers remain frozen in place, stuck between high housing prices and even higher mortgage rates. But, with in-office work becoming more and more mandatory, could these domestic migrants start being called back to the big cities and tech hubs they came from? We brought Taylor Marr, Deputy Chief Economist at Redfin, on to the show to give his take on where the housing market is headed. Taylor goes deep into the two halves of the 2022 housing market and why “booming” post-pandemic markets like Boise are seeing steep declines. We also talk about mortgage rate buydowns, the new buyer’s market, and where migration is starting to slow as homebuyers get caught in financial quicksand. 00:00 Intro 03:21 Most Volatile Markets 07:54 Tech Markets Take a Hit 16:26 Betting on Lower Mortgage Rates 20:29 Where are Millennials Moving? 30:31 Relocation Remorse 36:19 Short-Term Rental Revenue to Drop 47:36 Connect with Taylor! 48:22 Will Americans Keep Moving? ~~~~ Join BiggerPockets for FREE 👇 https://www.biggerpockets.com/signup?… ~~~~ Listen to The “On The Market” Podcast Wherever You Listen to Podcasts: Spotify: https://open.spotify.com/show/2NlzZ9N… Apple Podcasts: https://podcasts.apple.com/us/podcast… BiggerPockets: https://www.biggerpockets.com/podcast… ~~~~ Join the Future of Real Estate Investing with Fundrise: https://www.fundrise.com/bpmarket ~~~~ Find an Investor-Friendly Agent in Your Area: https://www.biggerpockets.com/agent/m… ~~~~ Hear Our Last Interview with Taylor: https://www.biggerpockets.com/blog/on… ~~~~ 2022 Housing Market Review—A Tale Of Two Halves: https://www.biggerpockets.com/blog/20… ~~~~ Connect with Taylor: Twitter: @TaylorAMarr or https://twitter.com/TaylorAMarr ~~~~ Get Redfin’s Up-to-Date Housing Market Data: https://www.redfin.com/news/ ~~~~ Connect with Dave and Our Panel of Guests: Dave Meyer: https://www.biggerpockets.com/users/d… Henry Washington: https://www.biggerpockets.com/users/h… James Dainard: https://www.biggerpockets.com/users/j… Jamil Damji: https://www.biggerpockets.com/users/j… Kathy Fettke: https://www.biggerpockets.com/users/k… ~~~~ Follow Dave and Our Guests on Instagram: Dave: @thedatadeli or https://www.instagram.com/thedatadeli/ Henry: @thehenrywashington or https://www.instagram.com/thehenrywas… James: @jdainflips or https://www.instagram.com/jdainflips/ Jamil: @jdamji or https://www.instagram.com/jdamji/ Kathy: @kathyfettke or https://www.instagram.com/kathyfettke/ BiggerPockets: @biggerpockets or https://www.instagram.com/biggerpockets/ Episode 70 Show notes at: https://www.biggerpockets.com/blog/on… #biggerpockets #onthemarket #onthemarket70