List: People in these cities moved the most over the last year, data shows

A Realtor.com analysis of the 50 largest US metros for Sept. 2024–Aug. 2025 found the highest homeowner turnover in Kansas City (45 sales per 1,000 housing units; median list $380,000) and similarly high turnover in San Antonio (45/1,000; median list $329,000), with Indianapolis, Las Vegas and Dallas also among the top movers. Elevated inventory—driven in part by robust new construction in Texas—plus affordability, job relocations and equity unlocking are cited as the main drivers enabling more transactions. The result is stronger transactional liquidity and demand in more affordable inland markets relative to pricier coastal metros, a dynamic with implications for regional housing activity, builders and mortgage exposure even as national affordability has worsened.

Analysis

Realtor.com's analysis of the 50 largest U.S. metros for Sept. 2024–Aug. 2025 identifies Kansas City, MO as the top mover with a turnover rate of 45 sales per 1,000 housing units and a median list price of $380,000, and shows San Antonio, TX matching that turnover rate with a median list of $329,000; Indianapolis, Las Vegas and Dallas also rank among the highest turnover metros. These figures reflect transaction volume rather than rapid appreciation and highlight markets where sales are more frequent.

The report attributes elevated turnover to a combination of relative affordability, robust new-construction activity (notably in Texas) that increased inventory, job relocations and homeowners unlocking equity, creating more buyer-friendly conditions than in pricier coastal metros. Realtor.com's senior economist emphasizes that lower prices and more space per dollar enable more households to qualify for mortgages and move within these regions.

For investors, the net effect is greater transactional liquidity and potential support for local builders, brokerage revenues and mortgage origination in inland, affordable metros, but the piece warns national affordability has worsened overall. That divergence increases the importance of metro-level exposure selection and monitoring inventory, demand and affordability metrics for downside risk.

Key Decisions for Investors

• Consider selective exposure to housing-related equities and regional REITs with concentrated operations in Kansas City, San Antonio and other high-turnover inland metros where affordability and inventory are supporting transaction volume
• Monitor new-construction activity, local inventory levels, turnover rates and mortgage origination trends in these metros as near-term leading indicators and adjust allocations if turnover or inventory trends reverse
• Reduce or hedge exposure to coastal markets with persistent affordability stress and stress-test mortgage and builder positions for the risk that worsening national affordability or localized demand shifts could impair performance