My understanding is that these price crashes are largely happening in the VHCOL (very high cost of living) like NYC and SF. One of the dynamics at play in the VHCOL cities is that the rent is so expensive that the cost of moving, even if only for a few months, is fairly trivial in comparison. If you are paying $4k for a 1-bdrm apartment, packing your stuff up, putting it in storage, and moving into a short-term rental in a lower COL area is likely to be net positive in term of cash flow. Financially, this make less sense in more moderate COL areas unless the pandemic/lockdown goes on for much longer, or if you can work remote permanently.

So cities like Denver and Austin are probably not seeing as much outmigration, but are also probably seeing some immigration from the VHCOL areas.