Music City hitting the right note for those looking to move
Nashville, which offers a mix of relatively affordable home prices and a low cost of living, made it back onto Redfin’s latest migration destination list.
More buyers appear to be singing the Tennessee Homesick Blues these days: For the first time in two years, Nashville has landed on Redfin's list of top migration destinations.
Why Nashville? The Southern city has a lot going for it, including relatively low home prices and property taxes, noted local Redfin Premier agent Kristin Sanchez in the report. Sanchez also pointed to factors that keep the cost of living down for Nashville residents, such as low insurance costs and utility prices, and no state income tax.
An improving labor market may also be a draw. The report noted that more people are moving to Nashville for job opportunities, and some larger employers, such as financial firm AllianceBernstein, are bringing their corporate headquarters to the city.
While Nashville wasn't at the top of the list of cities where Redfin users searched for homes — it ranked ninth in the October report — it was one of the few metros on the list to increase its inflow last month compared to a year ago. The most common place of origin for potential movers to Nashville was Los Angeles.
What other cities made the list? Sacramento, Las Vegas and Orlando continue to be top search destinations for would-be movers, followed by Myrtle Beach, South Carolina; and Portland, Maine. Florida dominated among search destinations, with four of the top 10 cities on the list located in the Sunshine State.
The pricey coastal cities of San Francisco, New York, Los Angeles, Washington D.C. and Seattle had the most potential outflow, with buyers in those metros looking elsewhere for more affordable options.
San Diego had one of the biggest reversals, going from one of the top inflow destinations in October 2022 to 10th on the list of biggest outflow locations a year later.
Overall moving trends: With affordability so challenging, fewer people are moving in general, according to the report. Nationwide, 24.7% of Redfin site users looked to move to a different metro area in October, down from 25.9% in September, which is the biggest month-over-month drop on record.
Despite the decline, migration levels are still higher than they were pre-pandemic, as those who need to move are searching the country for better home prices.