Nashville Joins List of Top Migration Destinations
Ranks at No. 9 on a list topped by Sacramento and heavy on Sunbelt locales.
More people are looking to move to Nashville, according to a new report from Redfin of most targeted destinations for relocators in October.
Companies as well recognize the city’s appeal: Amazon has a corporate hub in Nashville and financial firm AllianceBernstein has moved its corporate headquarters there.
Nationwide, Redfin said fewer homebuyers looking to relocate in October than a year ago due to elevated mortgage rates and high housing costs. The 30-year-fixed mortgage rate hit 7.79% in October—the highest level in 23 years—and home prices were up 3.5% from a year earlier.
Most newcomers to Nashville are from Los Angeles.
“A lot of Nashville locals have been priced out of homeownership, but when you’re coming from somewhere like California or New York, housing prices here still seem reasonable,” Redfin Premier real estate agent Kristin Sanchez said in prepared remarks.
“Nashville has relatively low property taxes, insurance costs and utility prices, along with no state income tax, all of which definitely help if you’re looking for a lower cost of living.”
The typical home that sold in Nashville in October went for $448,910, roughly half the cost of the typical home in Los Angeles ($880,000).
Sacramento was the most popular migration destination in October, followed by Las Vegas and Orlando.
Myrtle Beach Orlando, and three other Florida metros made the top 10: North Port-Sarasota, Cape Coral and Tampa.
Redfin said what many of these markets had most in common was affordability, they are in the Sunbelt, and they face more potential climate risks.