Redfin said more of its users searched for houses outside their home metro in the third quarter
More homebuyers are looking to migrate out of their home metros in the third quarter, with cities with active residential construction among the top destinations, according to the latest Migration Report from Redfin.
Redfin found that 22% of its users looked for homes outside their home metro during the covered period, a slight increase from the 21% in the second quarter and the 20% in the first quarter.
The analysis found that cities with above-average rates of residential construction activity per capita were among those that saw a high net inflow of homebuyers. Meanwhile, cities that recorded a net outflow usually have below-average rates of new construction.
Seven of the top 10 metros based on net inflow of homebuyers had more permits for units than the US average. Nashville, which appeared on the top 10 for the first time during the quarter, has 27 permitted new residential units per 10,000 residents, one of the highest rates of new permit activity. Redfin found that almost one-third of those who searched for Nashville homes were users from another metro.
“We help people from across the country search for homes in Nashville,” said Redfin Nashville agent Phillip Bernier. “The cost of living is low and there is plenty to do downtown, but at the same time there is still a lot of natural beauty. You can be on a horse, on a lake or on a trail within a five-minute drive from downtown. The city is growing quickly. We have a running joke that the new state bird is the crane. If you look at the Nashville skyline, you can see 10 to 12 cranes at any given time.”
Other metros that are set to construct the most new homes in the coming months include Houston, Dallas, Phoenix, and Atlanta.
Related stories:
LendingTree homebuyer migration study reveals Southern tilt
Redfin: Affordability, political factors drive migration from blue to red counties
Redfin found that 22% of its users looked for homes outside their home metro during the covered period, a slight increase from the 21% in the second quarter and the 20% in the first quarter.
The analysis found that cities with above-average rates of residential construction activity per capita were among those that saw a high net inflow of homebuyers. Meanwhile, cities that recorded a net outflow usually have below-average rates of new construction.
Seven of the top 10 metros based on net inflow of homebuyers had more permits for units than the US average. Nashville, which appeared on the top 10 for the first time during the quarter, has 27 permitted new residential units per 10,000 residents, one of the highest rates of new permit activity. Redfin found that almost one-third of those who searched for Nashville homes were users from another metro.
“We help people from across the country search for homes in Nashville,” said Redfin Nashville agent Phillip Bernier. “The cost of living is low and there is plenty to do downtown, but at the same time there is still a lot of natural beauty. You can be on a horse, on a lake or on a trail within a five-minute drive from downtown. The city is growing quickly. We have a running joke that the new state bird is the crane. If you look at the Nashville skyline, you can see 10 to 12 cranes at any given time.”
Other metros that are set to construct the most new homes in the coming months include Houston, Dallas, Phoenix, and Atlanta.
Related stories:
LendingTree homebuyer migration study reveals Southern tilt
Redfin: Affordability, political factors drive migration from blue to red counties
