According to the latest report by Redfin published on November 29th 2023, Nashville has made it onto its list of top migration destinations for the first time since 2021. It was the ninth-most popular destination for homebuyers looking to relocate to a new metro area in October, with people most commonly moving in from Los Angeles.

Popularity is determined by net inflow, a measure of how many more Redfin.com users looked to move into an area than leave from August 2023 through October 2023.

“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,” said local Redfin Premier real estate agent Kristin Sanchez. “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).

Sanchez said a lot of her clients are from California, but she has also been working with people from Chicago, New York and Florida. In addition to people moving to Nashville in search of affordability, some buyers are relocating for work.

Sacramento was the most popular migration destination in October 2023

Sacramento, CA was the most popular destination for homebuyers looking to move to a new metro area in October. The typical home that sold there in October went for $578,000, roughly a million dollars less than the $1.5 million typical home in San Francisco—the most popular origin of buyers moving to Sacramento.

Las Vegas and Orlando, FL were the second and third most popular destinations for homebuyers looking to relocate.

Myrtle Beach, SC ranked fourth after making its debut on Redfin’s list of most popular destinations in July at #9.

In addition to Orlando, three other Florida metros made the top 10: North Port-Sarasota, Cape Coral and Tampa.

Many of these metros have a few things in common: They’re more affordable than the most common origin of homebuyers moving in, they’re in the Sun Belt and they face intensifying climate risks. Florida, for example, is endangered by hurricanes and flooding, and Sacramento and Las Vegas face risk from high heat. Insurers have pulled out of vulnerable areas in recent months, which could ultimately lead to a decline in home values in some places.

Top 10 Metros Homebuyers Are Moving Into, by Net Inflow - Redfin.com 

Top 10 Metros Homebuyers Are Leaving, by Net Outflow - Redfin.com

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