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More Over Austin, San Antonio Is the New Texas Property Hotspot

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Sometimes it’s too popular.

During the Covid-19 pandemic, buyers fleeing metropolitan areas for more space and lower living costs have made metropolitan areas such as Austin, Texas and Nashville, Tennessee hotspots for migration. However, according to a Friday report from Redfin, homebuyers are now looking elsewhere, as that interest has boosted prices so much.

Data show that homebuyers’ net inflows (number of users moving to cities rather than leaving them) declined year-over-year at seven of the 25 most popular migration destinations Redfin tracks. Did. This includes Phoenix. Las Vegas; Dallas; Atlanta; Nashville; Charlotte, NC; Raleigh, NC. Austin is completely off the top 25 list.

“Destinations such as Austin, Nashville, and Las Vegas used to be relatively affordable, which is one of the reasons why they were so popular with people moving away from expensive coastal cities.” Taylormer, Deputy Chief Economist at Redfin, said in a report. “But mainly because of its popularity, home prices have skyrocketed and some local buyers have either stopped searching altogether or moved to areas that are still relatively affordable.”

For example, the report states that people who may have previously turned to Austin may now be looking to San Antonio, Texas.

As the numbers show, the net total homebuyers we searched for in Austin in the first quarter were around 3,000, down from the peak of 11,000 in the previous year. Meanwhile, about 6,000 more users tried to move to San Antonio than they left in the first quarter. This is an increase from about 4,000 in the previous year and 2,000 just before the pandemic.

“We’ve seen a wave of people moving from Austin to San Antonio this year, and affordability has always been the number one reason,” said Chelsea Knox, San Antonio’s Redfin agent, in a report. “In Austin, you can buy a two-bedroom condo less than 1,000 square feet for $ 300,000. At San Antonio, you can get a beautiful four-bedroom, 3,000-square-foot home for the same price. It’s not just affordable. The hospitality, cultural events, beautiful scenery, rolling hills and military bases of the southern part of San Antonio attract many people from outside the town. ”

Nashville is also below the rankings, with a net inflow of 1,723 in the first quarter of 2022, down from 3,211 in the same period last year.

“Migration from Nashville to Memphis, Tennessee, where typical homes sold for $ 455,000 in April, is already on the rise,” the report said. During the first quarter, 6% of homebuyers who moved to Memphis were from Nashville, up from 3% in the previous year.

In addition, buyers turned to Greensboro, North Carolina. Home prices in the first quarter were $ 392,000 and $ 439,000, respectively, rather than the state’s former hotspots Charlotte and Raleigh. About 20% of homebuyers moving to Greensboro are from Raleigh and 12% are from Charlotte, up from 16% and 9% in the previous year.

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