Nashville is the number four destination in the country for people looking to relocate, according a study by Allied Van Lines and Zillow. The trend that began in 2020 — when the city was the number six destination in the country — has shown no signs of slowing. Many Americans are seeking cheaper housing and warmer climates.
“In 2021, residents intensified the trend that began in 2020 of moving to more affordable neighborhoods,” Jeff Tucker, Zillow senior economist said. “The combination of rapidly rising home values and more available remote-working jobs has pushed people to seek out parts of the country where their home-buying dollar goes further. But some of 2020’s most popular destinations like Phoenix and Austin have gotten so expensive, so quickly that they are losing some of their appeal as affordable options.”
Nashville may find itself listed alongside those cities if current trends continue. The study found home values in Music City have increased nearly 25% in the past year alone. The typical home is valued at $384,321, Allied and Zillow reported.
The study also found that home values in Nashville were on average $58,000 lower than where people had moved from.
While the city is one of the top destinations in the country, Nashvillians are no exception to the trend: People leaving the city are moving to areas where average home values are $260,585 lower.
Before the onset of the coronavirus pandemic, people tended to move to ZIP codes with comparable home prices to the region they were moving out of. On average, between 2016 and 2019 there was only a $7,500 decrease in value between where someone moved from and where they moved to.
In 2021 that number has increased to $35,800.December Market Statistics
Months Supply of Homes For Sale
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