Here’s a fun, stat-based breakdown of where our buyers are coming from.
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Here in our Atlanta real estate market, it feels as though the summer season has spilled over into fall. As business continues moving along faster than ever, we’ve been noticing that a considerable portion of our recent sales originates from buyers in places like New York and California—an anecdotal experience confirmed in part by the latest stats. On the other hand, it seems that more Atlanta sellers are moving out of state than ever before thanks to the widespread work-from-home shift.
In the third quarter of 2020, Atlanta was the fifth most popular city for homebuyers looking to move from one metro area to another (trailing only Phoenix, Las Vegas, Austin, and Sacramento). According to a new report published by Redfin, most of our remote shoppers are coming from New York City. Redfin analyzed the migration patterns of its users across 87 U.S. cities, and Atlanta experienced a net inflow of 7,236 new residents. Homeownership is down slightly nationwide, but that’s not the case among millennials in particular. Redfin’s report states that first-time buyers contributed to 31% of September’s home sales due to record-low mortgage rates, and Atlanta home prices jumped nearly 6% year over year.
Nationwide home value increases continue to be driven by low inventory, which hit its lowest level in September, dropping by 40% when compared to September 2008 and 74% when compared to September 2019. As mentioned above, Cali buyers have contributed to a large chunk of our recent business, and there are many reasons for that; general overpopulation woes, traffic issues (of course, there’s plenty of traffic here, too, but nothing on par with LA), high taxes, and intensifying wildfires are just some of the factors driving the eastward migration of Californians.
Atlanta experienced a net inflow of 7,236 new residents.
With the ability to work remotely, we’re seeing more people move out of Atlanta’s dense urban areas and into its suburbs. At 2:49 in the video above, you can see a chart listing the metro areas with the biggest increases in net inflow from Q3 2019 to Q4 2020. Below are just some of those “city swaps” you might find interesting:
- Louisville, KY saw a big influx of New Yorkers
- Burlington, VT welcomed a bunch of Bostonians
- Many Los Angelenos left the Golden State for El Paso, TX, Little Rock, AR, and Tulsa, OK
- Knoxville, TN recently became the new home of quite a few Chicagoans
What’s clear is that our nation’s two coastal hubs, New York and LA, seem to have lost their charm in the eyes of many people for one reason or another (COVID undoubtedly being a huge factor at play there).
This migratory pattern may put you in a great position if you’re an Atlanta homeowner looking to sell this fall. Whatever their reasons for relocating, the buyers are out there and eager to find properly priced homes in good condition. Give us a call or send an email if your home could help satiate all of this out-of-state demand! We’d love to help you sell quickly and for top dollar.