Earlier this week, New York Mayor Bill de Blasio tweeted a link to a Forbes article headed, “Move over Austin, because as the song says, if you can do it here, you can do it anywhere – and it is easier for young dreamers to make it to the world’s greatest city! “
While it’s a bit difficult to say that de Blasio tried to start a “feud”, the tweet illustrates the national hype surrounding Austin (again).
The COVID-induced wave of people trading big cities for better quality of life (and lower cost of living) has been reported by many major news outlets including the New York Times, Forbes and Bloomberg. Coupled with some of the big tech companies like Oracle and Digital Realty moving their operations to Austin, many of these articles have heralded our exhibition city as a shining beacon to which all coastal elites flock.
But new data from Redfin says it isn’t Austin who is drawing the most newcomers to Texas. But we’ll come back to that later.
In its new report, released Feb. 4, the real estate agent used data from 1 million Redfin users and the US Census Bureau to calculate pandemic migration based on net inflow, the number of homes for sale compared to last year and calculate the median property price and get building permits to calculate the 10 metro areas with the greatest blessings.
Based on the data, Austin is the No. 5 subway area with the highest net inflow – another name for people moving to the city – in 2020. Last year, the capital added 46,958 new residents, more than in every other year in the past decade, the report notes.
Coupled with the pandemic, the influx has sparked a residential property explosion that cut the number of homes for sale 19.2 percent year-over-year and property prices on the Austin-Round Rock subway by 15.2 percent to one Median increased area of $ 370,000.
So which city attracts the most newbies to Texas? That would be Dallas. It might not capture the headlines (or tweets) given to Austin, but at 76,037 people, Big D had the second largest net inflow in the US last year, adding nearly 30,000 more people than the capital. Like Austin, this is the majority of residents Dallas has added in the past decade.
Dallas is also experiencing a housing shortage: the number of properties for sale is 35.7 percent lower than last year, and the median property price rose 9.1 percent to $ 323,900.
“People are not moving to places with more houses available, they’re moving to places with cheaper houses,” said Daryl Fairweather, Redfin’s chief economist. “Remote workers leaving expensive places for relatively affordable areas, in part because the appeal of having more homes for less money is strong, exacerbates housing shortages in more affordable parts of the country.”
First place went to Phoenix, a city that more than 82,000 people moved to last year. Like Dallas and Austin, Phoenix attracts California shoppers looking for better tax rates, warm weather, outdoor amenities, and affordability. And like his counterparts in Texas, there are some long-term residents who are struggling to afford the new normal.
“While Phoenix is affordable compared to other places, prices have risen significantly over the past year,” Phoenix-based Redfin agent Van Welborn said in the report. “Locals have a hard time taking their offers because there are so few homes on the market, and often someone from California will make a competing offer at a higher price and forego the valuation.”
Dallas and Austin in the top 10 include Phoenix (No. 1); Orlando (No. 3); Tampa, Florida (No. 4); Las Vegas (No. 6); Atlanta (No. 7); Greenville, South Carolina (No. 8); Charlotte, North Carolina (No. 9); and Knoxville, Tennessee (No. 10).
According to Redfin, Bill de Blasio has the right to tweet his concerns about New York City. The Big Apple lost 273,248 residents last year, most of them in the United States. Currently, the number of homes in the market is up 27.7 percent and the median home price was $ 550,000 in December.
In Los Angeles, No. 2, there was also a mass exodus in 2020, in which 124,175 residents were lost. Chicago came in at # 3 next, followed by the San Francisco Bay Area (# 4); Detroit (No. 5); Seattle (No. 6); Boston (No. 7); Miami (No. 8); Washington, DC (No. 9); and Baton Rouge, Louisiana (No. 10).