NASHVILLE, Tenn. (WKRN) – It’s being dubbed ‘the great reshuffling’ as those living on the coast or up north continue making their way down to the south, or to the sunbelt.
Zillow just released their first-ever mover report, looking into how moving has changed amid the pandemic.
What it showed is that out of towners, mostly from Chicago, New York and LA fueled Nashville’s population growth and it continued to impact the city’s lack of inventory.
“They really love everything that Tennessee has to offer, from low property taxes to no state income tax to wide open spaces, the people,” said Erin Krueger, with the Erin Krueger Team at Compass Real Estate.
Brian Copeland, Board President of Greater Nashville Realtors doesn’t expect a slowdown anytime soon especially as Tennessee’s cost of living remains low and people continue to work from home.
Zillow data showed Nashville is among the top six metros drawing more people into the state than out.
“We are down well over 50-percent of units,” Copeland said. “Right now… we’re not seeing a lot of people sell their homes because they know when they sell they don’t know when they go to sell they don’t necessarily have a place to go and they don’t want to leave Nashville… who could blame them.”
Thankfully, Zillow’s 2-21 mover report found the pandemic could bring an additional 2.5 million households to the market. That’s on top of the more than one in ten people who’ve already moved within the past year.
Life and financial uncertainty are among the top reasons homeowners have not listed their home for sale during the pandemic. The COVID-19 vaccine is likely to change that and prompt many more people to move.
“I think also when we’re looking at vaccinations, it gives more sellers confidence for buyers to enter their homes,” Copeland said. “Right now, it’s tough to have 59 showings in two days and not knowing who is coming in your home. Whether they’ve been wearing a mask, vaccinated or not.. so that’s always a concern for sellers. And I think once we see more vaccinations… they’re going to have more comfort coming through their homes. Especially, those who are keeping their homes out of inventory.”
Kreuger said it’s important to find yourself a good, trustworthy agent in this crazy market to help your offer stand out among the rest.