Watch out Nashville! Knoxville is seeing its own share of growth. A recent Nashville Business Journal article cites an analysis by United Van Lines. According to the article, 67% of the moves handled by the company were for households arriving in Knoxville. Only 33% of moves were for households leaving Knoxville. This earned Knoxville the rank of top 6 metro area in the nation by inbound moves, which is slightly above Nashville’s top 9 rating.
As a whole, Tennessee ranked top 7 by in-bound moves, its first time in the top 10 ranking since 2016. Covid-19 may be partly to thank for this trend. Reasons cited for moving include “desire to be closer to family,” “seeking a lifestyle change,” and “the newfound ability to work remotely.” However, the influx of people may also be contributing to the high number of cases in the region.
Unsurprisingly, the cities with the highest outbound moves were located in New York City, Chicago, and New Jersey. Residents in these areas are seeking more affordable options and less crowded conditions.
As demand for housing grows and more people are working from home, residential and multifamily real estate markets are doing well. Despite the negative impacts of the pandemic, a stable local economy and low interest rates make it a great time to buy in other sectors of the real estate industry. Learn more about our residential developments, retail spaces, and office real estate. Contact us today.