California Ex-Pats Driving Up Home Prices in Nashville, Atlanta and Austin

As Californians flee the Golden State for (literally) greener pastures, they’re bringing budgets that are nearly 50% higher than locals, according to a new Redfin report. That’s driving up house prices exponentially in cities like Nashville, Atlanta, and Austin, all metro areas with populations that were surging even before the COVID-19 pandemic (and resulting work-from-home policies) began impacting migration. 

Locals in Music City typically bring an average budget of $485,500 to their homebuying search, whereas the average budget for out-of-towners moving to the city in 2020 was $719,500 – an increase of nearly 48%. Similarly, locals in Atlanta are being outbid by transplants with an average budget that’s 33% higher than theirs, and in Austin – a city that’s experienced explosive growth in the last few years – the difference is 32%.