JK Moving Services [1] revealed several local and national moving trends in 2022 based on tens of thousands of customer inquiries, including that North Carolina and Florida were the most requested destinations [2] for those moving from Virginia and Maryland.
“To plan ahead, we like to review our year-end data for moving trends. Most people move within the region where they currently live. For those moving out, what we saw this past year was a lot of interest in people in the DC region moving south and west—a shift from 2021 when northern locations and Florida were popular,” explained David Cox, president, JK Moving. “Also, the number of inquiries about moving remained robust, even as home sales dropped.”
Operating nationwide, JK Moving tracks inquiries throughout the year from prospective clients. The data provides insights into residential moving trends, especially in the Washington, D.C. metro area where the company is headquartered. Data culled from customer inquiries showed these trends for people considering a move:
- Californians topped the list of people inquiring about moving into the region. By far though, most Californians were headed to Texas.
- Florida and North Carolina were the most mentioned for out-of-state moves by Marylanders and Virginians.
- The DMV was a top destination for Floridians.
- DC residents leaving the area most often mentioned California and New York as their move locations.
- California, Texas, Florida, and New York had the highest number of people leaving their states.
Southern migration is a trend and is consistent with the National Association of Realtors’ recent report [3] projecting that many southern state’s real estate markets will outperform in 2023 due to a variety of economic factors as well as affordability.
Since all real estate is local, the National Association of Realtors identified which markets will outperform in 2023. In identifying these markets, NAR considered a variety of indicators that it views to be influential to a metro area's market, including:
- Better housing affordability than the national level. Weakening affordability is the primary reason for this year's housing market cooling.
- More renters who can afford to buy the median-priced home than at the national level. Homeownership rate trends depend on the ability of renters to become homeowners.
- Stronger job growth than the national level. A strong job market typically supports housing demand as household incomes continue to grow.
- Faster growth of information industry jobs than at the national level. Information industry jobs are one of the most well-paid jobs. These workers are paid about 50% more than the average employee.
- A higher share of the information industry in the local GDP. The information industry is a rapidly growing part of the economy. When demand for this industry is growing in an area, that creates opportunities for the local economy to grow faster than in other areas.
- Migration gains. When more people move into an area compared to those who move out, this means that more people will look for a home in this area as they will need a place to live in,
- Share of workers teleworking. Teleworking has a different impact on affordable versus expensive areas.
- A faster-growing population than the national average. Population changes can lead to a changing demand for housing.
- Faster growth of active inventory than at the national level. Increasing inventory translates to more options for buyers.
- A smaller housing shortage than at the national level. In the areas where housing supply meets better housing demand, buyers have more options.
To read the full report, including more data and methodology, click here [2].