Fewer new residents were moving into Florida, Texas and other Sun Belt states during 2024, according to a new data report from Redfin (NASDAQ: RDFN).
Among the region’s major metro areas, Tampa recorded a net inflow of just over 10,000 residents last year, less than one-third the 35,000-person net inflow in 2023. Not only was this the most significant inbound migration slowing in the Sun Belt, but it was also the greatest slowdown among nation’s 50 most populous metros.
Dallas saw the next-biggest slowdown, with a net inflow of roughly 13,000 residents in 2024, down from 35,000 the year before. Atlanta had the third greatest decline thanks to a net outflow of nearly 2,000 in 2024 compared to a net inflow of 17,000 the year before.
Redfin attributed the declining numbers to a rising cost of living – especially in metros including Tampa, Dallas and Austin – along with higher insurance rates due to an increased ferocity in natural disasters and competition from more affordable localities in the Midwest and Northeast. Another factor was the increasingly expensive nature of the housing market in 2024, with higher home prices and elevated mortgage rates resulting in fewer home sales.
