The real estate market in Seattle is shaped by the flow of people coming and going from the city. An interesting trend emerging is that most people moving to Seattle and buying homes are coming from Louisville, Kentucky. At the same time, a large portion of Seattle homeowners selling their properties are heading to Phoenix, Arizona. This migration pattern between Seattle, Louisville, and Phoenix is influencing home prices and housing demand in each of these cities. As more people from Louisville settle in Seattle, the city’s culture and demographic are subtly shifting.
Similarly, as more established Seattleites move to Phoenix, they are changing the landscape of that city as well. The real estate market provides a window into how these population flows between cities are transforming communities in the United States.
Current Market Trends
In May 2023, Seattle home prices were down 6.6% compared to last year, selling for a median price of $838K. On average, homes in Seattle sell after 8 days on the market compared to 6 days last year. There were 858 homes sold in May this year, down from 1,185 last year.
Seattle Migration & Relocation Trends
The data is in, and it’s clear that Seattleites are a little bit fickle! While the majority of people are content to stay put in the Emerald City, a sizable number are dreaming of a change of scenery. Some are looking for the sun-drenched skies of Phoenix, while others crave the more laid-back lifestyle of Spokane.
But regardless of where they’re headed, one thing is certain: there’s no place like Seattle.