Photo: Sydney Parker
According to new data from Trulia, out-of-towners are outnumbering locals for home searches in Central Seattle. Data shows that 60 percent of home searches from outsiders were centered on the downtown Seattle core ZIP code 98101, an area with a high concentration of condos. Other popular search areas include Belltown, South Lake Union, Pioneer Square, Madrona and Magnolia, where 55 percent or more of the searches came from outside the region. For comparison, nationwide, only about 40 percent of home searches are made by outsiders.
Among the ZIP codes where people from other cities outnumber locals for home searches, the median home value is about $703,000. That’s 40 percent more expensive than the typical house across the full metro area. In the top 15 neighborhoods favored by locals in the home-search data, the median home costs $400,000, a price 20 percent below the metro-wide figure.
Locals primarily searched in Snohomish County, led by north Lynnwood, where 78 percent of searches were by people living in the Seattle metro area. Mountlake Terrace, Alderwood Manor, central Lynnwood and Marysville were also highly searched areas by current Seattle residents.
The Trulia research doesn’t dive into where the home searchers are hoping to move from. But LinkedIn looked at its job-search data and found Seattle is gaining the most workers from the Bay Area, followed by New York and Los Angeles, reports the Seattle Times.
As the Times points out, home searches don’t always result in purchases. Some people from outside the region no doubt begin their home search in popular Seattle neighborhoods, then never end up actually moving to Seattle. Others may start looking in expensive neighborhoods, then realize they can only afford something farther out. Many others may just be engaging in mindless internet browsing.
Whatever the case, this latest data certainly confirms Seattle as one of the most desirable places to live in the country.