Seattle buyers search far and wide for affordable homes
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Online buyers in the Seattle area are searching for affordable homes anywhere they can find one — even out of market, per a new report.
Why it matters: The data suggests Seattle's housing crunch isn't just keeping buyers out of the local market; it's pushing many to consider entirely new cities.
By the numbers: Roughly 80.5% of Realtor.com listing views from the Seattle-Tacoma-Bellevue area between April and June were for homes outside the region.
- That's well above the 58.9% average among the 100 largest U.S. metros during the same period.
Yes, but: The share of Seattle buyers looking out of market is nearly identical to 2019 — showing this affordability squeeze isn't new.
The intrigue: Seattle-area buyers browsing out of market were most likely to search in Portland, followed by Spokane, Coeur d'Alene and Phoenix.
The big picture: While high prices are a factor as buyers broaden their search, some shoppers are moving for work or in search of better weather, Realtor.com reports.
Reality check: One website's listing views don't necessarily equal real-life home purchases.
- Many shoppers, particularly first-timers, simply don't have the funds.
- And plenty of homeowners are reluctant to move because it would mean giving up a low mortgage rate.