Study: Fewer Bay Area residents are searching for homes in Seattle

This article was written by Nat Levy from Geekwire. Nat is a staff reporter at Geekwire covering a variety of technology topics, including Microsoft, Amazon, tech startups, and the intersection of technology with real estate, courts and government.

San Francisco Bay Area residents facing expensive housing costs continue to look elsewhere to buy a home, but Seattle has become a less popular landing spot, according to a new report from real estate company Redfin. About one in four people in the Bay Area using Redfin searched for homes in other markets in the first quarter, a figure that is largely unchanged from a year ago. “Other” destinations accounted for 6.6 percent of all home searches by Bay Area residents. These cities include rising tech hubs around the country with more affordable homes than Seattle and San Francisco. 

Other cities have seen rapid growth in tech jobs, rivaling top hubs like San Francisco and Seattle. In Austin, the tech sector added 9,000 new jobs from 2014 to 2015, or a 17.6 percent increase in the number of tech jobs. In 2015, tech jobs in Denver increased by 10.7 percent, or 5,603 jobs. The tech scene accounted for 20 percent of all new jobs in the region.

Tech workers tend to cluster near each other to increase collaboration.

According to a previous Redfin report, tech jobs can lead to higher housing prices. It looked at hiring among the four biggest tech companies — Amazon, Apple, Facebook and Google — and found that for every 1 percent increase in tech jobs, home prices increased approximately .5 to .63 percent. That report found a 21 percent hiring increase by the big four in Seattle and a 12.7 percent spike in home prices.

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