For the first time since Denver’s real estate boom began, more people are leaving town with Seattle chief among destinations.
While I spend most of my time digesting hyperlocal, Denver neighborhood trends, I frequently peek up to see where our market fits within national trends.
Lately, I noticed another signal of the shift in Denver real estate.
Denver’s well-documented housing shortage is a huge driver of the city’s real estate market. Urban planners and developers are working hard to build more houses to alleviate the issue. But homes, especially affordable ones, remain scarce.
According to a January Redfin report, the Denver metro is experiencing the fifth-largest net outflow in the nation. And most of these residents are looking for new digs in another hot, western US market: Seattle.
Top five metros by net outflow of users and their top destinations. Credit: Redfin
Redfin calculates net outflow as “the number of people looking to leave the metro minus the number of people looking to move to the metro.”
In 2017, Denver still experienced a net inflow, but tipped the scale in 2018.
Denver rounds out a top five with some pretty big players, including two of the most prolific real estate markets in the country, New York and San Francisco. Our market has made quite the jump over the past decade.
What this means
We looked at recent signs of a warming buyer’s market in Denver. Buyers may gain more leverage if more Denverites hunt a comparable outdoor lifestyle in cities such as Seattle, Salt Lake City and others.
Top 5 Metros by Net Inflow of Users and Their Top Destinations. Credit: Redfin
Low housing supply and affordability challenges have plagued the Seattle real estate market, but recent news reveals aggressive measures to keep up with a net inflow into the Emerald City.
In fact, nationwide inventory is shifting in favor of buyers. The persistent under-supply of Denver homes will have to improve to keep the city’s market vibrant.
If you have any questions surrounding how this affects your Denver real estate needs, whether selling or buying, feel free to reach out. I’d love to hear from you.