Is the correlation between the tech sector and Seattle real estate still strong? Short answer: yes. Longer answer: it moved.

This week I saw an article about tech leaving the city of Seattle for outlying areas, and honestly, it confirmed what I've been watching for a while. Amazon, one of the Magnificent 7 and the company that reshaped this region, now has more than 15,000 employees in Bellevue, according to a Downtown Seattle Association report covered by KUOW on October 1, 2026. That's a significant shift for one of the biggest tech employers on the planet.

The Shift: Tech Is Leaving Seattle Proper

Let's keep the facts straight. Amazon still has about 49,000 employees in Seattle, per KUOW, down from a peak of 60,000 in 2020. It's no longer Seattle's largest employer; the University of Washington holds that title. Meanwhile Amazon's Bellevue headcount has more than quadrupled since 2020.

Why does that matter for real estate? Because where people work decides where people want to live. For years, that meant South Lake Union, Capitol Hill, and Ballard. If the jobs move across Lake Washington, the commute math changes, and so does the shopping list for buyers.

I'm not saying this is the end of Seattle. Full stop. I love this city and I've lived in Washington for more than 37 years. But I'd be doing you a disservice if I told you nothing has changed. Something has. If you want the Amazon angle in more depth, I covered it in how Amazon's return-to-office mandate is reshaping Seattle and Bellevue.

Who's Still Here: Microsoft, Meta, Google, Salesforce

Here's the part that gets lost in the headlines. Tech is not leaving the region. It's rearranging itself.

Microsoft keeps adding people in Bellevue, but its Redmond campus remains the largest by office space and employee count. Meta, Google, and Salseforce continue to operate here, and from what I'm seeing, without a lot of change. That's a lot of well-paid jobs sitting within a short drive of I-405 and SR-520 via WSDOT routes.

For anyone relocating from California or New York, the picture is the same: the jobs are here, and you'll want to think about which side of the lake fits your commute. My guide for relocating to Seattle for Amazon, Microsoft, or Google walks through that.

What the Shift Looks Like in Home Prices

Here's the number that stopped me. According to Beyond WA's NWMLS-based reports, Bellevue's median home price was $1,560,000 as of July 2026, up 2.3% year over year. Seattle's median was $850,000 as of August 2026, down 5.2% year over year.

Source: Beyond WA, based on NWMLS closed sales. The two reports cover different months, and medians include all home types, so treat this as direction, not a perfect side-by-side.

Now, I'm not going to tell you Amazon alone caused that gap. Bellevue has always been a premium market, and a median mixes condos, townhomes, and single-family homes. But direction matters. The market that is gaining jobs is gaining value, and the market losing them is softer. That's the correlation, still working.

Why I Expect a Startup Comeback

Here's my read, and it's an opinion, so take it as that. Downtown Seattle's office vacancy has climbed to roughly 37%, and downtown office values have fallen about 48% since 2020, per the Downtown Seattle Association via KVI. That's painful for building owners. It's also an opening for founders.

Commercial space is open and rents have dropped. Lower rent makes a startup's math work. I think we see a resurgence of tech startups in Seattle because of it, and that matters for housing, because early-stage companies hire locally.

The region's tech roots run deep. According to the Puget Sound Regional Council, reported by GeekWire, the Seattle region added an average of 236 new residents per day between April 2015 and April 2016, fueled in large part by the technology industry. The pace has cooled since that boom, but the talent base and the startup culture did not disappear. That is not going away any time soon.

What This Means for Buyers and Sellers

If you're buying in Seattle: softer prices can mean more negotiating room. Look closely at condos and ask for the building's reserve study. I explain how in reviewing a Seattle resale certificate.

If you're buying on the Eastside or north end: the pull from Bellevue and Redmond is real. If you work at one of those campuses, test your commute along I-405 and SR-522 before you fall for a house. Bothell sits right in that corridor, which is one reason it stays on my radar. I broke down the commute in commuting from Bothell to Seattle, Bellevue, or Redmond.

If you're selling: know which way the jobs are pulling your buyers. The pitch changes depending on whether your home is closer to a Bellevue tower or a South Lake Union one. The bigger picture is in why the Eastside is outperforming Seattle proper.