This article highlights an often overlooked issue in estimating the average area effects of immigration: the role of local population relocation in adjusting local demand and prices. The total impact of foreign-born population growth on housing markets comes from a combination of their direct effect on housing demand and their effect on residential mobility and supply among residents. Estimating well-identified, reduced total effects is undoubtedly of interest to policymakers. However, in addition to the total impact, we may be interested in understanding the mechanisms driving its adjustment. Previous research has shown the importance of considering the role of displacement when estimating the impact of local policy interventions, particularly place-based initiatives (Briant et al, 2015; Mayer et al, 2017; Einiö and Overman, 2020). The zero impact of local policies may be the result of positive and negative influences in space canceling each other out. Therefore, it is important to include the impact of mobility in the estimation of aggregate local estimates. As I show in this article, this issue is also important when estimating the impact of immigration on property prices, as immigration waves change the spatial distribution of the indigenous population. My article is the first to provide aggregate estimates of the total impact of immigration and all its components on prices, and thus sheds light on the adjustment channels of local real estate prices to demographic shocks.