Seattle Experiences Record Gains for 12 Straight Months as the “Emerging Trends in Real Estate” Report Ranks it as the Hottest Market for 2018
It comes as no surprise that the Emerald City has made countless headlines in recent months for its strong housing market, and it seems there is little relief in sight as Seattle Times writes that the city has now kept the title of the hottest market in the nation for 12 months in a row. Not only is Seattle posting the largest home price gains of any in the nation, the recently released “Emerging Trends in Real Estate” study ranked the city first on their list of hottest housing markets, up from last year’s fourth place position.
According to data from August 2017, Seattle’s impressive twelve-month housing market reign is “the fifth-longest streak in the country since 2000,” and the longest we’ve seen since Phoenix between 2012 and 2013. When comparing Seattle to the rest of the nation, home prices in our region “are growing at more than double the national rate of 6.1 percent.” In addition, Las Vegas, which is ranked as the second hottest market, saw a growth of 8.6 percent, which is “nearly five percentage points less than Seattle.”
The Times says the Puget Sound’s growth is the result of a combination of strong economic factors, including lucrative jobs (primarily within the tech industry), foreign investment, and increasing rents which are pushing many renters toward homeownership.
As an “important measure of economic conditions,” the ”Emerging Trends in Real Estate” report outlined a positive outlook for Seattle, from the housing market and population growth to its increasingly well-diversified and strong economy. As Seattle Times reporter Jon Talton adds, the region’s large concentration of workers in STEM occupations, at 12-percent, is another key factor. Looking to the future, however, it will be important for Seattle to consider “overall costs, housing affordability, availability of construction labor,” in addition to much-needed improvements to infrastructure.
Want to know more about the latest housing market trends in the greater Seattle region? Read Realogics Sotheby’s International Realty’s latest insights on the S&P Case-Shiller report or dive into the third quarter market reports.