Though Seattle has been recognized within the top ten metro areas in the annual “Emerging Trends in Real Estate” annual report for quite some time, the latest edition, which forecasts 2018 trends, finally placed the Emerald City at the number one spot for the hottest real estate market in the nation. The report, which is a joint endeavor by PwC and the Urban Land Institute, provides a good economic forecast, and as Seattle Times writes, “the forecast noted a positive outlook for all segments in Seattle,” which helped push the city from the fourth to the top spot.
Among the most influential factors are a strong housing market, population growth, a well-diversified economy, and premier lifestyle offerings including excellent walkability and outdoor recreation opportunities. The city also benefits “from having twice the U.S. average – 12 percent – working in STEM occupations.” Among the factors that could potentially negatively affect the market, the Seattle Times cites “overall costs, housing affordability and availability of construction labor,” adding that the city needs to think about infrastructure improvements to accommodate its growth.
The ”Emerging Trends in Real Estate” report echoes trends outlined in the latest S&P/Case-Shiller home price index, which ranked Seattle as the hottest housing market in the country for the twelfth month in a row.