The mass migration of millennials and techies to Seattle has continued into the new year, and with them, an increased demand for housing to avoid the high apartment rents. There are more than 80 engineering offices in Seattle, including giants like Facebook and eBay, and Amazon currently employs over 25,000 people. This increase in population, and thus housing demand, has caused property values to skyrocket. The median home in King County is $518,400, while in Seattle proper it is $611,500.
This influx of employees creates a degree of economic stability that is great for any city, and specifically the real estate sector. It is speculated that 2017 will see similar trends, but with less transplants moving to Seattle. Many have questioned whether in neighborhoods like South Lake Union and Capitol Hill, with their proximity to Amazon and other tech industries, there are apartment complexes being built where houses or condos should be added instead; to meet the demand of these millennial buyers.
All in all, 2017 will see the continuation of a hectic housing market for Seattle, and it is strongly advised to include a real estate professional in one’s navigation of this chaotic landscape.