Seattle is a multifaceted city, and the chaotic housing market has added another dimension. This urgent real estate environment affects people in different ways - millennials can feel pessimistic about ever owning a home, potential first time homebuyers are cynical about the rising costs, and homeowners are caught between a desire to hold onto their hot commodity - and to see what it's worth.
According to Forbes, the average home price in Seattle is $465,000. This price tag is continuously on the rise, year after year by about 12%. What is the sector that can afford these pricier investment properties? The answer lies predominantly in international buyers and those flocking to the tech hub of Seattle. The city is known for the tech industry, which has caused a mass migration of Amazon, Google, and Microsoft employees to Seattle and the Eastside. Over the past 3 years, the city's population has grown 5.4%, and with this influx of people, a massive need for available homes is more crucial than ever.
Seattle has found itself in the midst of an imperfect storm: a low inventory, which is causing home prices to rise more erratically than ever, and an increasing population, which is putting more pressure on the demand. Forbes has listed the emerald city as number 4 on the list of the best places to invest in housing, so for those who are able to find the right property, in the city center, or slightly outside, now is the time to buy in Seattle.