Seattle Home Values Have Increased Nearly $50,000 Since Last Year

According to Zillow's recently released October 2017 report, home values in Seattle have increased 11.7-percent year-over-year, as "the typical home gained $48,100 in value." Demand for homeownership in the city has continued to increase in recent years due to the city's thriving tech scene, not to mention historically anemic inventory, which is down by 23.6-percent compared to this time last year. The report further predicts that "the underlying dynamics driving rapid home value growth are unlikely to change anytime soon," as the city would need lessening demand for homes or a sharp increase in inventory in order to see a change. Things aren't looking much better for renters either, as they have increased nearly 6-percent since last year to a "median rent payment of $2,198." 

Those that are looking to purchase a home in Seattle may find some relief during the holiday season. Though inventory wanes, many prospective buyers put their plans on hold, which means it may be the time of year to find a bargain.