Seattle continues to dominate the country with the highest home prices and hottest market. Many have taken notice to our city’s reign and have decided to take a deeper look into why the local market is seemingly unstoppable.
The headline of a recent article on GeekWire takes note of Seattle’s growth as a, “historic population boom” that is causing our housing market to stay hot. With an average of 1,458 people moving here each month, our city is experiencing some of the quickest growth in modern history. Seattle Times also recognizes this growth and notes that the city is having the fastest growth of the decade, with a population increase of 114,412 since 2010, for a total of 18.7% change in the total population. So, what makes this number astounding? To put it in perspective, Seattle Times points out that this figure is similar to the total amount of growth that occurred throughout the 30-year period prior to 2010.
Why are so many people coming here? One of the biggest contributors is the local tech scene. GeekWire points out that Amazon and Microsoft started it all as two homegrown companies, that draw qualified applicants from across the world. Many other companies, like Google, Facebook and Apple, also have engineering bases here, further increasing the population who have careers within the field of technology. As a city filled to the brim with tech savvy individuals who are striving to stand out, the heart of Seattle is the perfect place for start-ups.
Tech jobs in Seattle aren’t going anywhere for the foreseeable future and will continue to cause the population to increase which will further spur our economy. So, what does this mean for real estate? More people living here means that the housing demand has gone up and as long as people continue to move here, the demand will grow even higher. New construction may be one way to address the need for homes, but until local inventory can catch up to the current demand, prices are going to continue their upward trend. As a local expert, I am always pleased to have the opportunity to help you find your next home for the price that is right for you. Please don’t hesitate to contact me if you need help navigating Seattle’s busy market.