Amazon's Impact on Seattle's Housing Market
By now it is no secret that Amazon is dominating Seattle’s job market. With the expansive number of jobs that the company has brought into the city, there has been great influence on the local economy. One of the most noticeable changes Amazon has made is in the local housing market.
According to the latest Case-Shiller home-price index, Seattle has now maintained the nation’s hottest housing market for 11 consecutive months. The immense growth in the real estate market within the local region is largely due to an influx of technology related jobs. Amazon has been recruiting employees from across the world causing for a surge in people needing a place to live in our beloved city. With the hot real estate market and space to grow running thin, Amazon is in search of another city.
So how will the news of Amazon seeking another home in North America affect Seattle? While only time will tell how the real estate market will react, Amazon plans to keep Seattle at the forefront of their business. This has led experts to believe that housing prices will continue to grow, but perhaps at a slower rate than that of this past year.
The next city that Amazon chooses may be next in line to see major economic impacts. People migrating to a specific city cause more crowded streets and worsened traffic along with an increased need for housing. Seattle has turned into a chameleon as locals have learned to cope with the changes brought forth by Amazon. When the next city is chosen as a central hub for the company, they will surely be looking to Seattle to learn how to welcome the tech giant to their community.