Puget Sound Real Estate Sizzles Through the Summer
The local real estate market continues to receive attention for its bustling pace. New data from the S&P Case-Shiller Home Price Index revealed that home price growth was once again the highest within Seattle than in any other market. A recent Seattle Times article offers a look at the region’s impressive momentum.
Measuring monthly home price growth, the index offers trustworthy data that compares markets throughout the United States. Seattle began its reign atop the list in September 2016, which was the first month in 9 years that the city was marked number one. Since then the city has remained ahead of the nation.
Seattle’s current streak is 20 months, which ties our market with San Francisco for the second longest run on record. Our pacific northwest neighbor Portland is the leader, with a record of 23 consecutive months. Many speculate that growth will continue throughout the Puget Sound, which could potentially rank Seattle as having the longest record.
The tech industry has caused much of our home price growth, as people continue to relocate here for employment opportunities. This has increased the housing demand, and home values within the city have risen approximately $200,000 in the 20 months that Seattle’s market has led the nation in growth. With prices that show no signs of slowing down, buyers are now in search of homes in neighborhoods outside the city.
Another Seattle Times article noted that South Lake Union, Ballard and Capitol Hill are the fastest growing neighborhoods in the city, with Downtown Bellevue gaining popularity. Bellevue is a desirable location to many with its vibrant dining, Bellevue Square, Lincoln Square, park system, impressive public-school system and more. New homes are popping up throughout the Downtown and Crossroads neighborhoods, largely in part from updated zoning regulations.
As a whole, the Puget Sound is experiencing a market that we’ve never seen before. I am excited for the future as the real estate market continues to strengthen. As an experienced real estate professional, I value having the ability to help you with all of your real estate needs. Please contact me today if you are seeking advice.