Home values continue to rise in Seattle as it maintains its title as the nation’s hottest housing market for the eighth month in a row according to the latest Case-Shiller national home price report for April 2017. The Northwest took the top two spots with Seattle residential real estate seeing a 12.9% year-over-year price increase and second-place Portland with a 9.3% increase. Both cities with a considerable margin over the annual gain of 5.5%.
As per NWMLS the median home price has increased by 2.8% in just one month, bringing it up to $750,000. One Seattle neighborhood has even reached the million dollar mark. Queen Anne is the first large Seattle neighborhood with a median price above $1 million, up 11.3% from May’s median of $900,000. As of late, listings in Queen Anne are only lasting on the market for 5-7 days with offers coming in within the first 24-48 hours.
As of April, Seattle topped 700,000 residents with about 713,700. We are seeing an average of 74 new residents per day. This is up 1.76% from a year ago. With the influx of people moving into the area with high paying jobs fueled by the city’s growing tech industry, we are seeing the demand far exceeding the supply, especially in areas with easy commutes to downtown Seattle. Until developers can out-build the growing number of jobs in the area, we will continue to see rising prices.