The median home price of a single-family home in this city jumped 12.9% year-over-year in September, according to a recent report.
What’s got Amazon, the Space Needle, and America’s hottest housing market? That would be Seattle.
The median price of a single-family home in Seattle jumped 12.9% year-over-year in September, according to the most recent S&P CoreLogic Case-Shiller Home Price Index. The West Coast city’s big price gains are more than double the national, annual increase of 6.2%. Nationally, median home prices were also up 0.4% from August as well.
(The report looked only at existing, detached, single-family homes and not newly constructed residences.)
Seattle’s boom is a result of its thriving economy and bounty of good-paying jobs, many in the tech industry. The median home price in the city is $650,000, according to realtor.com® data. That’s more than double the national median of just under $275,000.
“It’s supply and demand,” says Robert Macdonald, a real estate broker with Lake & Co. Real Estate in Seattle. “There aren’t enough homes for sale.”
Builders are constructing more residences, Macdonald says. But they’re not enough, as more folks keep moving in.
“A lot of millennials are coming into town because of the good jobs and buying their first homes,” he says. “And a lot of people are doing well in their careers and upgrading.”
As a result, Macdonald says, at least half of home sales stir up multiple offers—and that nudges prices all the way up.
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