The Seattle area’s real estate market has been making headlines for several months with our record low inventory, rising home prices, population growth, and interest from international buyers. We all anticipated that 2016 was going to be big. Now it looks like we may be one of the hottest markets of 2017, too.
As economists are sharing their predictions of housing markets in metro areas around the country, the general verdict we are seeing is big news for Seattle real estate. The Home Buying Institute reviewed a study from Veros Real Estate Solutions, a California-based company specializing in property valuations and analytics, and found that the “Seattle-Tacoma-Bellevue metropolitan area could experience the biggest home-price gains from June 2016 to June 2017.” They are estimating appreciation to be around 11.2 percent in that time frame.
Seattle’s home prices are already high. We have been watching them rise to new heights over the last several months. For positive economic reasons, it seems like that is a trend we can continue to see through next year. Our population growth is making headlines and our booming tech industry is at the center of this movement.
Windermere Real Estate’s own Matthew Gardner says, “Home prices in the greater Seattle area continue to appreciate above average rates. This is clearly an indication of not only continued faith in the housing market, but also the buoyancy of the regional economy.”
Experts are agreeing and it seems like we will see a continuation of this powerful housing market through the greater part of next year.
Read more from Home Buying Institute.
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