Seattle, WA is a market on the rise, with the headquarters of companies such as Amazon, Microsoft, and Nintendo calling the Emerald City their home. So it shouldn’t come as a surprise that housing prices are on the rise in Seattle. The city is facing a real housing crisis as developers struggle to keep up with the influx of new professionals and future homeowners.
The west coast city has seen the price to buy a house rise a shocking 53 percent over the last few years, a metric taken by the Case-Shiller index. This equals out to a price surge of 10.7 for the month of April. Still, Seattle isn’t the only city with entirely too high housing costs as it’s right behind Portland’s 12.3 percent. While the percentages are large, it’s important to note that the prices are still lower than they were before the economic recession, so this could almost be viewed as a rebound effect. Of course, this doesn’t discount Seattle, as Case-Shiller reported that the metropolis has broken its all-time price high point from 2007.
Housing, especially in metro areas, has been an increasing problem on the West Coast. From San Francisco, CA all the way up to Seattle, first time homeowners are facing a very real price increase. Regardless, we all hope that that real estate developers and other professionals can keep up with an increasingly competitive market.