Even though home prices are being drive up in Seattle by a large group of technical workers, other areas of the country are not as impacted. With the current median home price in Seattle being $352,400, the city is ranked as number seven on the list of most expensive cities in the United States.
To purchase an average home in Seattle, an individual would need to make at least $71,702 annually. In comparison, only $47,253 a year is needed to purchase a home listed for the median price in other areas of the country.
However, in the number one spot is San Francisco California where the median home price is $748,300. For someone to buy a home there, annual salary would need to be $141,416. When comparing Seattle with San Francisco, home prices and income requirements seem far more reasonable in Washington.
Varying Home Prices
Keep in mind that actual home prices vary depending on the neighborhood. For instance, in Seattle there are a number of high-end communities where prices are substantially higher. Because of this, there has been an increase in the number of buyers looking at options outside of the central core, which in turn gives a boost to markets in several counties.
The biggest push is coming from outside of the region as a greater number of technical companies are choosing Puget Sound as the location for new office space. This is great for the housing market and the Seattle economy but in addition, the boom of construction is bringing in workers from all over the country to help keep up with demand.
Something else seen in Seattle is that many of the neighborhoods hit hardest by the rash of foreclosures five years ago have started to rebound. For people interested in buying a home, it is important to look at different communities within different counties because of vast price variations. For instance for the average wage earner, King County is simply too high priced while other counties are more affordable.
Even the price of condominiums in Seattle has increased. In the Belltown and Downtown area, the median price is $653,627. Although this price is down slightly from last year, the major condominium market as a whole has experienced a 14 percent increase from last year.
According to Bob Maple, managing broker with John L. Scott, prices continue to climb but for buyers, the number of available homes does not support demand. In addition to seasoned buyers, Seattle has a large number of first-time buyers who are not afraid to dive in and get what they want. In fact, for first-time homebuyers, sellers are receiving multiple offers within the same day.
In both affluent and less than affluent areas of Seattle, double digit price growth is still occurring. However, the strongest upsurge in prices is for areas with the lowest prices. While this is great news, these areas still have a long way to go before they reach the peak seen prior to the housing market crash.
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