Seattle’s housing market is currently extremely competitive–on Redfin, a home in the Seattle Housing Market spent just 7 Median Days on Market in March. This demand is even seen in other parts of Western Washington. “A recent listing for a four-bedroom home in Puyallup drew 45 offers,” Heidi Groover of the Seattle Times reported in early March. Houses are also selling at much higher rates. “In King County, the median home sold for $750,000, 11.1% higher than last February and about 3.4% higher than in January, the biggest month-to-month price jump since June,” Groover said.
Redfin also reported in February that Seattle was one of the top five metro areas with the highest bidding-war rate with a 73.8% bidding-war rate. Downtown Seattle, home of the city’s famous Space Needle, is quickly growing as tech companies such as Google, Facebook, Adobe, and Amazon open new offices or move from San Francisco’s Bay Area to Seattle, creating many new career options in the area’s tech industry.
According to Zillow, Seattle home values have gone up 7.5% in one year and will rise 11.2% by 2022. In today’s economic climate, investment portfolio diversification is as important as ever, and real estate investing is one of the best avenues out there. It is also becoming increasingly difficult for individuals to join bidding wars.
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