Is it the right time for buyers to invest in the Seattle real estate? The Seattle housing market always looks nearly as expensive as an overheated housing market. After a significant decline in Seattle home prices in the past year, the prices have taken a good jump in the latest quarter. Home prices in the Seattle real estate market 2020 will continue rising throughout the year. However, at the moment, it is difficult to predict exactly how much they will rise. There is very high demand and low inventory and it looks like that we’ll see some appreciation this year.
The Seattle real estate appreciation rate in the last quarter was around 1.3%. Zillow’s data shows that home prices may increase by 4.2% in the next twelve months. Seattle is projected to see over 2.2% economic growth and 2.6% job growth. If the inventory crunches further, the affordability will become a bigger issue, especially with homes in the lower tier.
Home prices were up slightly in Seattle and King County in January 2020 and the inventory fell by more than half, leaving barely a month’s supply of homes on the market. According to the U.S. Bureau of Labor Statistics, Seattle-area employment jumped 3.4% between December 2018 and December 2019, the second largest increase in the nation after the Dallas region.
Seattle is strong, especially with tech companies bringing so many people into the city, and construction hasn’t been able to keep up with that. The Seattle-area job market which continues to add new qualified buyers coupled with declining inventories & falling interest rates can mark the return of multiple offers and bidding wars. All this hints at Seattle transiting into a hot sellers real estate market in the coming months. We all know that Seattle is an expensive real estate market that gives many investors pause.
However, there are many compelling reasons to invest in the Seattle real estate. In this article, our focus will be on what lies ahead in the Seattle real estate market in 2020 for investors and home buyers. Seattle is home to over 700,000 people. This makes the Seattle real estate market the largest in both the state of Washington and the Pacific Northwest. However, the Seattle housing market is actually bigger than that – it extends to the nearly four million people in the Seattle metropolitan area.
Looking back historically, Seattle has a track record of being one of the best long term real estate investments in the nation. Is it going to be one of the hottest real estate markets for investors throughout 2020? Let’s find out more about it. Please note that there are many variables that can potentially impact the value of a home in Seattle (or any other market) and some of these variables are impossible to predict in advance.
In the past month, 559 homes have been sold in Seattle, WA on Redfin.com, a national real estate brokerage. In addition to houses in Seattle, there were also 489 condos, 257 townhouses, and 60 multi-family units for sale in Seattle last month. The median listing price is around $699,000. According their statistics, the Seattle housing market is very competitive. Homes in Seattle receive 1 offers on average and sell in around 32 days. Redfin also predicts nationally that 30-year fixed mortgage rates will stabilize at 3.8%. The company is projecting the Federal Reserve will keep interest rates low, as certain industries pull down the economy.
The average sale price of a home in Seattle was $688K last month, up 9.2% since last year. The average sale price per square foot in Seattle is $445, up 4.7% since last year. A hot listing in Seattle can sell for around list price and go pending in around 8 days.
The Comparative Seattle Housing Market Trends From Jan 2019 to Jan 2020
- Home sales in January 2020 were up by 6%.
- Median sales price increased by 10%.
- Avg. Sale-to-List Price Ratio increased by 1.3%.
- Median days on market went from 48 to 49.
- Mortgage rates dropped by 0.9%.
- New listings decreased by 28%.
- No. of home for sale decreased by 43%.
- No. of homes sold increased by 6.3%.
Seattle Real Estate Market Forecast 2020
What are the Seattle real estate market predictions for 2020? Let us look at the price trends recorded by Zillow over the past few years. For the past 6 to 7 years an extreme drop in inventory led to an astronomical rise in Seattle home prices, as buyers competed over a dwindling number of properties on the market. Since 2015, the median home price in Seattle have appreciated by 56.3% from $494,000 to $772,000. As you can see in the graph given below, the home values increased consistently, starting in late 2012 and continuing through 2018.
After that it marked the beginning of a sustained downturn in prices which lasted for over a year. In the past year, the Seattle real estate prices have dropped by 2.3%. The Seattle real estate market forecast is that home prices will increase by 4.2% in the next twelve months. However, according to many experts you shouldn’t expect any sizable or significant gains based on current conditions. The latest real estate data from Zillow shows that the current median home value in Seattle is $741,843. Seattle is currently a buyer’s real estate market – which refers to a situation in which supply exceeds demand, giving purchasers an advantage over sellers in price negotiations.
Here is the Seattle, WA real estate price appreciation graph by Zillow. It shows us the current home price appreciation forecast of 4.2% till Dec 2020.
The median list price per square foot in Seattle is $510, which is higher than the Seattle-Tacoma-Bellevue Metro average of $286. Zillow reports that 7.1% of the listings in Seattle had a price cut in Dec 2019, which is a good thing for buyers. The median price of current listings in Seattle is $698,250. The median price of homes that have been sold is $713,900. The median rent price in Seattle is $2,600, which is higher than the Seattle-Tacoma-Bellevue Metro median of $2,290.
Seattle Housing Market Forecast 2019 – 2021
Here is a short and crisp Seattle housing market forecast for the 3 years ending with the 3rd Quarter of 2021. The accuracy of this forecast for Seattle is 85% and it is predicting a positive trend. The LittleBigHomes.com estimates that the probability for rising home prices in Seattle is 85% during this period. If this price forecast is correct, the Seattle home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018.
Check this page each quarter for updates to the Seattle Housing Market Forecast.
Seattle Housing Market Trends
We shall now discuss some of the most recent housing trends in the Seattle area and compare it with past couple of years. We shall mainly discuss about median home prices, inventory, economy, growth and neighborhoods, which will help you understand the way the local real estate market moves in this region. Seattle has been one of the hottest real estate markets in the country for years. But for the first time since 2014, homes in that area are selling below their listing price. And that slow down could be noteworthy for homeowners across the country.
Let’s first take a look at some of the last year’s data. Seattle home prices rose faster in October 2019 than they have for a year. In Seattle, October prices rose 3.3% from a year ago, to $775,000 — the largest percentage increase in 12 months. Tacoma was crowned the nation’s hottest housing market in May. Since then, other midsize cities in Washington state have overtaken its growth. According to NWMLS, in King County, the median price on last month’s 2,757 completed transactions was $605,000, down about 1.4% from a year ago – one of only two counties where year-over-year prices slipped.
With only 1.63 months of supply of single family homes (excluding condos), King County’s available listing inventory is notably below the national average of four months In King County, there were 25.7% fewer homes on the market in October 2019 than a year previously. Snohomish and Pierce Counties saw similar dips, of 23.5% and 30.0%. Condo inventory is only slightly better, at just over two months of inventory, although that could improve with several high rise projects in Seattle and Bellevue in the pipeline.
Home prices in King County peaked this year in May, at $700,000, down from the all-time peak of $726,275 in May 2018. Within Seattle, Magnolia and Queen Anne saw double-digit price growth, compared to last year. The median price last month was $1.18 million, up 15% from last year.
According to RealPage, a housing market data firm, Seattle has been a top five supply market during the current economic cycle, with only four other markets nationwide recording the completion of more apartments in that time frame: Dallas, Houston, New York and Washington, DC. Since early 2010, the existing apartment base in Seattle has grown a striking 24.4%, nearly double the national norm.
While apartment additions during the current economic cycle have been fairly spread out across the Seattle area, the urban core, consisting of the Downtown, South Lake Union/Queen Anne and Capitol Hill/Central District submarkets, has led the charge, with over 40% of units delivered in these three central areas.
According to Zillow, the median rental price in in Seattle across all properties in June 2019 was up 3.3% year over year, to $2,569. In Bellevue, median rent climbed 3.9%, to $2,835, in the same period, while in King County, the median rent jumped 3.6% over last June, to $2,469. Seattle’s tech landscape and real estate market are rapidly evolving. Google just upped the size of its new Seattle campus.
Facebook has been on a hiring spree in the Seattle area, particularly for its virtual reality arm Oculus, which is growing fast in Microsoft’s backyard of Redmond. GeekWire reported on new HQ leases for top Seattle startups Rover and Outreach. Other companies continue to grow and that will pick up any slack. Tech has blown up Seattle. For the past 5 years we have seen 50% price growth in this market which has priced out many middle class buyers.
According to a report which was published on Fortune.com, the average Seattle home sold for 6.3% above its listing price – averaging 6.6% below that price. And that comes as listing prices themselves were falling, dropping 7% since the spring. Therefore, it is possible that the Seattle real estate market cool down is just a sign that buyers reached their limit after years of frenzied sales.
Last year at this time prices were up 0.7 percent month-over-month and year-over-year prices were up 12.8 percent. Seattle had fallen from #1 in year-over-year price growth back in May 2018 all the way down to #11 in January 2019, falling below the overall national rate.
According to April data of Case-Shiller that was released late June 2019, Seattle-area home prices were:
- Up 1.1 percent March to April
- Up less than 0.1 percent YOY.
- Up 30.9 percent from the July 2007 peak
After a continuous decline of home values in the last year, the Seattle housing market is showing signs of an upswing in 2020. The home prices are predicted to rise but it unclear at this time whether that trend will continue throughout 2020. But it’s a positive sign for homeowners, especially for those who have seen their home values decline over the past couple of years. According to a December 2019 report by The Seattle Times, home prices in the area have posted year-over-year gains for three months in a row now.
According to realtors, the inventory is declining in this region, which can result in the upswing of home prices in the Spring season. Trulia has currently 1,241 resale and new homes for sale in Seattle including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The median price of sold homes in Seattle housing market is $675,000 and homes are selling for about $507/sqft.
Some of the most popular neighborhoods are Capitol Hill, Magnolia, Downtown, Maple Leaf and Belltown. Here you’ll find the maximum no. of listings. Currently, there are 44 active listings in Capitol Hill, Seattle, WA and the home prices range from $247,000- $7.12M. The median sales price in Capitol Hill is $647,500 and homes are selling for about $660/sqft. Similarly, there are 29 active listings in Magnolia, Seattle, WA and the home prices range from $155,000 – $2.99M. The median sales price in Capitol Hill is $960,000 and homes are selling for about $536/sqft.
Following the housing market decline in 2007, single family rental properties became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate. Single family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single family rental units.
As per the real estate company called Neigborhoodscout.com, the median house price in Seattle is $772,474, which indicates that home prices in Seattle are well above the national average for all cities and towns in the United States. One and two bedroom large apartment complexes are the most common housing units in Seattle. Other types of housing that are prevalent in Seattle include single-family detached homes, duplexes, row houses and homes converted to apartments.
Currently, there are 321 single family homes for sale in Seattle, WA on Zillow. Additionally, there are 313 single family homes for rent in Seattle, WA. Under potential listings, there are about 1 Foreclosed and 74 Pre-Foreclosure homes. These are the delinquent properties that may be coming to the market soon but are not yet found on a multiple listing service (MLS).
Here is the latest Seattle housing market data for the month of Jan 2020 from Redfin.com. The sale to list price ratio shows us that it was a trending more like a seller’s real estate market in the past month.
Seattle Real Estate Market Trends |
|
| Median List Price | $699,000 |
| Avg. Sale / List | 99% |
| Median List $/Sq Ft | $500 |
| Median Sale Price | $690,000 |
| Median Sale $/Sq Ft | $445 |
Analyzing real estate data from multiple sources gives us a much broader perspective of the direction in which a market is moving. There are currently 1,685 homes for sale in Seattle on Realtor.com. The asking price of single family homes can start from $60,000 and can go up to $12.9M for a luxury property located in Laurelhurst neighborhood in the city of Seattle, WA. Laurelhurst is a popular neighborhood with the median home price of $1.37M. Zillow predicts the home values in Laurelhurst will decrease by 1.2% in the next 12 months.
Another popular neighborhood of Seattle is Queen Anne where the median home price is around $875,000. Broadway is a popular neighborhood for home buyers who can afford to buy a home in the median price range of $649,000. Bryn Mawr-Skyway is the most affordable neighborhood of Seattle, with a median listing price of $520,000.
Seattle has a mixture of owner-occupied and renter-occupied housing. There are currently 1,140 rental properties in Seattle and their rent prices range from $235 to $15,000 per month. The median rent price in Seattle is $2,490. There are 281 new construction single family homes for sale in Seattle within a price range of $450,000 to $4.9M. You can find affordable new construction homes in Earlington Hill neighborhood in the city of Seattle, WA. The median listing price in Earlington is $660,000.
According to Realtor.com, the Seattle housing market was a seller’s market, which means there were roughly more buyers than there were active homes for sale. Ideally a buyer would prefer a sale to asking price ratio that’s closer to 90%. In Seattle, the sellers have held good leverage in these negotiations in the past month. On an average, they could sell homes for 99.08% of the asking price. A seller would always prefer scenarios which can yield a ratio of 100% or higher.
In December 2019, the median list price of homes in Seattle, WA was $675K, trending up 3% year-over-year. The median listing price per square foot was $442. The median sale price was $665K.
The median list price in Seattle is $725,000 on Movoto.com. The median list price in Seattle was less than 1% change from January to February. Seattle’s home resale inventories is 901, which increased 0 percent since January 2020. The median list price per square foot in Seattle is $516.
As you can see in the graph, the median price per sq ft in Seattle rose to its peak value in Dec 2019, when it was $280. In January 2020 it was $512. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in February.
Seattle is a fairly walkable city in King County with a population of approximately 608,091 people. If you are looking to invest in the Seattle real estate, you should that three most important factors when buying a real estate anywhere are location, location, and location. Location creates desirability. Desirability brings demand. There should be a natural and upcoming high demand for rental properties. Demand would raise the price of your Seattle investment real estate and you should be able flip it for a lump sum profit.
The neighborhoods in Seattle must be safe to live in and should have a low crime rate. The neighborhoods should be close to basic amenities, public services, schools and shopping malls. Magnolia has a median listing price of $1.1M, making it the most expensive neighborhood in Seattle. Bryn Mawr-Skyway is the most affordable neighborhood, with a median listing price of $520,000.
Some of the popular neighborhoods in Seattle are Capitol Hill, Maple Leaf, Central District, Phinney Ridge, Ballard, Columbia City, Belltown, Beacon Hill, Green Lake, West Seattle, Wallingford, Madison Park, Queen Anne, Magnolia and Northgate.
Here is a snapshot that shows the median home values in the some of the popular neighborhoods of Seattle.
Seattle, WA Foreclosures And Bank Owned Homes Statistics
Looking for foreclosure homes in Seattle, WA? As per the Seattle foreclosure data by Zillow, in Seattle 0.1 homes are foreclosed (per 10,000). This is lower than the Seattle-Tacoma-Bellevue Metro value of 0.8 and also lower than the national value of 1.2. The percent of delinquent mortgages in Seattle is 0.2%, which is lower than the national value of 1.1%.
With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Seattle homeowners underwater on their mortgage is 3.9%, which is lower than Seattle-Tacoma-Bellevue Metro at 4.2%.
| Total No. of Foreclosures in Seattle | 169 (RealtyTrac) |
| Homes for Sale in Seattle | 248 |
| Recently Sold | 6935 |
| Median List Price | $662,000 (4% rise vs Nov 2018) |
There are currently 169 properties in Seattle, WA that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 248. In December 2019, the number of properties that received a foreclosure filing in Seattle, WA was 271% higher than the previous month and 53% higher than the same time last year.
In Seattle, the zip code with the highest foreclosure rate is 98148, where 1 in every 1585 housing units is foreclosed. 98108 zip code has the lowest foreclosure rate, where 1 in every 3055 housing units becomes delinquent.
How is Real Estate Investing in Seattle?
Is Seattle a Good Place to Invest In Real Estate? Now that you know where Seattle is, you probably want to know why we’re recommending it to real estate investors. Investing in real estate is touted as a great way to become wealthy. Many real estate investors have asked themselves if buying a property in Seattle is good investment? You need to drill deeper into local trends if you want to know what the market holds for the year ahead.
Although, this article alone is not a comprehensive source to make a final investment decision for Seattle, but we have collected ten evidence based positive things for those who are keen to invest in the Seattle real estate in 2020. As housing inventory in Seattle remains tight, it would make things very challenging for buyers in 2020.
Let’s take a look at some other factors that could make 2020 a good year to invest or buy a home in the Seattle real estate market.
1. Silicon Valley Real Estate Market Is Insane
What does the state of Silicon Valley real estate have to do with the Seattle real estate market? Quite a bit, actually. Seattle has long been a second tier technology hub, bolstered by companies like Boeing, Amazon, F5, and Real Networks. Seattle’s strong tech ecosystem has led to a number of startups choosing to start here, but more importantly, many tech giants are setting up “outposts” here.
They’re moving jobs to Seattle so they can afford to expand or simply afford to remain in business. The influx of new high paying jobs plus relocating employees to Seattle is driving demand for homes in Seattle. Over the past 10 years, Amazon has grown more than tenfold in the city of Seattle, from about 4,000 employees in its hometown to over 45,000. During the same time, the median home price in the city has shot up from $420,000 to $720,000 (according to the Northwest MLS) and home prices in the metro area as a whole have gone up 47 percent.
That’s nearly twice as high as the national increase of 24 percent according to the S&P Case-Shiller Home Price Index. Between 2008 and 2018, over 535,000 homes have sold in the entire Seattle metro area. For comparison, that’s 41 percent more than in the similarly-sized San Diego metro area. Much of this growth in the local housing market can likely be attributed to growth at Amazon.
2. California’s Oppressive Business Climate
Businesses aren’t just relocated to Seattle to tap into a growing, skilled labor market. Others are simply relocating because they cannot stay in business in California. California has the highest income taxes in the United States. Incredibly intrusive and endlessly proliferating regulation only makes it harder for businesses to operate. While many businesses are moving to Texas, Seattle is closer both in culture and geography. That they can find cheaper talent and real estate while gaining more freedom to operate their businesses only adds to the bottom line.
3. The Overall Growth in the Area
Seattle was the fastest growing major city in the country in 2015. It has ranked among the top 5 fastest growing cities since 2010, hitting a 3.1% annual growth in 2016. Many young people move here because it is seen as an excellent place to live and get started, and that’s aside from the strong job market. The exodus from California to Seattle is only part of the equation, since Seattle attracts people from all over the country, and in truth, around the world.
4. How Geography Aids Property Values in Seattle
The Seattle real estate market shares many of the constraints that drove up real estate prices in San Francisco. You can’t realistically build on water. It is hard to build in the mountains. You can build up, but that takes time and is expensive. And all the while, everyone wants to live close to the city center and jobs. This helps keep property values in the Seattle housing market high.
5. How Domestic Politics Bolsters the Seattle Real Estate Market
Environmentalist protections for large swaths of land around Seattle limit how far the city could spread out. This prevents the value of homes in the Seattle housing market from coming down as people relocate to distant suburbs, trading home values for commute time. Building up is increasingly an option, but you can’t do that here the way they’ve done it in Miami.
The financial district allows buildings to be as tall as FAA regulations allow, but that’s pretty much it. Nor does that designation matter much, since the area is mostly built-up. The rest of Seattle is zoned low, preventing demand from being met by building condo towers. That keeps Seattle rental property rates high.
6. How Foreign Politics Affects the Seattle Real Estate Market
The United States is pretty friendly to foreign real estate buyers. Canada has limited the ability of foreign buyers to buy up properties in Canada, a major reason why Vancouver became one of the most over-valued real estate markets in the world. This has led many Chinese investors to buy up Seattle real estate instead, making the city the third destination for foreign real estate investors.
Some hope to send kids to study in the U.S., while a few actually have children here. Others buy the properties as a way to park money overseas in a relatively low tax jurisdiction with likely returns if they choose to sell later. Since foreign buyers don’t always rent the properties out, this drives up prices in the Seattle real estate market while indirectly constricting supply.
7. The Market Is Unexpectedly Friendly for Landlords
Many investors are reluctant to buy properties in liberal markets because they’re afraid they won’t be able to protect their investment. However, there are a number of points in favor of Seattle, especially in comparison to Oregon and California. Washington State outlawed rent control, so you can raise rents to keep up with inflation and demand.
If a tenant breaks the lease without the landlord’s consent, the tenant is liable for rent through the end of the lease. Landlords have significant freedom in their screening questions. If a tenant has a month to month lease, the landlord can only end it for one of 18 approved reasons, but they can end it with a written notice three weeks before the end of the month.
8. The Massive Seattle Rental Market
Around a third of people in the U.S. rent. However, in Seattle, the rate is over half. This is partially due to the cost of homes in the Seattle housing market. Another contributing factor is that Millennials are less willing to be tied down to a home and thus prefer to rent, while Seattle is one of the top cities for attracting these young adults. They’re probably going to continue to rent instead of buying homes.
9. The Large Student Market
While we cannot say this just about the Seattle housing market, the fact remains that large cities with a strong network of educational institutions always create opportunity for those who want to own rental properties. Students don’t buy houses – they rent. A college town with a single university sees property values rise and fall relative to the popularity of the university. Seattle’s nearly two dozen four year colleges provide a literally diverse market for landlords catering to students, while the strong local job market mean you can rent the property out to locals if the students move out.
10. The Excellent Return on Investment
Seattle has repeatedly hit lists as being among the top cities for real estate sellers to get the highest return on their investment. Property values have gone up consistently for years. Rental rates are high and continue to rise, guaranteeing ROI for those who buy and hold properties. We’ve already addressed the fact that you can raise rents as necessary to match the market. This means you will certainly be able to profit from the large rental market in Seattle whether you buy and hold or buy and flip.
Investing in Seattle Real Estate or Not: The Conclusion
Maybe you have done a bit of real estate investing in Seattle, WA but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. In any property investment, cash flow is gold. Seattle has long been second to Silicon Valley, but its strong economy, diverse population, and better regulatory climate are bringing refugees from California and migrants from around the country and world to live here.
Regardless of the area’s weather, the Seattle housing market’s outlook can only be described as sunny. A good cash flow from Seattle investment properties means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt. Therefore, finding a good Seattle real estate investment opportunity would be a key to your success. If you invest wisely in the Seattle real estate, you could secure your future.
As with any real estate purchase, act wisely. Evaluate the specifics of the Seattle housing market at the time you intend to purchase. Hiring a local property management company can help in finding tenants for your investment property in Seattle. If it is your first time to invest in Seattle real estate, then you would have to be aware of common beginner’s mistakes. Beginners would usually follow the media, buy a property and wait for its value to increase. This could be risky. Real estate investing requires research. We recommend doing your own research or hiring a real estate investment specialist for guidance.
Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. If housing supply meets housing demand, real estate investors should not miss the opportunity since entry prices of homes remain affordable. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market area, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing and interest rates.
NORADA REAL ESTATE INVESTMENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
The aim of this article was to educate investors who are keen to invest in Seattle real estate in 2020. Purchasing an investment property requires a lot of studies, planning, and budgeting. Not all deals are solid investments. We always recommend to do your own research and take help of a real estate investment counselor.
Other Good Markets To Invest in Real Estate in 2020
Apart from the Seattle real estate market, you can also invest in another hot market in Spokane, WA. Spokane is a relatively cheap real estate market on the West Coast. It is already seeing increased demand and property valuations, while it remains a safe place to invest in real estate. Skip Seattle and Silicon Valley and invest in the future growth of Spokane. One reason why Spokane long lagged behind Seattle was its higher unemployment rate.
Seattle has a roughly 3% unemployment rate, significantly lower than the 5% unemployment rate seen in Spokane. Spokane’s economy, though, is seeing a surge of higher wage jobs. Out of the tens of thousands of new jobs created since 2010, the majority of them pay more than the average county wage – which is in line with the national average. The promise of better pay will lure many people to Spokane to live, fueling demand for the Spokane housing market.
Another hot market for investors in 2020 is going to be the famous Miami real estate market. The Miami real estate market offers diverse opportunities to real estate investors, allowing you to choose which rental markets you want to cater to and profit from. However, that isn’t reason enough to consider investing in the Miami real estate market. According to a report published by Zillow in Dec 2017, Miami was the country’s fourth most valuable housing market.
Trailing only Los Angeles (total value of $2.7 trillion), New York (2.6 trillion), and Washington (996.7 trillion), the total value of Miami’s housing market is an estimated 864.2 billion, which represents a solid 4.7 percent increase year over year. Miami real estate market predictions show us that the prices will rise 3.6% within the next year.
Similarly, the Charlotte housing market forecast 2020 is that it is going to be a hot investment destination for new real estate investors. Charlotte is the largest city in North Carolina. The city proper is home to more than 800,000 people. The metropolitan area is even larger – home to roughly two and a half million people. It is one of the country’s fastest growing metro areas, and it was the second fastest growing city in the southeastern United States. Only Jacksonville, Florida was growing faster between 2004 and 2014.
One advantage to living in a big city like Charlotte is the constant demand for homes. Buying a home in Charlotte is a better investment, depending upon several factors. There are so many major companies and professional sporting events that people will always be interested in residing here. Therefore, interested investors aren’t likely to allow the listing prices to get to low before they swoop in and take advantage.
*Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
References:
Foreign property buyers
https://www.cnbc.com/2018/08/02/seattle-housing-market-is-under-pressure-as-chinese-buying-dries-up.html
https://www.thestranger.com/slog/2018/01/09/25692670/seattle-is-now-number-three-us-city-for-foreign-real-estate-investors
Student market
https://www.collegesimply.com/colleges/washington/seattle/four-year-colleges/
ROI
https://www.geekwire.com/2017/seattle-among-top-u-s-cities-sellers-get-greatest-return-investment-185k-2016/
Landlord friendly
https://www.thestranger.com/news/feature/2016/01/27/23480634/what-you-need-to-know-about-your-rights-as-a-renter-in-seattle
Demographics
https://en.wikipedia.org/wiki/Seattle
Rental market
https://www.naahq.org/read/industry-insider/6-28-16/america-becoming-renters-nation
Silicon Valley is insane
https://www.seattlemag.com/news-and-features/seattle-housing-experiences-high-demands-tech-companies-continue-grow
California’s oppressive business climate
https://www.bizjournals.com/losangeles/news/2016/08/12/california-regulatory-policies-businesses-flee.html
https://www.linkedin.com/pulse/seattle-san-francisco-why-west-coast-tech-companies-both-shanahan/
Politics affecting real estate
https://www.theurbanist.org/2014/09/02/85-foot-and-125-foot-height-limits-are-a-missed-opportunity
https://www.seattletimes.com/seattle-news/politics/seattle-approves-taller-buildings-in-uptown-doubling-heights-in-some-areas
Latest Market Prices, Trends & Forecasts
https://www.realtytrac.com/statsandtrends/wa/king-county/seattle
https://www.zillow.com/seattle-wa/home-values
https://www.redfin.com/blog/2018/10/amazon-hq2-seattle-housing-market.html
https://www.realtor.com/realestateandhomes-search/Seattle_WA/overview
https://seattlebubble.com/blog/2019/03/27/case-shiller-seattle-home-price-gains-below-average-in-january
https://www.geekwire.com/2018/amazon-responsible-seattles-housing-cooldown-real-estate-experts-weigh http://www.homebuyinginstitute.com/news/will-seattle-start-rising-again/
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