Seattle has made seemingly countless headlines recently for unprecedented home value growth, and as a recent Forbes article proclaims, our local real estate market is one of the hottest in the U.S. Looking into the foreseeable future of the Emerald City, Forbes is “betting on Seattle to maintain growth” amidst low inventory, a strong technology driven economy and both national and international interest.
As the article outlines, Seattle added an average of nearly 60 residents per day between 2015 and 2016, in part due to the strong tech sector: “there are a quarter of a million technology jobs in the state of Washington, 90% of which are located in the greater Seattle area.” And it’s not only larger, well-known tech titans that are fueling growth, as there is a thriving startup community, which Forbes calls “akin to the early San Francisco community,” which is revitalizing the job market. Those outside the tech community are also benefiting, as the region grows in other industries including retail, hospitality, and restaurants, among others.
Seattle isn’t just drawing U.S. citizens to its borders, either, as it continues to receive international attention. Forbes describes interest from Europe, India and China, citing the latter’s more recent influence after Vancouver implemented a 15% tax on foreign investment. A recent Realogics Sotheby’s International Realty report outlines the trend, as Juwai.com, a popular home search site within China, ranked Seattle #1 on their list of destinations for Mainland Chinese homebuyers exploring overseas investment in real estate.
Dive into more Seattle real estate trends in the full Forbes article here.