The skyrocketing home prices in the Pacific Northwest may ease this summer, according to HousingWire, citing statistics from the Northwest MLS.
Helping to ease the frenzied pace is an increase in new listings in the region, which are up 27% from April to May and 10% year-over-year.
Though Seattle’s bidding wars remain commonplace, there are pockets in the surrounding housing markets that aren’t as frenzied.
Seattle has been dominating housing headlines in recent months as one of the most robust housing markets in the country. So much so, in fact, that the April Redfin Demand Index indicated the city may overtake Oakland, CA, and San Francisco as the market with the most constrained inventory.
A booming job market, thanks to the tech sector, is driving up population numbers and, accordingly, leading to tight housing inventory. As a result, homes there are on the market for an average of just 25 days. Seattle, along with nearby Tacoma, WA, were listed among the top five most competitive housing markets in the country, according to a separate Redfin report.
Data released earlier this week show Seattle’s median single-family home price rose 13.7% year-over-year in June to $729,0000. Parts of King County, where Seattle is located, had double-digit median-home price growth. Surrounding counties are also seeing record median prices; Pierce County, which includes Tacoma, broke the $300,000 mark for the month.
The same thing is happening in Portland, OR, where price growth is slowing but remains above national averages. The median home price there increased from $370,000 in March to $385,000 in April.
Seattle and Portland lead the nation in home price growth. Seattle also tops the list for rate of bidding wars, according to Redfin.
In the Urban Land Institute’s annual Emerging Trends in Real Estate report, Portland was expected to continue its economic growth, which has included rising population and incomes. Seattle is also likely to continue its current trajectory, including a population growth rate roughly two times the national average.