It seems I am asked at least once every day if the Seattle housing market will continue to appreciate. My answer: Yes, but not at the insane rate it has been for the last couple years. Underlying fundamentals for why the Seattle housing market will continue to appreciate: Because Supply of homes in Seattle cannot keep up with Demand, and Seattle’s overall affordability is still high relative to other large cities.
The Puget Sound Business Journal summed things up pretty well in one of their recent articles. Though Seattle isn’t going to be the fastest growing US city in the next 25 years, we’re right up there near the top. Our expected population growth will not match Raleigh, Austin, or Orlando – but at 38% population growth over the next 25 years, demand for housing around here will continue to be strong for the foreseeable future. Seattle/Tacoma/Everett is at about 3.8mresidents currently, however by 2040 the American City Business Journals estimates our population could be closer to 5.1m – That’s a 1.4m increase in people moving to Seattle. Plain and simple, we may have some blips along the way, but overall this increased demand is going to continue supporting a strong housing market in the Puget Sound for years to come.
seattle/news/2016/10/11/ seattles-population-expected- to-grow-38-percent.html
Today's blog courtesy of Kyle Bergquist, Guild Mortgage