Home prices in Seattle fell 26% during the recession, more than in any of this year's other top markets. Now, Seattle is experiencing an 11% year-over-year increase in prices for homes, as well as high levels of construction.
Job growth in Seattle has grown by 3.1% in the past year, and average rents have increased from $1331 to $1517/month, with just a 2.4% vacancy rate.
To see how much further Seattle home prices are expected to increase over the next year, Zillow offers a market guide to various neighborhoods. Zillow predicts Brighton home values will increase 4.6% next year, compared to a 6.9% rise for Seattle as a whole. Zillow predicts Ravenna home values will increase 5.5%; Olympic Hills home values 5.8%; Greenwood home values 5.9%; East Queen Anne home values 6.9%; Loyal Heights home values 7.1%; and East Ballard home values 7.8%.
For more information on market trends in your favorite Seattle neighborhoods, please contact me at HomeLandInvestment@gmail.com or 425-270-7292.