Seattle is the sixth fastest-growing housing market among major U.S. cities, and if home prices keep up this pace, they’ll be breaking their own records in no time. According to the latest S&P/Case-Shiller Home Price Index, March home prices in Seattle were up 7.5% from where they were this time last year. They’re also up 2.3% from the previous month, which was up 1% from the month prior to that.
On a related note, RealtyTrac just published a report that said Seattle homes are selling for 102% of their full market value. Great for sellers; not so great for buyers. If you’re worried that all this talk about rising prices is pointing towards another housing bubble, don’t. Our very own OB Jacobi, president of Windermere, says that he believes that there are “sufficient safeguards in place to keep this from happening.”
As with every situation there is a silver lining. And that is that even though prices are getting pretty steep here, they aren’t San Francisco steep. For now.
Read more on Seattle Curbed.