: Most new construction in 2017 focused on apartments for rent rather than condos for sale, further limiting options for first-time buyers.
In 2017, Seattle was considered the . For anyone looking to buy during that year, the decision was largely a trade-off between securing a home before prices climbed further and navigating intense competition caused by record-low inventory. Market Landscape in 2017
: Amazon's headquarters alone was a primary driver for housing demand. By late 2017, there were signs of a slight hiring slowdown, leading some to predict a cooling of the "double-digit" appreciation rates in the following years. should i buy a house in seattle 2017
: In many cases, monthly rent for a high-value property was actually lower than the mortgage payment would have been for that same property. Neighborhood Alternatives
: The median sales price in Seattle reached approximately $478,500 by the third quarter of 2017. While this was nearly double the U.S. median of $254,000, it was still seen as a "bargain" compared to San Francisco's $900,000 median. : Most new construction in 2017 focused on
: Seattle led the country in home price increases for over a year. By August 2017, home values had risen 13.2% year-over-year—more than double the national average of 6.1%.
: Massive growth from Amazon, Microsoft, and Starbucks fueled the market. Seattle's unemployment rate hovered around 3%, well below the national average. Market Landscape in 2017 : Amazon's headquarters alone
: Supply was extremely tight, with only about 15 days of inventory available in the mid-price range ($500k–$600k). This lack of options created "seller gridlock," where homeowners were afraid to sell because they couldn't find a new place to buy.