In Seattle’s Queen Anne neighborhood million-dollar homes have become the new normal.
The Seattle Times reports that Queen Anne is Seattle’s first big neighborhood to officially cross the $1 million threshold, but that the price increase signifies larger trends throughout the Puget Sound region. The latest data from the Northwest Multiple Listing Service (NWMLS) shows that prices in June rose throughout King County, with both Seattle and the Eastside setting record highs.
As the tech industry expands, people are flocking to the Northwest for new, highly-paid jobs. According to Census data, last year the Seattle metro area saw a net gain of 1,381 in population per week. New migrants are out-pacing home builders, creating especially high demand in metro areas with easy commutes.
Mike Grady, president and COO of Coldwell Banker Bain in Bellevue, said the rising prices showed a tight market with more new jobs than new housing. “This pattern won’t change until developers can out-build net new job creation, especially in the Greater Puget Sound area,” he said in a NWMLS statement.