Seattle Home Values Rise at Nation’s 2nd Fastest Rate
Looking back at March of 2015, we find that single-family homes in the Seattle area jumped up by 10.8%, according to the most recent data from S&P/Case-Shiller. The jumps in prices have been particularly strong in recent months, with a 2.4% increase from February to March. At present, the average price for a single-family home in April was $637,250 in Seattle. Such prodigious price gains can be attributed to increases in employment, low mortgage rates, and continued low inventory.
These figures place Seattle above any major American city outside of the Pacific Northwest in terms of fast-rising home prices. Within the Pacific Northwest, only Portland-area homes are beating the Seattle rate. It is here that home prices have experienced an increase of 12.3% over the past year. Nationally, the average price increase has only been 5.2%.
On top of this, March was the first time the value of Seattle-area homes rose above the peak we experienced back in the summer of 2007. This is after a 50% increase following the low point in early 2012.
