Seattle, Portland Experience Major Home Price Growth
- Mar 09, 2015
The Pacific Northwest has seen its real estate market soar over the past few years, with good employment numbers and development driving the two major cities anchoring the area: Seattle and Portland. Both cities’ housing markets are now experiencing growth, with home prices soaring over the past few quarters.
According to numbers from real estate brokerage firm Redfin, Seattle is poised to have its best year for home prices in eight years. According to The Puget Sound Business Journal, numbers show that the market is seeing the largest demand from home buyers since mid-2013. That, combined with a considerably larger housing stock in the Seattle area, should provide a very dynamic housing market in 2015. Median home prices in the area are currently a reported 9.1 percent higher than at the same point in 2014, with houses selling at an average price of around $360,000, far outpacing the national year-over-year growth.
The city of Portland’s housing market is also doing far better. Houses in the Portland area were trading at prices higher by 7.6 percent in January 2015 than they did one year ago. The Portland Business Journal also noted a month-over-month price increase of 1 percent in January compared to December, according to CoreLogic data. The data provider predicted continued growth in 2015, with Portland, Vancouver and Hillsboro exhibiting further improvement.