Seattle Market Highlights: Surging Prices and the Millennial Appeal
CNN Money reports that Seattle is among one of the best cities for millennials to settle in saying the city’s “high-paying tech jobs attract lots of young workers — and its vast coffee culture keeps them firing on all cylinders.” In fact, many millennials have already recognized the benefits of Seattle, as the article describes that “between 2010 and 1012, 28% of all people moving into the city were Millennials, five percentage points higher than the average major city, according to the National Association of Realtors.” They also say that high home prices aren’t deterring a number of “young, well-paid buyers,” an interesting factor considering the recent surge found in the median sale price of Seattle homes.
In fact, prices have reached heights beyond those of the 2007 peak, this according to Curbed Seattle, who reported that, “the median price of single-family homes sold in Seattle rose last month to $543,400, blowing away the last peak of $501,000 set in August 2007 – before the housing bubble burst and the country went into the Great Recession. The reason for the surge? Curbed says “in spite of the fact that there are 1,550 more residences on the market compared to July 2013, availability still isn’t meeting demand,” adding that “low employment numbers and the ongoing influx of tech workers [which speaks to the Millennial appeal] has to be factored in as well.”
So how are consumers responding to these higher prices and market growth? They’re feeling pretty confident according to Seattle Bubble, who says that as of July, “the overall Consumer Confidence Index” was “at 90.9, up 5 percent in a month, 12 percent from a year ago, and at its highest point since October 2007.” A sure sign that consumers are trusting higher home prices and feel assured by the Seattle market.