A recent forecast from a property valuation company predicted that housing markets in Seattle, Olympia and Bremerton will lead the nation over the next year in terms of home-price gains.
Big Forecasts for Seattle, Olympia and Bremerton Housing Markets
The report, published by Veros Real Estate Solutions in July of 2018, was an update to the company’s VerosFORECAST. Specifically, they looked at metropolitan areas across the country and ranked them based on predicted home-price gains over the next year. The housing market forecast was issued in June 2018 and extends into the same month of 2019.
“Washington State and Nevada occupy six of the ten highest-appreciating MSAs in the U.S. and the remaining four are in California, Oregon and Idaho,” said Eric Fox, VP of Statistical and Economic Modeling at Veros.
Metro areas in Washington took the top three spots in this ranking, which is based on home-price forecasts. Here are the top five metro areas nationwide in terms of expected gains from June 2018 to June 2019:
- Seattle-Tacoma-Bellevue, Washington (+11.1%)
- Olympia, Washington (+9.8%)
- Bremerton-Silverdale, Washington (+9.8%)
- San Jose-Sunnyvale-Santa Clara, CA (+9.5%)
- Carson City, NV (+9.5%)
Of course, this outlook probably won’t come as any surprise to those who follow real estate trends in Washington (or those who read our blog). We’ve covered these trends in previous blog posts, including this forecast for the state’s housing market.
It’s also no surprise to see Seattle at the very top of this predictive ranking. Chronically low inventory levels within the housing market, combined with strong demand, have been lifting home prices across the Seattle area for the last few years. And more gains are expected for the coming months.
Seattle-area economist Eric Fox said that a thriving local economy and a lack of buildable land are contributing to the rapid price growth in the area. “There is also growing demand for housing thanks to the substantial in-migration of technology workers from the [San Francisco] Bay Area who are relocating to Seattle because of the robust job market and relatively inexpensive home prices when compared to those in San Francisco,” he added.
Home Prices Rising Across Washington State
While these kinds of conditions are most noticeable in the Seattle area, they’re occurring in other major cities across Washington State as well. That’s why Olympia and Bremerton ranked high on this particular housing market forecast.
Home prices in Olympia rose by around 10% over the last year or so, according to Zillow. That’s well above the national average for the same time period. The median home value in Bremerton rose by nearly 12% over the last year, and Zillow’s economists predict it will rise by another 13% over the next year.
The message to home buyers is clear. If you’re on the proverbial fence about making a purchase, you might want to consider doing it sooner rather than later to avoid higher housing costs.
Disclaimer: This article includes forecasts and predictions offered by third-party sources not associated with our company. We have presented them here as an educational service to our blog readers.