Emerging Trends in Real Estate is one of the most highly regarded annual industry outlooks for the real estate world and is now in its 39th year. The market looks towards 2018, providing a regional snapshot in all 78 major markets across the country. Not surprising, Seattle soars to the top. It is currently ranked as one of the top markets in the country for four straight years in a row. Home to tech giants and a well-educated labor force, Seattle remains at the top across a number of factors, including demographics, cost, and livability.
Here is a snapshot according to the Emerging Trends in Real Estate for Seattle 2018.
As far as technology readiness, Seattle boasts twice the US percentage of employees in STEM occupations with 4.5% of the workforce employed in computer programming related occupations. Nearly 7 out of 1000 residents in the Seattle region have been awarded patents.
Seattle also rises to the top in connectivity with 94% of households having a computer and 88% of households have access to high-speed Internet. We’re currently the top destination for international visitors and 4.5% of our total employment is in foreign entities.
Seattle’s population growth is twice the national rate and the region is expected to gain nearly 29,000 new residents a year over the next five years. Our population ages 15 to 34 is predicted to rise nearly 17% during that same time period.
Our livability is one of the top in the nation as well, ranking high for outdoor activities and 93% of residents within walkable access to a city park. Seattle has been ranked one of the top 5 culinary markets in the country and we have more breweries than just about any locale in the country with one brewery per 19,000 residents. Seattle also boasts a young, educated population with 17% of residents with graduate or professional degrees and 37% of our residents have an Associates or bachelors degree.
Our local economic outlook projects a strong investor demand and an abundance of capital available for real estate investments and further development. Our high productivity market has a cost of doing business at 103% with a positive five-year disposable income growth. Home prices are currently at 123% of the previous peak and affordability index is 106.2. Even though these numbers tend to be higher, Seattle is still one of the top places to live, work and play.
If Seattle is your next destination, please contact me today. Success in Seattle’s competitive market requires the advice and assistance of an experienced local real estate professional.