Finally, some good news about the Seattle real estate market! According to a Bloomberg Business Week study, the Seattle real estate market ranks fourth for long-term real estate growth among major U.S. cities. Just remember, most of the factors that caused Seattle’s prices to explode still exist, ie. a beautiful setting, excellent job opportunities, limited geographic surface area for expansion, awesome beer, etc., so it is certainly reasonable to expect that prices will rebound sooner here than elsewhere in the U.S.
“1990 price: $204,240 ($122,300 in 1990 dollars)
2010 price: $308,200
Change in real dollars: +50.9 percent
Year home prices peaked: 2007
Home prices in Seattle have grown significantly over the last 20 years. The metro area’s housing market exploded in the late 1990s as the population grew. Nominal price increases slowed in 2002 and 2003, but jumped to 19 percent in 2004, 11 percent in 2005, and 14 percent in 2006, show NAR data. Prices peaked in 2007 at $407,607 (in 2010 dollars). Adjusted for inflation, prices are now about 24.4 percent below that level.”
To see the rest of the list and find out which city ranked #1, click here! (Hint: It is a very close neighbor, and it is known for its micro-brews)