Seattle home prices hit a record high this year and are rising faster than anywhere else in the country. The city’s thriving tech industry is fueling job growth and demand for homes. It also has become an attractive destination for wealthy Chinese.
“We do not see any slowdown at all, even during the holiday season. Buyers are going crazy,” said Mei Yang, a Seattle-based broker at Realogics Sotheby’s International Realty who specializes in serving Chinese clients.
Home prices in Seattle rose 11 percent year-over-year through September 2016, according to the S&P Case-Shiller national home price index. Portland followed Seattle with a 10.9 percent increase in home prices during the same period.
Seattle’s booming technology industry is responsible for record population growth. In addition to homegrown companies such as Amazon, Microsoft, Starbucks, and Boeing, many Silicon Valley firms have offices in Seattle.
However, the rate of housing construction continues to fall behind the population growth in the city, leading to rising prices.
