Seattle Among Americas Current Boom Towns

Dated: 04/24/2016

Views: 739

RIS Media sites Seattle #6 in their Report: America's Boom Towns Revealed.

This is what they say about Seattle:

6.  98121 Seattle - Larges Neighborhood: Belltown

The 98121 zip code is home to the largest proportion of residents in downtown Seattle, as well as the largest retail area.  Ten percent of Seattle residents now live downtown, representing a 12 percent growth in population since 2010.  New residential developments like the 707-unit Insignia Towers and the area's wide variety of restaurants, bars and cultural offerings, have made Belltown a major draw in recent years.  This is especially true for employees of the area's major employers like Amazon, Microsoft and Starbucks, who are looking for close proximity work.

Zip code 98121 is expected to see households grow by 11.9 percent over the next five years.  King County is expected to see more that 13,000 new housing starts and 21,000 new jobs formed in 2016, that's 3.1 times more new homes and 2.3 times more jobs than the average of the top 100 counties in the country, respectively.

What does this mean for surrounding areas?

As prices are being driven higher and higher by lack of inventory and multiple offers many families are searching for more economical places to call home.  We are seeing a huge overflow of those people that work in downtown Seattle as they move into Snohomish County as far north as Arlington.  This is having a similar effect on real estate and is escalating Snohomish County prices as well.  The population of Snohomish County is estimated to have grown 8.3 percent in the 5 year span of 2010 to 2015.,53061

Many new businesses are slated to move into Seattle and Bellevue as well as many current businesses have plans for great expansion.  I see no end to this insane real estate market anytime soon!  Buyers are going to continue to struggle to get into the few homes on the market.  The good news is, once they get in, they should enjoy rapid appreciation over the next several years. 

Marcy Spieker

RE/MAX Metro Realty

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