For years now, Seattle residents have been wondering if the city is on its way to becoming the next San Francisco. Sky-high housing prices, obscene rental rates, a bountiful pool of well-paid tech talent: All signs point to yes, including new data from Zillow’s September report which found that home values in the Seattle metro area are growing twice as fast as those in the San Francisco metro area.
The median home value in the Seattle area is now at $455,800, up 12.4 percent over the past year. Values in San Francisco rose at about half the rate of Seattle (6.9 percent). There are 35.2 percent fewer homes on the market to choose from in the Seattle metro, and it’s the ninth month in a row that Seattle has led the nation in home value appreciation. Seattle is growing fast, but home values in the Bay Area still far surpass the Emerald City. The median price of a home in San Francisco currently sits at a whopping $865,400.
That may change sooner rather than later. According to an “Emerging Trends in Real Estate” study put out annually by PwC and the Urban Land Institute, Seattle is predicted to be the number one real estate market in the country in 2018. Last year, Seattle ranked fourth, reports the Seattle Times.
The other top markets are Austin, Salt Lake City, Raleigh-Durham, Dallas-Fort Worth, Fort Lauderdale, Los Angeles, San Jose, Nashville and Boston. Portland ranks Number 13, Boise scored 31 and Spokane was 57.
Hold onto your hats, Seattle!