If you’re like most of my clients, you’ve noticed that things in North Seattle are looking very different than they did in years past. New developments are going up, sold signs are covering “for sale” signs, and the remnants of construction crews getting homes ready for market. Not to mention the traffic increase!
Make no mistake… the secret is out about North Seattle! With our fantastic schools, focus on community and Seattle’s unfathomably competitive housing market, folks are shifting their dreams north to find affordable housing. And why blame them, with the average Seattle home value climbing 13.4% in 2015 to $536,700 according to Zillow. While North Seattle communities like Greenwood maintain an average home value of $487,700 or Lake City Way preserving an average of $401,191, North Seattle has become the place where value is found.
So here’s the million-dollar question… Do you think this market will sustain itself? Are we headed for another burst bubble? With the median purchase price of residential homes in Seattle quickly climbing past $550k today, you have to think this craziness will slow down, right? Will North Seattle see the same insane home prices akin to communities like Fremont, Greenlake, Wallingford, Queen Anne and Magnolia? Do we want North Seattle to become the next Ballard?
While no one can predict the future, everyone has the ability to read the data. Whether or not you’re in favor of the economic rise it seems that Seattle growth is not slowing down anytime soon. With a growing economy and industries of tech, health, non-profit, bio-tech and aerospace as well as a growth estimation of more than 200,000 people by 2040, the sheer lack of supply and massive amount of demand has proven that the Emerald City is a great investment.
According to Seattle Business Magazine, “Between 1970 and 2015, regional employment advanced at a 2.5% annual rate, more than 50% faster than the nation.” This steady increase is due to “people following the jobs.” And when people follow jobs, they buy houses, thus pushing prices up.
So what does it mean for North Seattleites? As the middle class continues to get priced out of the city, more folks are beginning to look north. With the installation of the University of Washington Light Rail station and plans to expand further north, North Seattle is on the cusp of something much bigger.
Question: In what North Seattle neighborhoods have you seen the most development? What do you think of this growth?
This article is part of a series by Tyler Davis Jones, a North Seattle Real Estate agent. We interviewed Tyler a few months ago: see here.