Realogics Sotheby’s International Realty has recently released their 2016 Market Report which examines the year-over-year performance of 24 markets that the brokerage serves, factors that have affected the Western Washington housing market this past year, and insight on where the market is heading in 2017.
It’s no secret that Seattle is a haven for the millennial-aged crowd. However, with the recent construction and real estate boom in the Puget Sound area, is the growth leaving this young crowd in the dust? A recent Seattle Times article would report a resounding “yes.” It states, “Local young adults ranked housing costs as their biggest concern…” and 45% of millennials in our area expect to relocate somewhere more affordable to live the life they want. What’s even more troubling is that they would all actually prefer to stay in the region! The potential impact of a mass-millennial-exodus is nothing to sneeze at. “King County alone has 400,000 millennials…” which is the second highest rate nationwide, just losing out to Brooklyn. This is the future of the Seattle-area workforce and you better believe a drastic shift would affect more than just the morning line at your neighborhood coffee shop.