Strong housing demand, rising home prices and healthy economic conditions pointing to future demand are some of the factors that landed Seattle at No. 1 on a list of the hottest single-family housing markets in the U.S. this fall.
That’s according to a new report released Tuesday from online real estate company Auction.com.
Auction.com ranked 50 U.S. housing markets, taking into account home pricing, sales, permit activity, economic growth and population growth.
The Pacific Northwest and Florida dominated the top spots. After Seattle came Fort Lauderdale, Orlando, Palm Beach County — and Portland, Oregon.
In Seattle, according to the report, home price growth year-over-year is at 10.9 percent, and home sales are up 12.6 percent year-over-year. A big part of the growth, of course, is tech-related.
“Seattle’s economy is seeing healthy growth as the market’s large technology sector drives employment to new all-time highs,” the report said. It also noted that home prices jumped 4.4 percent over the last quarter. The report also attributed Portland’s rank to its growing tech sector.
Long-time residents and new homebuyers alike in the Puget Sound region are feeling the impact of those rising prices here. The median sale price of a single-family house in Seattle in September was $571,000, according to the Northwest Multiple Listing Service. In King County, it was $490,250.
Those price tags are pushing people in Seattle out to the more-distant suburbs.
Many energy-dependent markets — several in the South — fell lower on Auction.com’s list this year due to falling oil prices.