If you’re wondering why Silicon Valley tech workers are flocking to Seattle – and why Valley companies are opening and expanding their offices here – home prices are a good place to look.
The median home price in the Seattle metro area, which includes Tacoma and Bellevue, rose 7.8 percent compared to the previous quarter to $385,000 according to new data this week released from the National Association of Realtors. And while the implications of a jump that large should not be ignored, when you compare Seattle to other fast-growing regions, it looks downright affordable.
The San Jose metro area topped the list as the most expensive market, with a median home price of $980,000. San Francisco wasn’t far behind, with
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The Seattle housing market is hot right now. The supply of available homes has hit record lows and as a result, home prices are increasing dramatically. Buyers routinely enter into bidding wars and homes often sell for significantly more than the asking price.
That’s worth it, though, if you’re a tech worker looking for an affordable home in a city full of tech jobs.
The Seattle metro area’s median home price was just a little more than the median home price for the entire Western part of the country, which was $325,200. The national median home price was $229,400, which is up more than 8 percent.
Emily Parkhurst, Puget Sound Business Journal