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Record multifamily supply in Seattle cannot keep up with housing demand

  • ​With over 1,100 residents moving to the Puget Sound weekly, the Seattle area is the ninth fastest-growing metro in the nation. So far in King County year-to-date, over 11,000 apartments have delivered and with another 900 planned to deliver by year-end. In 2018, more than 13,000 more units are expected to deliver.
  • Even with this apartment boom, Seattle’s housing is still in short supply. Due to the expanding footprints of large, notable employers in Seattle, there is ample reason to expect the population growth trend to continue. As high talent tech continues to relocate to the Pacific Northwest, the need for housing will increase. The imported talent maintain higher salaries and typically move from tech hubs from across the country, where housing is even more expensive, i.e. San Francisco.
  • King County median home prices rose $103,000 in the last 12 months, from $555,000 to $658,000.  These rising prices are not deterring home buyers. The city of Seattle maintains an impressive median home price of $749,000 and the Eastside is at $860,000. Home prices aren’t slowing, and the inventory continues to decline. In the past 5 year, there have been on average, only 4,000 single-family home starts per year in King County. During that same 5-year period, there has been an average of 10,000 multifamily unit deliveries per year. Meanwhile, King County grew by 48,600 residents from 2016 to 2017, leaving a large housing deficiency. ​
Source: JLL Research, Seattle Times, Axiometrics

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