According to Seattle Times on May 22, 2014:
From July 1, 2012 to July 1, 2013, Seattle grew by 2.8 percent — the highest rate among the 50 most-populous U.S. cities. Seattle added nearly 18,000 residents in the one-year period, bringing its population to about 652,000.
This data show 46 out of the 50 major cities grow last year – this is no accident. When economy recovers, large companies provide more job opportunities and naturally these jobs are in larger cities.
Followed by Seattle, Sammamishhas 2.2% population increase, and Auburn 2%, Richland 1.7% (where is Richland??) and Redmond(1.7%).
Currently there are 3.61 million residents in the Seattle-Tacoma-Bellevue metropolitan area. Among this figure, 57,000 are new residents who just moved to the area.
What does this mean to real estate market in Seattle? Like my mentor, Shiao-Yen Wu, said to me before, “everyone needs a roof on top of their head.” Whoever is thinking about purchasing a home in Seattle feels it, homes are closing fast and more and more expensive. Classical supply-demand effect.
I would say, for young investors who just started, get a little further away from the city to avoid bidding war. I am looking to buy my first investment property in suburb area 10-15 miles away from Seattle 🙂