The Dynamics of the North Seattle & Olympic Hills Real Estate Market
Posted by admin 09.28.17 9:55 am admin
North Seattle and the community of Olympic Hills offer residents many convenient amenities alongside beautiful views of the Cascades and the region’s natural areas and parks. Overall, Seattle has become one of the hottest and most expensive real estate markets in the nation, and communities across the region have seen tremendous activity in housing sales and pricing growth.
In fact, Seattle has retained the dubious title of “hottest housing market,” according to statistics gathered by GeekWire. Interestingly, the similarly beautiful and nearby Portland has also shown signs of incredible activity within the real estate market. Real estate prices in Seattle have been growing at twice the nationwide rate at a rather steep 13.5% over the past year.
Understanding the real estate market and its direction may help you decide when the time is right to move into a single-family home and take on a mortgage, as well as when the time is best to remain in an apartment community and enjoy the amenities and simplicity of apartment life. Here are some essential Seattle real estate details that can help you make the best choices for you and your family.
Getting to Know the Neighborhoods Near Olympic Hills
Some of the largest neighborhoods in Seattle include Beacon Hill, Capitol Hill, and West Seattle. According to AreaVibes, exceptional neighborhoods include Laurelhurst, Denny-Blaine, and Montlake. As for the area around Olympic Hills, AreaVibes gives the community high scores for having lots of local amenities, a surprising amount of sunny weather, high income for its residents, and a stable housing market.
Some of the communities within a stone’s throw of Olympic Hills include Lake City, Pinehurst, Briarcrest, Kenwood, and Cedar Park. These communities are all quite close to Riviera Place, as well as the Burke-Gillman Trail, which is a nationally famous destination trail.
Recent Real Estate Activity in Olympic Hills & the Seattle Region
As stated previously, Seattle has experienced a rather steep jump in housing prices over the past hear. A report from Barron’s suggests that the gains in Seattle are indicative of a nationwide acceleration in home prices and sales volume. Despite the usual slump that occurs at the end of the summer, the number of sales actually increased from July 2017 to August 2017.
A comment from the chief economist working at real estate site Zillow revealed:
“There is a huge shortage of homes actually available to buy relative to the amount of demand from home buyers out there. When the number of homes to buy is low, the number of closed home sales will also be low, and when supply is low, but demand is high, prices inevitably go up.”
Although construction of new homes has increased in the several years since the economic downturn, the volume currently under construction apparently hasn’t truly kept up with demand. To live in Seattle, many families have turned to renting single-family homes, townhouses, condos, and apartments. While apartments in the urban center of Seattle have remained quite expensive in some cases, outlying areas have offered residents affordability in apartment housing prices.
Visit ClockTower, Your New North Seattle Apartment Home
Has a job or school brought you to Seattle? If you’re looking for a new home in Seattle, we’d love to arrange a tour of our apartment community with you. We offer one-bedroom and two-bedroom apartment homes, and we’re sure one of our floor plans will appeal to you and your family.