Metropolitan Statistical Area (MSA):
Seattle-Tacoma-Bellevue, WA is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Seattle-Tacoma-Bellevue, WA metropolitan statistical area (MSA) is one of the hottest housing markets in the country right now. The combination of strong job growth, low interest rates, and limited supply of homes for sale is driving up prices and making it difficult for many buyers to find affordable homes.
The median home price in the MSA has increased by nearly 13% over the past year, and is now over $600,000. This is well above the national median home price of just over $200,000. The situation is even more dire for buyers looking for entry-level homes; the median price for a starter home in the MSA has increased by nearly 20% over the past year to reach almost $450,000.
Rents are also rising rapidly in the MSA, with the average rent for a two-bedroom apartment now topping $2,100 per month. This is putting pressure on families who are struggling to keep up with rising costs of living.
There are some signs that prices may start to cool off in the near future as more homes come onto the market and interest rates begin to rise. However, it is still unclear how long this will take and how much prices will ultimately fall by. In the meantime, buyers need to be prepared to compete against each other for a limited number of homes available for sale.