The Seattle Times article, Seattle's population boom approaching gold rush numbers, is pretty telling noting that, according to census data, since 2010 our city has grown at an average rate of 14,511 people per year. One would have to go as far back as the Klondike Gold Rush to see numbers this staggering.
To break it down even further, between 2012 and 2013 Seattle gained 18,000 people and was the fastest growing big city in the country during that time. In comparing this boom to others we have had, it appears to be the largest in-migration of new arrivals the city has seen, due to the gold rush era boom numbers including annexing unincorporated areas into the city.
Where have all these people landed? Well, South Lake Union and the Denny Triangle mostly. But Ballard, the University District, the Central Area and Rainier Valley also saw a bump.
What does this mean for real estate? Population increases are always a direct indicator to where real estate is heading. If there are an average of around 14,500 people moving here each year, the demand for housing will be greater. And the prices will respond to the increase in demand with an increase of their own. Of course, some of our new arrivals will rent, pushing up rents across the city as well.
Those are my thoughts and if you have any thoughts or comments, we would love to hear them.
Source: Seattle Times; Photo: courtesy of the Seattle Times
By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.