Although the South part of Seattle has long been a welcome haven for home buyers looking for more affordable housing, recent real estate reports demonstrate the highest increase in home prices in this area. Over the last six years, real estate prices in the Seattle area have continued to rise at an alarming rate with some areas catching fire quicker than others. Despite lagging behind the curve for a few years, the South area demonstrated the highest rate of increase in the last few months. According to a Thursday report by Northwest Multiple Listing Service, the hot South area showed the median cost of a single-family home raising from $777,000 to $820,000 in just one month. This cost represents a 65 percent increase in housing costs in this area since the housing bubble burst approximately ten years ago. These prices now put Seattle on top of historically expensive cities including Boston, Miami, and Denver.
This region of the Seattle metro area includes Rainier Beach, Beacon Hill, Mount Baker, and SoDo. As the neighborhoods have increasingly begun to be renovated and revitalized, young couples looking to start families have moved in en masse. Overall, the Seattle-Tacoma area has led the country in housing price increases for the last 17 consecutive months, with King, Pierce and Kitsap counties all recording all-time highs in average home prices in March 2018. Condo prices are not immune to the record-high prices, as they saw increases of 22 percent over the last year. Renters are especially bearing the brunt of the hot housing markets, as rents continue to climb at unprecedented rates.