SEATTLE - If you’re interested in America’s hottest neighborhoods — then you should probably move to California. Redfin’s top 10 hottest neighborhoods in 2018 are in the Golden State (9 out of 10 are in San Jose).
But Redfin notes California doesn’t hold all the most intriguing housing markets. In fact, the country’s tech hubs all boast a few notable corners — including Seattle.
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The online real estate company points out a couple categories, featuring four Seattle neighborhoods.
- Riverview (third most within reach neighborhood)
“Within reach” means Riverview (near Delridge) has more affordable housing, yet doesn’t entirely give up livability. The neighborhood still has plenty of green space and access to transportation, major roads, etc.
Hottest neighborhoods in Seattle:
- First Hill: homes spend seven days on the market; 65.7 percent sell above list price; $580,000 median price
- Central District: homes spend 13 days on the market; $544,475 median list price
- Cedar Park: homes spend 15 days on the market; 42.1 percent sell above list price; $586,000 median price
Too much of a good thing in Seattle?
Redfin makes an interesting point — one that could indicate Seattle’s booming tech economy is a double-edged sword. As the economy thrives, the housing market becomes more expensive. In turn, companies consider other, less-expensive cities.
As Redfin puts it:
While well-established tech cities continue to become more and more expensive, we expect to see many more large companies build additional headquarters in new cities—like we’ve seen with Amazon and most recently Apple. That got us thinking, if tech companies are chasing talent and talent is chasing affordability, what hot places are there that don’t come with a hefty price tag like we see in the Bay Area?
The Bay Area has seen this as tech workers move south of San Francisco for more affordable homes. In Seattle, Amazon is currently considering where it will place a second headquarters. Cities across America have speculated, and hoped, that their town will become the home of HQ2 (and the jobs that come with it). One thing is certain, Amazon won’t be expanding in its hometown of Seattle, or Washington state. Affordability for its tech talent seems to be a major consideration for job-providing companies.
As Windermere Real Estate’s Chief Economist Matthew Gardner pointed out in 2017, Seattle’s housing supply and high costs could become a deterrent for tech companies.
When housing prices are going to be driven up to such a degree (companies) can say, ‘We are creating an online widget, we don’t have to be in Seattle, we can be anywhere. So we need to be very careful with the longer term right now … that means we have to address housing supply.
Could Seattle eventually price itself out of the job market?
© 2018 Cox Media Group.